Catalog Alb 2011

Piaa Instituiilor Financiare Nebancare din Romnia - 2011
The Non-Banking Financial Institutions Market in Romania
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Publicaie realizat de DIPLOMAT CONSULT SRL pentru ASOCIAIA SOCIETILOR FINANCIARE - ALB ROMNIA Preedinte: Antoaneta Curteanu Vicepreedinte: Gilles Zeitoun Membru: Bogdan Cernescu Membru: Bernard Histe Secretar General: Adriana Ahciarliu Adresa: str. Gaetano Donizetti nr. 3, et. 4, apart. 10 Bucureti, sector 2, cod potal 020182, Romnia Tel: 021/ 230.61.52; 021 230.03.50; Fax: 021/230.61.32 office_alb@alb-leasing.ro www.alb-leasing.ro Redactare i tehnoredactare computerizat: Diplomat Consult SRL Adriana Ahciarliu Gabriela Magheru Emilian Vasilescu Distribuie gratuit prin: Diplomat Consult SRL www.diplomatconsult.com Tiprit la: S.C. Best Print Services SRL www.bestprint.ro ISBN: 978-973-0-11693-9 Acest catalog se distribuie gratuit
Made by DIPLOMAT CONSULT SRL for THE ASSOCIATION OF FINANCIAL COMPANIES ALB ROMANIA President: Antoaneta Curteanu Vice-president: Gilles Zeitoun Member: Bogdan Cernescu Member: Bernard Histe Secretary General: Adriana Ahciarliu Address: 3, Gaetano Donizetti Street, 4th floor, ap. 10 Bucharest, 2nd district, postal code 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50; Fax: 021/230.61.32 office_alb@alb-leasing.ro www.alb-leasing.ro Editors and DTP: Diplomat Consult SRL Adriana Ahciarliu Gabriela Magheru Emilian Vasilescu Distribution free of charge: Diplomat Consult SRL www.diplomatconsult.com Printed by: S.C. Best Print Services SRL www.bestprint.ro ISBN: 978-973-0-11693-9 This catalogue is available only free of charge
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Cuprins
Table of content
Cuvnt nainte ......................................... pag. 7
Foreword.......................................... pag. 7
I. Sinteze macroeconomice - Semestrul I 2011 I. A summary report on macroeconomics .. pag. 11 Semester 1 of 2011.. pag. 11 II. Tendine n piaa instituiilor financiare II. Trends in the non-banking financial nebancare ........................................ pag. 34 institutions market............................. pag. 34 II.1. Conjunctura local ..................... pag.34 II.2. Ce presupune procedura de infringement ................................ pag. 38 II.3. Explicarea procedurii de nonconformitate cu legislaia Uniunii Europene .................................... pag. 41 II.4. Volum nou finanat n leasing financiar .................................................... pag. 45 II.5. Industria creditului de consum volum nou finanat ............................... pag. 46 III. Grafice .......................................... pag. 49 II.1. Local conjuncture..................... pag.34 II.2. What does the infringement procedure mean? ........................................ pag. 38 II.3. Explanation of procedure for noncompliance with European Union law .................................................... pag. 41 II.4. New financed volume in the financial leasing ....................................... pag. 45 II.5. Consumer credit industry new financed volume ...................... pag. 46 III. Graphics.......................................... pag. 49
III.1. Piaa de leasing financiar n Romnia III.1. Financial leasing market in Romania S1 2011 ..................................... pag. 49 H1 2011............................................ pag. 49 III.2. Piaa de credit de consum n Romnia III.2. NBFI consumer credit market in S1 2011 ................................... pag. 65 Romania H1 2011......................... pag. 65 IV. Educaia financiar o prioritate de IV. Financial education a business priority for business pentru companii i pentru companies and the industry.............. pag. 77 industrie ..................................... pag. 77 V. Impactul prevederilor de TVA asupra pieei V. Financial leasing market the impact of the de leasing financiar ...................... pag. 81 new VAT provisions ........................ pag. 81 VI. Proiectul de ordin al Bncii Naionale a VI. Draft order issued by the National Bank of Romniei pentru modificarea Ordinului Romania amending Order 13/2008 for 13/2008 pentru aprobarea Reglementrilor approval of accounting regulations contabile conforme cu directivele europene conforming to the European Directives .................................................... pag. 88 .................................................... pag. 88 VII. Impactul IFRS asupra pieei financiare VII. The impact of IFRS on non-banking nebancare ...................................... pag. 96 financial institutions ......................... pag. 96 VIII. Rspunderea ntreprinderii-mam VIII. Attributing liability to the parent pentru fapta filialei n dreptul concurenei company for their subsidiaries in ................................................... pag. 121 competition law.............................. pag. 121
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IX. Texte legislative pentru IFN-uri publicate IX. Legislation for NBFI issued during June 2010 June 2011 .................. pag. 128 n perioada iunie 2010 iunie 2011 (pentru versiunea n limba romn verificai www.alb-leasing.ro) .................. pag. 128 IX.1. Ordin nr. 26/2010 privind modificarea i completarea Reglementrilor contabile conforme cu directivele europene, aplicabile instituiilor de credit, instituiilor financiare nebancare i Fondului de garantare a depozitelor n sistemul bancar, aprobate prin Ordinul Bncii Naionale a Romniei nr. 13/2008 ............................................... pag. 129 IX.2. Lege nr. 288/2010 pentru aprobarea Ordonanei de urgen a Guvernului nr. 50/2010 privind contractele de credit pentru consumatori ................. pag. 134 IX.3. Regulament nr. 2 pentru modificarea Regulamentului nr. 3/2007 privind limitarea riscului de credit la creditele destinate persoanelor fizice ....... pag. 141 IX.4. Regulament nr. 3 pentru modificarea i completarea Regulamentului nr. 3/2009 privind clasificarea creditelor i plasamentelor, precum i constituirea, regularizarea i utilizarea provizioanelor specifice de risc de credit .......... pag. 142 IX.5. Regulament nr. 4 pentru modificarea i completarea Regulamentului Bncii Naionale a Romniei nr. 21/2009 privind instituiile de plat ........ pag. 145 IX.6. Regulament nr. 5 privind calitatea de persoane declarante la Centrala Riscurilor Bancare a instituiilor de plat ............................................... pag. 149 IX.7. Decizie nr. 738/2011 referitoare la respingerea excepiei de neconstituionalitate a dispoziiilor Ordonanei de urgen a Guvernului nr. 50/2008 pentru instituirea taxei pe poluare pentru autovehicule ...... pag. 150 IX.8. Regulament nr. 7 pentru modificarea, completarea i abrogarea unor acte normative ................................. pag.154 IX.1. Order No. 26/2010 regarding the amendment and supplementation of EUcompliant accounting regulations, applicable to credit institutions, nonbanking financial institutions and to the Deposit Guarantee Fund in the banking system, approved through NBR Order No. 13/2008 .............................. pag. 129 IX.2. Law No. 288/2010 to approve Government Emergency Ordinance No. 50/2010 on consumer loan agreements .................................................... pag. 134 IX.3. Regulation No. 2 for amending Regulation 3/2007 regarding the limitation of the credit risk to the credits destined to natural persons ....... pag. 141 IX.4. Regulation No. 3 amending and supplementing regulation No. 3/2009 on the classification of credits and investments, regularization and use of specific credit risk provisions . pag. 142 IX.5. Regulation No. 4 to amend and supplement the regulation of the National Bank of Romania No. 21/2009 on payment institutions ........ pag. 145 IX.6. Regulation No. 5 regarding the capacity of payment institutions as persons reporting to the Central Banking Risks Office ......................................... pag. 149 IX.7. Court decision No. 738/2011 to reject the exception of unconstitutionality related to the provisions of Government Emergency Ordinance No. 50/2008 on the pollution tax charged on motor vehicles ...................................... pag. 150 IX.8. Regulation No. 7 for the amendment, supplementation and abrogation of normative documents ................ pag.154
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Antoaneta Curteanu Preedinte ALB Romnia
Cuvnt nainte
A trecut nc un an de criz n care am cutat soluii de redresare sub semnul unei gndiri pozitive n care aciunile reactive au fost, credem noi, echilibrate eficient de cele proactive. Am urmrit cu mare atenie i profesionalism evoluia indicatorilor macroeconomici la nivel de ar i evident, la nivel european, avnd n vedere c statutul de pia emergent determin o relaionare puternic cu evoluia acestora i o influen semnificativ asupra industriei leasingului.
Foreword
Another year of crisis already passed, a year when we seek recovery solutions based on a positive thinking, a year when, in our opinion, the reactive actions were efficiently balanced by the pro-active actions. We have been carefully and professionally watched the evolution of the macro-economic indicators at the country level and, of course, at the European level, taking into consideration that the status of an emerging market is determining a strong relationship with their development and an important influence on the leasing industry. We enjoyed reporting in 2011 two semesters in a row with an increasing evolution at the level of the financial leasing market and of the consumer credit and we tried to pass with tolerance over the constraints imposed by the market and by the legislator under the umbrella of anti crisis measures. At the Association level we tried to keep the cohesion of an industry hit by fierce tax and prudential decisions and by the direct effect of the crisis on the economic agents from the existing portfolio. Therefore we managed to be perceived as a body characterised by unity, coherence and, last but not least, by a high professional degree. We extended a necessary support to the customers who managed to prove to be survivors of this crisis, of this troubled period of time marked by a volatile business environment proving, beyond any words, that the partnership relation that we
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Ne-am bucurat s raportm, n 2011, dou trimestre consecutive cu evoluie n cretere la nivelul pieei leasingului financiar i a creditului de consum i am ncercat s trecem, cu toleran, peste toate constrngerile pe care piaa i legiuitorul le-au impus sub umbrela msurilor anticriz. La nivelul Asociaiei, prin eforturile tuturor membrilor, am ncercat s pstrm coeziunea unei industrii aprig lovit de decizii fiscale i prudeniale i de efectul direct al crizei asupra agenilor economici din portofoliul existent. Astfel, am reuit s fim percepui ca un organism caracterizat de unitate, coeren i, nu n ultimul rnd, de un nalt grad de profesionalism. Am acordat sprijinul necesar acelor clieni care au reuit s se dovedeasc supravieuitori ai crizei, ai acestor vremuri tulburi, caracterizate de un mediu de afaceri volatil, dovedind clar, dincolo de cuvinte, c
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relaia de parteneriat pe care trebuie s o stabilim cu clienii nostri este extrem de important. Totodat, am reprezentat un partener de dialog i consultare pentru Banca Naional a Romniei, n sensul mbuntirii cadrului specific sprijinirii operaiunilor de restructurare a creditelor tuturor categoriilor de clieni n condiii eficiente, dar i practice, pstrnd n mod evident, nealterate, principiile prudenialitii pentru un management corespunztor al riscurilor. Nu putem ns s trecem cu vederea experiena pe care procesul de armonizare a Directivei Creditului de Consum a oferit-o lobby-tilor notri. Dei am dovedit, prin procedurile iniiate, c putem s ne ctigm drepturile, la doar o lun dup intrarea n vigoare a Legii 288/ 2010 care aproba OUG 50/2010 a trebuit s ne confruntm cu o alt decizie cu impact direct asupra leasingului financiar. Trebuie s amintesc c aceast decizie a Ministerului Finanelor Publice a ajutat Asociaia s i dovedeasc unitatea i convergena n faa unor msuri legislative abuzive i cu aplicare retroactiv. Cu toate acestea, este o realitate faptul c aplicarea acestor msuri va duce la decizii de restrngere a activitii unor societi de leasing, tip IFN n Romnia. Folosim acest instrument pe care, de 7 ani, l numim Anuarul ALB Romnia - Piaa Instituiilor Financiare Non-Bancare din Romnia, pentru a ncerca s fim ct mai transpareni i mai aproape fa de cei interesai de problematica industriei leasingului i creditului de consum. n acest mod, ncercm s materializm totodat una din multiplele aciuni ce au ca scop final creterea gradului de cunoatere a informaiilor i sistemelor specifice industriei noastre. Dorim s transmitem faptul c suntem un segment al pieei financiare care, n 2008, finana 7% din PIB-ul Romniei, iar n 2010 contribuia acestuia a sczut la 3%. Aceasta este o evoluie ngrijortoare ce nu poate fi pus doar pe seama crizei. Trebuie transmis ca un mesaj ctre acele autoriti care neleg s exploateze la maximum o
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have to establish with our customers is an extremely important one. We also represented a dialogue and consulting partner for the National Bank of Romania aiming to amend the framework specific for the restructuring operations of the credits of all our clients categories based on efficient and practical conditions, obviously keeping unaltered the prudential principles for an adequate risk management. However we cannot ignore the experience offered to our lobbyists by the harmonization process of the Consumer Credit Directive. Despite the fact that, by the initiated procedures, we proved we are able to win our rights, only a month after the putting into force of the Law 288/2010 approving the GEO 50/2010 we had to face another decision with a direct impact on the financial leasing. Please note that this decision of the Ministry of Public Finances helped the Association to prove its unity and convergence against some abusive and retroactively applied legal measures. Nevertheless, the application of these measures will certainly lead to decisions restraining the activity of some NBFI leasing companies in Romania. We are using this instrument called, in the last 7 years, the year-book of ALB Romania presently entitled The Non-Banking Financial Institutions Market in Romania in order to be as transparent as possible for the interested people in all the problems faced by the leasing and the consumer credit industry. Thus we are also trying to substantiate one of the numerous actions aiming to finally increase the level of knowledge of information and the systems specific to our industry. We intend to let you know that we represent a market segment that used to finance in 2008 7% of the Romanian GDP and that in 2010 its contribution dropped at 3%. This is a worrying development that cannot be attributed only to the crisis. It must be sent as a message to those authorities able to exploit at maximum an industry that used
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industrie ce a fost n cretere i care trebuie susinut i atunci cnd statisticile dovedesc o evoluie ngrijortoare. Dei, cu sprijinul acionarilor notri, am dovedit susinerea unei economii romneti n criz, cunoscnd i dependena acesteia de capitalul strin, autoritile au considerat necesar ca prin msurile fiscale dedicate leasingului financiar sau prin cele prudeniale dedicate creditului de consum, s frneze orice intenie de relansare a creditrii de ctre instituiile financiare non-bancare n Romnia. Considerm c, n astfel de momente, sprijinul entitilor implicate n activitatea de finanare este unul extrem de important i, mai ales, ateptat de ctre ntreg mediul de afaceri din Romnia. Invitm cititorii s citeasc articolele tehnice dedicate deciziilor fiscale i altor tematici cu referire la competiie i contabilitatea IFNurilor, titluri pe care le amintesc din cuprinsul acestui anuar. V oferim traducerea n limba englez a acelor texte de legislaie ce au fost publicate n intervalul iunie 2010 iunie 2011 i care fac referire direct la activitatea IFN-urilor. Mulumim tuturor partenerilor care i-au adus contribuia financiar n susinerea editrii acestei ediii a anuarului. Mulumim tuturor membrilor ALB pentru ncrederea lor n unitatea i n rolul Asociaiei.
to increase and that they have to sustain even when the statistics are proving a worrying evolution. Despite the fact that with the help of our shareholders we proved the support of the Romanian economy in crisis, considering its dependence on the foreign capital, too, the authorities considered as necessary to slow any intention of revival of the credit activity by the non-banking financial institutions in Romania through the tax measures dedicated to the financial leasing or through the prudential measures dedicated to the consumer credit. We do estimate that in such moments the support of the entities involved in the financing activity is an extremely important one and that is especially expected by the entire business environment in Romania. We invite our readers to read the technical articles dedicated to the tax decisions and to the other topics related to the competition and to the NBFI accounting, titles that you may find in the table of contents of this year-book. We put at your disposal the English translation of the legal texts published from June 2010 to June 2011, directly related to the NBFI activity. We thank all our partners for their financial contribution in supporting the printing of this edition of the year-book. We thank all ALB members for trusting the unity and role of the Association.
V invitm, n sperana unui an mai bun, s Looking forward to seeing a better year, we citii cu interes i satisfacie paginile acestei invite you to read with interest and satisfaction the files of this book. cri.
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EurotaxGlasss este liderul european n furnizarea de informaii, soluii software i servicii de consultan de business pentru domeniul auto din Europa. Competena de baz a companiei EurotaxGlass's este furnizarea de date obiective despre autovehiculele noi, evaluarea i previzionarea valorii autovehiculelor rulate i estimarea costurilor de reparaii. Eurotax beneficiaz de baza de date la nivel European pentru autoturisme, maini de teren i autoutilitare pn la 7,49 t, produse n ultimii 12 ani. Baza de date Eurotax conine aproximativ 50.000 de tipuri de autoturisme, maini de teren i utilitare pn la 7,49 t i ofer: - specificaiile tehnice de baz ale vehiculului i preul de nou; - lista echipamentelor din dotarea standard a modelului i lista echiprilor opionale; - preul de vnzare, respectiv cumprare al vehiculelor rulate. Evaluarea valorii autovehiculelor rulate se face n funcie de vechimea autovehiculului, data primei nmatriculri, numrul de kilometri parcuri, echiprile opionale i se corecteaz n funcie de starea tehnic a vehiculului (constatat n urma inspeciei fizice). Baza de date Eurotax se actualizeaz lunar conducnd la actualizarea lunar a valorilor vehiculelor. Caracter neutru i independent n evaluarea autovehiculelor Previzionarea valorii de pia a autovehiculelor EurotaxForecast - ofer funcionaliti de prognozare a valorii de pia pentru autoturisme i maini de teren, noi i rulate. Construirea valorilor viitoare de pia se face pornind de la preurile de list ale autoturismelor noi acestea sunt actualizate lunar pe baza informaiilor primite de la importatori, istoricul preului de nou i al preurilor de pia, ciclul de via al mainii, inflaia i contextul economic precum i dezirabilitatea autoturismului pe pia. Valoarea de pia - este construit pe baza istoricului modelului care urmeaz s fie evaluat, lund n considerare curbele de depreciere pentru maina respectiv sau pentru una similar; sunt luate n calcul schimbrile trimestriale ale valorii de pia, dar i evoluia preului de nou; de asemenea lum n calcul numrul mediu de kilometri i echipamentele opionale pentru maina respectiv. Inflaia i contextul economic rata inflaiei precum i efectul acesteia n valoarea viitoare a mainii este calculat de Banca European i implementat n headquarter EurotaxGlasss Elveia. Ciclul de via al mainii factorul principal n msur s determine impactul asupra preului n momentul n care apare modelul nou sau sufer facelift. Fiecare facelift depreciaz valoarea de pia a mainii nlocuite cu noul model. Cu ct modelul respeciv se apropie de facelift, cu att sufer o depreciere mai mare. Informaiile privind ciclul de via al mainii sunt obinute de Eurotax direct de la constructori; acetia trimit informaiile cu privire la luna i anul lansrii, cu 5 ani nainte ca modelul s apar. Dezirabilitatea este un factor de corectie la ndemna utilizatorului, care i ofer posibilitatea s ajusteze valoarea de pia n funcie de popularitatea modelului +/-10%. EurotaxGlasss este singura companie care poate furniza EurotaxForecast n Romnia
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Capitolul I Sinteze macroeconomice Semestrul I 2011 Produsul intern brut n Romnia

Creterea economic n anul 2011 s-ar putea situa la aproximativ 1,5% conform prognozelor macroeconomice transmise de Comisia Naionala de Prognoz, acest trend fiind estimat i de ali analiti din pia. Aceast evoluie se datoreaz n special revenirii cererii externe, care va susine exportul. Totui creterea economic a Romniei va fi sub nivelul creterii UE, prognozat de 1,8%. n trimestrul II 2011, Produsul Intern Brut a fost de 126.994,7 milioane lei preuri curente, n cretere n termeni reali cu 1,4% fa de trimestrul II 2010. Din punctul de vedere al utilizrii Produsului Intern Brut, n trimestrul II 2011 cererea intern a crescut cu 2,4 procente, comparativ cu acelai trimestru din anul 2010. Consumul final total s-a redus cu 0,7%, att ca urmare a diminurii volumului cheltuielilor pentru consumul final al gospodriilor populaiei, ct i a volumului cheltuielilor pentru consum final al administraiilor publice. Un efect negativ asupra PIB l-a avut evoluia exportului net ca urmare a creterii mai accentuate a volumului importurilor de bunuri i servicii (+7,7%) comparativ cu cea a volumului exporturilor (+6,3%). n semestrul I 2011, conform estimrilor Insitutului Naional de Statistic privind Produsul Intern Brut, PIB-ul a fost de 233.718,2 milioane lei preuri curente, cu o cretere de n termeni reali 1.6% comparativ cu Semestrul I 2010. Creterea a fost determinat n mod semnificativ de majorarea volumului de activitate i, n consecin, a valorii adugate brute din industrie (+7,3%), agricultur,
Chapter I A summary report on macroeconomics Semester 1 of 2011 GDP in Romania

Romania's economic growth in 2011 may get somewhere in the area of 1.5% according to the macroeconomic forecast expected by the National Forecast Commission. Other market analysts are expecting this trend, too. This evolution is mostly due to the comeback of the external demand, which will support exports. Nevertheless, Romania's economic growth will stay below EU's expected growth level of 1.8%. In Q2 (2011), the GDP amounted to 126,994.7 mln. Lei worth of current prices, that translates into a 1.4% growth in real terms as compared to Q2 of the previous year. As far as the utilisation of the GDP is concerned, in Q2 of 2011 the domestic demand rose 2.4% as compared to last year's Q2 figures. The total end consumption fell 0.7% because of lower final consumption expenses that households were willing to make and also due to the end consumption expenditures of the public administration authorities. The evolution of net exports, as influenced by higher imports of goods and services (+7.7%), compared to exports (+6.3%), also impacted the GDP negatively. In the first semester of 2011, according to estimates of the National Statistics Institute, the GDP amounted to 233,718.2 mln. lei worth of current prices, which actually meant a 1.6% growth in real terms as compared to last year's 1st semester. The growth has been significantly influenced by the larger amount of business and consequently by the higher added value generated in industrial businesses (+7.3%),
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vnat i silvicultur, pescuit i piscicultur (+2,5%) i comer, repararea automobilelor i articolelor casnice; hoteluri i restaurante; transporturi i telecomunicaii (+1,0%). Consumul final total s-a diminuat cu 1,7% n semestrul I 2011, comparativ cu perioada corespunztoare din anul precedent, n special pe seama reducerii, cu 5,2% a cheltuielii pentru consumul final a administraiilor publice. Formarea brut de capital fix a nregistrat o scdere cu 1,7 puncte procentuale. Aceast scdere a fost determinat de diminuarea volumului investiiilor, component principal a acestui agregat. Astfel, investiiile n construcii noi au sczut cu 8,2%, iar cele n utilaje (inclusiv mijloace de transport) au nregistrat o scdere de 4,8% fa de perioada S1 2010.
-seria brut- - the gross series 2008 Produsul Intern Brut preuri curente / Gross domestic product, current prices mil. lei /mln. lei cretere real, % / real growth 514.654 7.3%
agriculture, hunting, forest farming, fishing and fish farming (+2.5%) and trade, as well as in vehicle repairs and white goods; hotels and restaurants; transportation and telecom (+1.0%). The total final consumption fell by 1.7% in the first semester of 2011, as compared to last year's similar time interval, especially because of a 5.2% cut in the expenses for the final consumption of the public administration authorities. The gross fixed capital formation also took a dive 1.7%. This drop was caused by lower investments, which is a major component of this aggregate. More specifically, investment in new buildings fell by 8.2%, while investment in machinery (means of transport included) dropped 4.8% as compared to last year's first semester
-modificarea procentual faa de anul anterior, %- percentage change compared to the previous year, % 2010* 2011* 2012* 2013* 2014* 513.641 544.426 599.060 659.429 722.918
2009 491.274
-7.1% -1.3% 1.5% 3.9% 4.5% 4.7% Sursa: Institutul National de Statistica / Source: National Statistics Institute
Produsul intern brut n Europa n Europa, att n spaiul Euro EA161 i EU272, produsul intern brut n trimestrul II din 2011 a avut un trend cresctor, EA16 a cunoscut o cretere de 0.2% i EU27 tot de
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GDP in Europe In Europa, in both the Euro EA163 space EU27 space, 4 the GDP in Q2 of 2011 took an up-going trend; EA16 saw an increment of 0.2% while EU27 rose 0.2% too, compared to
Zona Euro (EA16) cuprinde: Belgia, Germania, Estonia, Irlanda, Grecia, Spania, Frana, Italia, Cipru, Luxemburg, Malta, Olanda, Austria, Portugalia, Slovenia, Slovacia i Finlanda.
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Zona EU27 cuprinde: Belgia (BE), Bulgaria (BG), Cehia (CZ), Danemarca (DK), Germania (DE), Estonia (EE), Irlanda (IE), Grecia (EL), Spania (ES), Frana (FR), Italia (IT), Cipru (CY), Letonia (LV), Lituania (LT), Luxemburg (LU), Ungaria (HU), Malta (MT), Olanda (NL), Austria (AT), Polonia (PL), Portugalia (PT), Romnia (RO), Slovenia (SI), Slovacia (SK), Finlanda (FI), Suedia (SE) i Anglia (UK).
The Euro (EA16) zone covers the following: Belgium, Germany, Estonia, Ireland, Greece, Spain, France, Italy, Cyprus, Luxembourg, Malta, the Netherlands, Austria, Portugal, Slovenia, Slovakia and Finland.
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The EU27 zone covers: Belgium (BE), Bulgaria (BG), the Czech Republic (CZ), Denmark (DK), Germany (DE), Estonia (EE), Ireland (IE), Greece (EL), Spain (ES), France (FR), Italy (IT), Cyprus (CY), Latvia (LV), Lithuania (LT), Luxembourg (LU), Hungary (HU), Malta (MT), the Netherlands (NL), Austria (AT), Poland (PL), Portugal (PT), Romania (RO), Slovenia (SI), Slovakia (SK), Finland (FI), Sweden (SE) and the United Kingdom (UK).
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0,2% fa de trimestrul I din 2011, conform Q1 in 2011, according to EuroStat. In Q1 of datelor EuroStat. n primul trimestru din 2011 2011, the GDP rose 0.8% in the Euro area produsul intern brut a avut o cretere de 0,8% and 0.7% in the EU27 area. n zona euro i 0,7% n zona EU27. Comparat cu acelai trimestru din 2010 n al doilea trimestru al anului 2011 datele ajustate sezonier au artat o cretere de 1,6% a PIB-ului n zona euro i tot cu 1,7% n zona EU27, dup creteri de +2,4% n ambele zone n trimestrul I 2011. n al doilea trimestru din 2011, consumul final al gospodriilor a sczut cu 0,2% n zona euro i cu 0,1% n zona EU27 (dup o cretere de 0,2% n zona euro i o stagnare a consumului n zona EU27). Formarea brut de capital fix a crescut cu 0,2% n zona Euro (dup o cretere de 1,8%) i cu 0,4% n zona EU27 (dup o cretere de 1.2%). Exporturile au crescut cu 1% n zona euro i cu 0,6% n zona EU27 (dup creteri de 2% i respectiv 2,2%). Importurile au crescut cu 0,5% respectiv 0,4% n zona euro i EU27 (dup o cretere de 1,5% i 1,4%). Compared to last year's same quarter, the seasonally adjusted data indicate in Q2 of 2011 a 1.6% increase in the GDP in the Euro area and another raise of 1.7% in the EU27 area, following increments of +2.4% in both areas in Q1 of 2011. In Q2 of 2011, the final household consumption fell by 0.2% in the Euro area and by 0.1% in the EU27 area (following a 0.2% growth in the Euro zone and a flat consumption rate in the EU27 area). The gross fixed capital formation rose 0.2% in the Euro zone (following a 1.8% growth) and 0.4% in the EU27 zone (after a 1.2% growth). Exports rose 1% in the Euro zone and 0.6% in the EU27 zone (following increments of 2% and 2.2% respectively). Imports also took an up-going trend, i.e. 0.5% in the Euro zone and 0.4% in the EU27 zone (after growing 1.5% and 1.4% respectively). In the US, the GDP saw a 0.2% boost in Q2 of 2011, as compared to the previous quarter of 2011, after a 0.1% growth in Q1 of 2011. Compared to Q2 of 2010, USA's GDP rose 1.5% (following a 2.2% growth in the previous quarter).
n Statele Unite PIB-ul a cunoscut o cretere de 0,2% n al doilea trimestru din 2011 comparat cu trimestrul anterior din 2011, dup o cretere de 0,1% n primul trimestru al anului 2011. Comparat cu al doilea trimestru din 2010, PIB-ul Statelor Unite a crescut cu 1,5% (dup o cretere de 2,2% n trimestrul anterior). n Japonia PIB-ul a cunoscut o scdere de 0,3% n Q2 2011 comparat cu Q1 2011, dup o scdere de -0,9% n Q1 2011. Comparat cu Q2 2010 n Q2 2011 PIB-ul Japoniei a sczut cu 0.9% (dup o scdere de 0,7% n trimestrul anterior).
In Japan, the GDP fell 0.3% in Q2 2011 compared to Q1 in 2011, after a previous 0.9% drop in Q1 of 2011. Compared to Q2 of 2010, Japan's GDP dropped 0.9% in Q2/2011 (following a 0.7% fall in the previous quarter).
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Ratele de cretere a volumului PIB-ului (date ajustate sezonier) GDP growth rates (seasonally adjusted data)
Variaie procentual n comparaie cu trimestrul precedent
Variaie procentual n comparaie cu anul precedent
Sursa: http://epp.eurostat.ec.europa.eu / Source: http://epp.eurostat.ec.europa.eu
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Producia industrial: Seria brut a indicilor, n perioada S1 2011, comparativ cu perioada corespunztoare a anului precedent, indic faptul c producia industrial a fost mai mare cu 7,5% datorit creterilor nregistrate n industria prelucrtoare (+7,8%), n industria extractiv (+7,6%), la producia i furnizarea de energie electric i termic, gaze, ap cald i aer.
Industrial production: When compared to last year's same period, the gross index series as recorded over the first quarter in 2011 indicates that the industrial production was 7.5% higher because of the growth in the processing industry (+7.8%), extractive industry (+7.6%), and in the production and distribution of electricity and heating power, gas, hot water and air.
Sursa: Institutul National de Statistica / Source: National Statistics Institute
Construcii:
Building industry:
n luna iunie 2011, lucrrile de construcii au In June 2011, the building industry took an
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nregistrat o scdere cu 11,4% fa de luna iunie 2010, scdere constatat, pe elemente de structur, la lucrri de reparaii capitale (30,1%), la lucrri de construcii noi (-13,7%). La lucrri de ntreinere i reparaii curente s-a nregistrat o cretere de 10,7%. Pe tipuri de construcii s-au nregistrat scderi la cldiri reizdeniale (-45,4%) i la construcii inginereti (-6,1%). La cldiri nerezideniale s-a nregistrat o cretere de 8,7%. n semestrul I 2011, comparativ cu semestrul I 2010, volumul lucrrilor de construcii a sczut ca serie brut cu 5,0%, iar ca serie ajustat n funcie de numrul de zile lucrtoare i de sezonalitate cu 4,7%. Pe elemente de structur s-au nregistrat scderi la lucrrile de construcii noi (-8,2%) i la lucrrile de ntreinere i reparaii curente (-2,2%). La lucrrile de reparaii capitale, volumul lucrrilor de construcii a crescut cu 6,1%. Pe obiecte de construcii, volumul lucrrilor de construcii a crescut la cldirile nerezideniale cu 4,7%. La cldirile rezideniale i la construciile inginereti, volumul lucrrilor de construcii a sczut cu 26,5%, respectiv cu 1,4%. n semestrul I 2011, comparativ cu semestrul I 2010, volumul lucrrilor de construcii, serie ajustat n funcie de numrul de zile lucrtoare i de sezonalitate, a sczut cu 4,7%, scdere evideniat la lucrrile de construcii noi (-8,1%) i la lucrrile de ntreinere i reparaii curente (-1,4%). La lucrrile de reparaii capitale s-a nregistrat o cretere cu 6,0%. Pe obiecte de construcii a fost o cretere la cldirile nerezideniale (+6,2%). La cldirile rezideniale i la construciile inginereti s-au nregistrat scderi cu 20,9%, respectiv cu 1,9%.
11.4% dive as compared to last June. In structural terms, this decrease was found in terms of overhauls (-30.1%) and new buildings (-13.7%). In terms of maintenance operations and current repair works, this industry surged 10.7%. According to the types of buildings, the fall was seen in residential buildings (-45.4%) and engineering works (-6.1%). In non-residential buildings, the growth was 8.7%. In the first semester of 2011, as compared to the first semester in 2010, the amount of works dropped as a gross series by 5.0% but rose as an adjusted series depending on the number of business days and seasonality by 4.7%. In terms of structural elements, we saw drops in the new constructions business (-8.2%), and maintenance and current repairs (-2.2%). Overhauls surged 6.1% in the building industry. In terms of business areas, the nonresidential buildings business rose 4.7%. For the residential buildings and the engineering works, the amount of building works plummeted by 26.5% and by 1.4% respectively. In the first semester of 2011, as compared to the first semester in 2010, the amount of construction works (the figures were adjusted against the number of business days and seasonality) fell by 4.7%, a drop which is also to be found in the new building business (8.1%) and the maintenance and current repair works (-1.4%). The overhauls operations saw a 6.0% increase. In terms of building businesses, the non-residential segment climbed 6.2%. For the residential buildings and engineering works, the amount of building works plummeted by -20.9% and 1.9% respectively.
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Agricultura: La data de 27 iulie 2011, comparativ cu aceeai dat a anului 2010, randamentele au fost superioare la toate culturile: orzoaic de toamn (+1053 kg), orz de toamn (+885 kg), gru, secar i triticale (+771 kg), orzoaic de primvar (+493 kg), ovz (+439 kg) i rapi pentru ulei (+388 kg). Comerul cu amnuntul: n perioada 01 ianuarie - 30 iunie 2011, comparativ cu perioada corespunztoare din anul precedent, volumul cifrei de afaceri a ntreprinderilor cu activitate principal de comer cu amnuntul cu excepia autovehiculelor i motocicletelor a nregistrat o scdere de 5,8%. Comercializarea produselor prin intermediul caselor de comenzi sau prin internet, sistem preferat de segmentul de populaie cu venituri mari i cu puin timp la dispoziie, a nregistrat o cretere de 17,4%. Volumul cifrei de afaceri pentru comerul cu amnuntul al carburanilor pentru autovehicule a sczut cu 4,2%.
Agriculture: As at July 27th, 2011, as compared to the same date in 2010, the outputs were higher in all farming sectors: autumn two-row barley (+1053 kg), autumn barley (+885 kg), wheat, rye and triticale (+771 kg), spring two-row barley (+493 kg), oat (+439 kg) and oil beet (+388 kg). Retail sales: Over January 01 - June 30 2011, compared to the same period of the previous year, the turnover of companies mainly dealing in retail businesses (auto and moto not included) fell by 5.8%. Selling products through home-delivery suppliers or via Internet, which is preferred by the busy high-income buyers, surged 17.4%. The turnover earned on retailing car fuels dropped 4.2%.
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Exporturile i importurile
Exports and imports
Exporturile FOB realizate n semestrul I FOB exports made in the first semester of 2011 au fost de 92.033,1 milioane lei 2011 accounted for 92,033.1 mln. Lei (i.e. (22.011,2 milioane euro), iar importurile CIF 22,011.2 mln.), whereas CIF imports
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au fost de 110.926,7 milioane lei (26.554,6 milioane euro). Comparativ cu semestrul I 2010, exporturile au crescut cu 29,2% la valori exprimate n lei (28,2% la valori exprimate n euro), iar importurile au crescut cu 21,3% la valori exprimate n lei (20,4% la valori exprimate n euro) n structura exporturilor, trei din cele zece seciuni de bunuri din Clasificarea Standard de Comer Internaional (CSCI Rev. 4) dein mpreun 75,4% din totalul exporturilor, dup cum urmeaz: maini i echipamente de transport (42,1%), produse prelucrate, clasificate n principal dup materia prim (18,0%) i articole manufacturate diverse (15,3%). Importurile CIF n semestrul I au nsumat 110.926,7 milioane lei (26.554,6 milioane euro), valoarea acestora fiind mai mare fa de perioada corespunztoare din 2010 cu 21,3% la valori exprimate n lei, respectiv cu 20,4% la valori exprimate n euro. n structura importurilor, patru din cele zece seciuni de bunuri din Clasificarea Standard de Comer Internaional (CSCI Rev. 4) dein mpreun 81,2% din totalul importurilor, dup cum urmeaz: maini i echipamente de transport (33,8%), produse prelucrate, clasificate n principal dup materia prim (22,3%), produse chimice i produse conexe nespecificate n alt parte (13,4%) i combustibili minerali, lubrifiani i materiale conexe (11,7%). Deficitul comercial n perioada analizat a fost de 18.893,6 milioane lei (4.543,4 milioane euro) n preuri FOB/CIF, cu 1.366,4 milioane lei (340,9 milioane euro) mai mic dect n perioada similar a anului 2010. Valoarea schimburilor intracomunitare de bunuri n semestrul I 2011 a fost de 65.789,6 milioane lei (15.742,8 milioane euro) la expedieri i de 78.999,5 milioane lei (18.922,8 milioane euro) la introduceri, reprezentnd 71,5% din total exporturi i 71,2% din total importuri.
reached 110,926.7 mln. Lei (i.e. 26,554.6 mln.). Compared to the first semester of 2010, exports rose by 29.2% against values expressed in lei (28.2% against values expressed in Euros), whereas imports rose by 21.3% against the values expressed in lei (20.4% against values expressed in Euros). In the structure of exports, three out of the ten sections of goods in the Standard International Trade Classification (SITC Rev. 4) hold together as much as 75.4% of the overall exports, as follows: machinery and transportation equipment (42.1%), processed products, mainly classified according to the raw material (18.0%) and various manufactured goods (15.3%). In the first semester, CIF imports totalled 110,926.7 mln. Lei (i.e. 26.554,6 mln.), therefore their value was 21.3% higher compared to the same period of 2010, when calculated against lei, and 20.4% against Euros. In the structure of imports, four out of the ten sections of goods in the Standard International Trade Classification (SITC Rev. 4) hold together as much as 81.2% of the overall imports, as follows: machinery and transportation equipment (33.8%), processed products, mainly classified according to the raw materials (22.3%), chemical products and ancillary products not specified elsewhere (13.4%) and mineral fuels, lubricants and ancillary materials (11.7%). The trade deficit over the period under scrutiny amounted to 18,893.6 mln. Lei (i.e. 4,543.4 mln.) worth of FOB/CIF prices, meaning 1,366.4 mln. Lei (i.e. 340.9 mln.) more than in the similar period of 2010. The intra-community trade of goods in the first semester of 2011 amounted to 65,789.6 mln. Lei (i.e. 15,742.8 mln.) for the outgoing products, and 78,999.5 mln. Lei (i.e. 18,922.8 mln.) for the incoming goods, meaning 71.5% of the total exports and 71.2% of the total imports.
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Sursa: Institutul Naional de Statistic / Source: National Statistics Institute
STRUCTURA COMERULUI INTERNAIONAL PE GRUPE DE PRODUSE, N SEMESTRUL I 2011 STRUCTURE OF THE INTERNATIONAL TRADE PER GROUPS OF PRODUCTS, IN THE 1ST SEMESTER OF 2011 TOTAL exporturi FOB / TOTAL FOB exports 92,033 mln. lei
Combustibili Produse chimice i minerali, lubrifian i / Mineral fuels, produse conexe / lubricants, etc. Alte produse Chemicals and 6.5% manufacturate / Other ancillary products manufactured goods 6.2% 33.5% Produse agroalimentare, b uturi i tutun / Food and farming products, beverage and tobacco Materii prime i 5.0% materiale / Raw materials and consumables 6.6%
TOTAL importuri CIF / TOTAL CIF imports 92,033 mln. lei

Ma ini i echipamente de transport / Machinery and transportation equipment 33.8% Materii prime i materiale / Raw materials and consumables 3.7% Produse agroalimentare, b uturi i tutun / Food and farming products, beverage and tobacco 6.9% Produse chimice i produse conexe / Chemicals and ancillary products 13.4% Combustibili minerali, lubrifian i / Mineral fuels, lubricants, etc. Alte produse 11.7% manufacturate / Other manufactured goods 30.5%
Ma ini i echipamente de transport / Machinery and transportation equipment 42.1%
Indicele ncrederii n economia Romniei a sczut n august pentru a treia lun la rnd i a ajuns la 92.3. Atitudinea pesimist fa de Romnia este n ton cu evoluia indicilor pentru toate rile din regiune. Luna august a adus pentru Zona Euro scderi ale ncrederii n economie la un nivel de 97.3 cel mai sczut nivel n ultimul an (calculat ca medii
20
The index that expresses the confidence in the Romanian economy fell in August for the third month running and reached 92.3. The pessimism towards Romania actually matches the evolution of indexes for all of the countries in this area. August brought a lower confidence in Euro zone economies, down to 97.3, which was this year's bottom level (this
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ale evoluiilor din domeniul industrial, al figure is calculated as an average of the serviciilor consumului construciilor i evolutions of industrial businesses, services, comerului cu amnuntul). consumption, construction businesses and retail). Indicatorul de ncredere n economia Romniei The index reflecting the confidence in the Romanian economy
RO.INDU
Apr-11 Mai-11 Iun-11 Iul-11 Aug-11
/ / / / /
Apr-11 May-11 Jun-11 Jul-11 Aug-11
0.1 -1.8 -2 -2.4 -3.1
RO.SERV
6.5 4.7 4.2 6.7 -1.2
RO.CONS
Sursa/Source: http://epp.eurostat.ec.europa.eu
-44.5 -42.6 -40.7 -44.8 -40
RO.RETA
2.2 1 3.3 4.2 2.8
RO.BUIL
-27.4 -23.8 -23.1 -18.8 -21.7
RO.ESI
94.0 93.1 93.7 93.6 92.3
Indicatorul de ncredere n economia UE The index reflecting the confidence in the EU economy
EU.INDU EU.SERV EU.CONS EU.RETA EU.BUIL EU.ESI
Apr-11 Mai-11 Iun-11 Iul-11 Aug-11
/ / / / /
Apr-11 May-11 Jun-11 Jul-11 Aug-11
5.2 3.5 2.9 0.1 -2.5
7.3 7.8 6.6 6.3 -1.2
Sursa/Source: http://epp.eurostat.ec.europa.eu
-13.9 -10.7 -10.9 -12.4 -16.8
-3.5 -2.6 -2.4 -5.1 -10.9
-26.2 -25.9 -26.1 -25 -26
105.1 105.4 104.6 102.3 97.3
INDU SERV CONS RETA BUIL ESI INDU SERV CONS RETA BUIL ESI -
Indicele de ncredere n industrie Indicele de ncredere n servicii Indicele de ncredere n consumatori Indicele de ncredere n comerul cu amnuntul Indicele de ncredere n construcii Indicele de ncredere n economie Industry confidence index Services confidence index Consumers' confidence index Retail confidence index Building confidence index Economy confidence index
Inflaia n Q2 2011 La sfrsitul trimestrului II 2011, rata anual a inflaiei IPC, conform datelor BNR, s-a situat la nivelul de 7,93 la sut, cu 0,08 puncte procentuale sub cel atins la sfritul
Inflation in Q2 of 2011 At the end of Q2 of 2011, the annual CIP (consumer index price) inflation rate according to the National Bank of Romania was of 7.93%, i.e. by 0.08% below the rate
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trimestrului I i cu 0,8 puncte procentuale sub nivelul prognozat n Raportul asupra inflaiei din luna mai. Dinamica mai favorabil dect cea anticipat a inflaiei a fost n principal rezultatul evoluiei recente a unor factori care au redus presiunile asupra preurilor alimentare volatile, conducnd n final la scderea semnificativ a acestora n luna iunie. Proiecia actualizat prevede revenirea ratei anuale a inflaiei n interiorul intervalului de variaie din jurul intei centrale de 3 la sut la nceputul anului 2012, n urma disiprii treptate a efectelor ocurilor adverse de natura ofertei produse pe plan internaional i intern n 2010 i la nceputul anului curent.
calculated at the end of Q1 and 0.8% below the rate forecast on the Inflation Report covering the month of May. The morefavourable-than-expected dynamics of the inflation was primarily triggered by the recent evolution of certain drivers that eased the pressure on the volatile food prices, finally leading to their significant drop back in June. According to the updated projection, the annual inflation rate is to return inside the variation range that surrounds the central target of 3% in early 2012, because of the gradual dispersion of the effects of the adverse shocks, such the internal and international demand of 2010 and early 2011.
The inflation rate in the Euro Zone was of Inflaia n Zona Euro a fost 2,7% n iunie 2.7% in June 2011 according to Eurostat, 2011 potrivit Eurostat, neschimbat fa de which was unchanged as compared to May. luna mai. n iunie 2010 rata anual a inflaiei In June 2010, the annual inflation rate was of 1.5%. a fost 1,5%. Proiecia inflaiei anuale a preurilor IPC i intervalul de incertitudine asociat n Romnia The projection of the annual inflation of CPI prices and the related uncertainty interval in Romania
Sursa: Banca Naional a Romniei/Source: National Bank of Romania
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Sursa: Banca Naional a Romniei/Source: National Bank of Romania Balana de pli i datoria extern semestrul 1 2011 n semestrul I 2011 contul curent al balanei de pli a nregistrat un deficit de 2.601 milioane euro, n scdere cu 28,6 la sut fa de aceeai perioad din anul precedent, n principal datorit reducerii deficitului balanei comerciale cu 21,6 la sut i majorrii excedentului transferurilor curente cu 63,2 la sut (pe seama transferurilor nete ale administraiei publice). Deficitul contului curent n semestrul I 2011 a fost finanat n proporie de 39 la sut prin investiii directe ale nerezidenilor n Romnia, care au nregistrat 1.015 milioane euro (n scdere cu 17,3% fa de semestrul I 2010), din care creditele intra-grup au nsumat 696 milioane euro, iar participaiile la capital consolidate cu pierderea net estimat au fost de 319 milioane euro. Datoria extern pe termen mediu i lung a fost 75.665 milioane euro la 30 iunie 2011 (77,9 la sut din total datorie extern), n cretere cu 4 la sut fa de 31 decembrie 2010. Datoria extern pe termen scurt a nregistrat la 30 iunie 2011 nivelul de 21 456 The balance of payments and the external debt 1st semester of 2011 In the 1st semester of 2011, the current account of the balance of payments saw a deficit of 2,601 mln., down by 28.6% from the figure calculated for the same period of the previous year, primarily because of the deficit in the balance of trade that went down 21.6% and because of the higher surplus in current transfers that were 63.2% higher (owing to the net transfers of the public administration). 39% of the current account deficit in the 1st semester of 2011 was financed by means of investments made by non-residents of Romania that totalled 1,015 mln. (17.3% lower than the figures in the 1st semester of 2010), of which corporate intra-group transfers totalled 696 mln. whereas the contributions to the equity weighted against the net estimated loss amounted to 319 mln. The long-term and medium-term external debt amounted to 75,665 mln. as at 30 June 2011 (i.e. 77.9% of the total external debt), up by 4% compared to the figures calculated on 31 December 2010. The short-term external debt reached 21,456 mln. (i.e. 22.1% of the total external
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milioane euro (22,1 la sut din total datorie debt) on 30 June 2011, which is 18.4% higher extern), mai mare cu 18,4 la sut fa de 31 than the figures found as of 31 December decembrie 2010. 2010.
Banca central menine dobnda de politic The Central Bank maintained the monetary monetar la nivelul de 6,25% la edina policy interest to 6.25% in its August 2011 consiliului de administraie din August 2011. Board meeting. procente pe an / % per annum
Valabil din Valid as of August 2011 Iunie 2011 05 Mai 2010 30 Martie 2010 04 Feb. 2010 06 Ian.2010 30 Sep.2009 5 Aug.2009 1 Iul.2009 7 Mai 2009 5 Feb.2009 1 Aug.2008 27 Iun.2008 7 Mai 2008 26 Mar.2008 4 Feb.2008 8 Ian.2008 Politica monetar Monetary policy 6.25 6.25 6.25 6.50 7.00 7,50 8,00 8,50 9,00 9,50 10,00 10,25 10,00 9,75 9,50 9,00 8,00 Facilitatea de creditare Credit facility 10.25 10.25 10.25 10.50 11.00 11,50 12,00 12,50 13,00 13,50 14,00 14,25 14,00 13,75 12,00 12,00 12,00 Facilitatea de depozit Deposit facility 2.25 2.25 2.25 2.50 3.00 3,50 4,00 4,50 5,00 5,50 6,00 6,25 6,00 5,75 2,00 2,00 2,00
Sursa: BNR / Source: National Bank of Romania Unemployment in Europe and Romania
omajul n Europa i Romnia
n zona euro (EA16) rata omajului n iunie In the Euro zone (EA16), the unemployment 2011 a fost de 9,9% neschimbat fa de luna rate in June 2011 amounted to 9.9%, i.e. it
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mai 2011 i cu 0,3 puncte procentuale mai was unchanged as compared to May 2011, but it was still 0.3% lower than the figures in puin ca n iunie 2010. June 2010. n zona EU27 rata omajului n iunie 2011 s-a situat n jurul valorii de 9,4%, cu 0,3 In the EU27 zone, the unemployment rate in puncte procentuale mai mic comparativ cu June 2011 was of about 9.4%, i.e. 0.3% lower than the figures in June 2010 (9.7%). iunie 2010 cnd a fost 9.7%. Aceast rat se bazeaz pe estimarea This rate relies on Eurostat's preliminary preliminar a Eurostat a 22.473 milioane de estimate of 22.473 mln. people being jobless omeri n EU27, din care 15,640 milioane de in EU27 of which 15.640 mln. in the Euro zone. omeri sunt n zona euro. Ratele omajului n zona euro au fost ntre 4.0% in Austria, 4.1% n Olanda, 4.5% n Luxemburg i 21,0% n Spania, 16,3% Lituania i 16.2% n Letonia. n comparaie cu anul trecut rata omajului a sczut n 19 ri, a rmas stabil ntr-o ar (Luxemburg) i n 7 ri a crescut. Cele mai mari scderi (H1 2010 comparativ cu H1 2011) au fost n Estonia (de la 18.8% la 13.8%), Letonia (19.9% la 16.2%) i Ungaria de la (11.3% la 9.9%). Cele mai mari creteri ale ratei omajului au fost n Grecia (de la 11.0% la 15%), Bulgaria (10.1% la 11.4%), Cipru (6.5% la 7.6%) i Slovenia (7.3% la 8.4%). The unemployment in the Euro zone varied from low rates such as 4.0% in Austria, 4.1% in the Netherlands, and 4.5% in Luxembourg to higher rates such as 21.0% in Spain, 16.3% in Lithuania and 16.2% n Latvia. Compared to last year's figures, the unemployment rate fell in 19 countries, stayed flat in one country (Luxembourg) and picked up in 7 other countries. The most significant decreases (H1 2010 compared to H1 2011) were found in Estonia (from 18.8% to 13.8%), in Latvia (from 19.9% to 16.2%) and in Hungary (from 11.3% to 9.9%). Unemployment rates picked up in Greece (from 11.0% to 15%), Bulgaria (from 10.1% to 11.4%), Cypress (from 6.5% to 7.6%) and Slovenia (from 7.3% to 8.4%).
Ratele omajului n iunie 2011, date ajustate sezonier Unemployment rates in June 2011, seasonally adjusted data
Figura 1: Rata omajului n UE n Iunie 2011/ EU unemployment rate in June 2011
n Romnia
In Romania
n trimestrul II rata omajului BIM a fost In Q2, the unemployment rate according to de 7,2%, n scdere fa de trimestrul anterior the International Labour Bureau was of 7.2% (7,6%), dar n cretere fa de trimestrul down from 7.6% in the previous quarter, but
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corespunztor din anul precedent (cu o rat a higher than the one found in last year's same quarter (when the unemployment rate was of omajului de 6,8%). 6.8%). n trimestru II al anului 2011, populaia activ In Q2 of 2011, Romania's activities a Romniei era de 9.921 mii persoane, din population was of 9,921 thousand people, of care, 9.210 mii persoane erau ocupate i 711 which 9,210 thousand people were employed mii persoane erau omeri BIM. and 711 thousand persons were unemployed as per the International Labour Bureau. Rata omajului nregistrat n luna iunie 2011 a fost de 4,8% n raport cu populaia activ civil total (7,5% n luna iunie 2010). Rata omajului pentru femei a fost cu 0,7 puncte procentuale mai mic dect cea nregistrat pentru brbai (4,4% fa de 5,1%). Numrul omerilor nregistrai n luna iunie 2011 a fost de 436,0 mii persoane, din care 43,2% au fost femei. Comparativ cu luna iunie din anul 2010, numrul omerilor nregistrai la ageniile pentru ocuparea forei de munca a fost mai mic cu 224.8 mii persoane. The unemployment rate in June 2011 was of 4.8% as against the total active civilian population (7.5% in June 2010). The unemployment rate among women was 0.7% lower than the men's rate (4.4% vs. 5.1%). The number of jobless persons registered in June 2011 was of 436.0 thousand persons, of which 43.2% were women. Compared to June 2010 figures, the number of jobless persons registered with the unemployment agencies was smaller by 224.8 thousand people.
Rate ridicate ale omajului s-au nregistrat n judeele: Vaslui (9,4%), Teleorman (8,6%), Mehedini (8,5%), Dolj (8,2%), Covasna (8,0%), Buzu (7,7%), Alba (6,9%), Galai i Ialomia (6,6% fiecare), Gorj (6,5%), Olt (6,1%), Iai (5,9%), Bacu, Brila i Mure (5,8% fiecare), Dmbovia (5,7%), Giurgiu,
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High unemployment rates were found in the following counties in Romania: Vaslui (9.4%), Teleorman (8.6%), Mehedini (8.5%), Dolj (8.2%), Covasna (8.0%), Buzu (7.7%), Alba (6.9%), Galai and Ialomia (6.6% each), Gorj (6.5%), Olt (6.1%), Iai (5.9%), Bacu, Brila and Mure (5.8% each),
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Harghita, Slaj i Vrancea (5,6% fiecare), Clrai (5,4%), Neam (5,3%), Hunedoara i Prahova (5,2% fiecare) Arge i Tulcea (5,0% fiecare).
Dmbovia (5.7%), Giurgiu, Harghita, Slaj and Vrancea (5.6% each), Clrai (5.4%), Neam (5.3%), Hunedoara and Prahova (5.2% each) Arge and Tulcea (5.0% each).
Cele mai sczute rate ale omajului au fost The lowest unemployment rates were found n judeele: Ilfov (2,0%), Municipiul in the following counties: Ilfov (2.0%), Bucureti (2,0%) i Timi (1,8%). Bucharest (2.0%) and Timi (1.8%).
Piaa forei de munca n Romnia
The labour market in Romania
n luna iunie 2011, efectivul salariailor a fost In June 2011, 4,185.0 thousand employees de 4185,0 mii persoane, cu 30,0 mii persoane were reported, i.e. 30.0 thousand people more mai mare dect n luna mai 2011. than in May 2011. Rata locurilor de munc vacante n trimestrul The vacancy rate in Q2 of 2011 (the midII 2011 (luna de mijloc a trimestrului) a fost quarter month) was of 0.68%, down from
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de 0,68%, n scdere fa de trimestrul I 2011 0.69% in Q1, but higher than Q2 in 2010 (0,69%) i mai mare fa de trimestrul II (0.59%), according to the National Statistics 2010 (0,59%), conform Institutului Naional Institute. de Statistic. Pe activiti economice, cele mai mari rate ale locurilor de munc vacante, n trimestrul II 2011, s-au nregistrat la administraie public i aprare; asigurri sociale din sistemul public (1,14%), la informaii i comunicaii (1,12%), sntate i asisten social (1,07%), distribuia apei; salubritate, gestionarea deeurilor, activiti de decontaminare (0,93%), industria prelucrtoare (0,91%). Pe grupe majore de ocupaii, cele mai ridicate rate s-au nregistrat pentru muncitori necalificai (0,90%), operatori la instalaii i maini; asamblori de maini i echipamente (0,86%), specialiti n diverse domenii de activitate (0,72%). Rata de ocupare a populaiei n vrst de munc (15-64 ani) de 58,8% a sczut fa de cea nregistrat n trimestrul corespunztor din anul precedent (-1,3 puncte procentuale) i a crescut fa de cea nregistrat n trimestrul anterior (+0,8 puncte procentuale). Gradul de ocupare era mai mare pentru brbai (65,1%, fa de 52,5% pentru femei) i pentru persoanele rezidente n mediul rural (59,1% fa de 58,6% n mediul urban). Rata de ocupare a tinerilor (15-24 ani) a fost de 24,3% Breaking the records down into business activities, in Q2 the most numerous vacancies were found in the public administration and defence; social security of the public system (1.14%), IT&C (1.12%), healthcare and social assistance (1.07%), water distribution; sanitation, waste management, decontamination activities (0.93%), the processing industry (0.91%). Speaking of major groups of professions, the highest rates were seen in unskilled labour (0.90%), installation workers and machine operators; machine and equipment assembly workers (0.86%), specialists in various areas (0.72%). The occupancy rate of the working age population (aged 15-64 years) was of 58.8% which was lower than the rates calculated during the same quarter of the previous year (i.e. -1.3% lower) but grew if compared to the rate of the previous quarter (+0.8%). Men's employment rate was higher (65.1%, compared to 52.5% for women) and for the persons who are residents in the rural environment (59.1% compared to 58.6% in the urban environment). The employment rate of the young (15-24 years of age) was 24.3%.
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n trimestrul II 2011 rata de ocupare a populaiei n vrst de munc (15-64 ani) a fost de 58,8%. Rata omajului BIM a fost de 7,2%. Rata de ocupare a populaiei n vrst de 2064 ani a fost de 63,1%, la o distan de 6,9 puncte procentuale fa de inta naional de 70% stabilit n contextul Strategiei Europa 2020.
In Q2 of 2011, the employment rate of people of the working age (15-64 years) was of 58.8%. The unemployment rate according to the International Labour Bureau was 7.2%. The employment rate of people aged 20-64 was 63.1%, meaning 6.9% compared to the national target of 70% established in the context of the Europe 2020 Strategy.
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- Mii persoane / Thousand persons POPULAIA TOTAL / TOTAL POPULATION*) (21414)

Sub 15 ani / Below 15 y. (3239)
POPULAIA DE 15 ANI I PESTE / POPULATION OF 15+ YEARS (18175)

Populaia inactiv de 15 ani i peste nactive population 15+ y. (8254)
POPULAIA ACTIV / ACTIVE POPULATION (9921)
EMPLOYED POPULATION **) (9210) SALARIAI/ EMPLOYEES **) (6187)

Alte categorii/ Other categ. (3023)
OMERI BIM / UNEMPLOYED ACC. TO INTERNATIONAL LABOUR BUREAU (711)
*) Populaia total i ceilali indicatori derivai nu sunt ajustai cu soldul migraiei externe Total population and the other derived indicators are not adjusted against the balance of the external migration **) Inclusiv forele armate i asimilai armatei i persoane care lucreaz n mediul informal la negru Including the army and the employees assimilated to the army and the people working in the informal sector and on the black market.
Piaa auto i leasingul financiar n Romnia n semestrul I 2011, nmatriculrile noi de vehicule rutiere pentru transportul pasagerilor au nregistrat o scdere cu 32,1% fa de semestrul I 2010, iar nmatriculrile noi de vehicule pentru transportul mrfurilor au crescut cu 50,8%, conform datelor INS. n trimestrul II 2011, nmatriculrile noi de vehicule rutiere pentru transportul pasagerilor au sczut cu 47,7% comparativ cu trimestrul II 2010. La categoria autoturisme s-a nregistrat o scdere cu 49,1%, scderi nregistrndu-se i la categoriile mopede i motociclete, respectiv autobuze i microbuze cu 10,4% i 1,1% fa de trimestrul II 2010. n ceea ce privete nmatriculrile noi de vehicule rutiere pentru transportul mrfurilor, acestea au fost superioare cu 45,4% fa de trimestrul II 2010, cea mai semnificativ valoare a creterii nregistrndu-se la categoria autocamioane, cu 66,8%. Livrrile de autoturisme autohtone n semestrul I 2011 au cunoscut un trend descendent n perioada analizat, astfel nmnatriculrile de vehicule autohtone au
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The car market and financial leasing in Romania 32.1% less road passenger vehicles were registered in Q1 of 2011 compared to the Q1 of 2010, but 50.8% more new freight vehicles were registered in exchange, as per the data of the National Statistics Institute. In Q2 of 2011, there were 47,7% less new vehicles registered as compared to Q2 of 2010. In the car category, we found a drop by 49.1%, the mopeds and motorcycles fell by 10.4% and the buses and micro-buses purchases fell by 1.1% as compared to the Q2 of 2010. 45.4% more new freight vehicles were registered officially as compared to Q2 of 2010. Trucks saw the highest growth (66.8%).
The deliveries of Romanian vehicles in the first semester of 2011 fell over the period under scrutiny, more specifically by 29% according to the data provided by APIA (the
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sczut cu aproximativ 29% conform datelor APIA. Comparativ cu acestea, livrarea vehiculelor din import a avut un trend asemntor autoturismelor autohtone, astfel n primul semestru din 2011 au fost nmatriculate cu 12.9% mai puine autoturisme fa de perioada similar a anului trecut
Association of Automotive Producers and Importers). Compared to the figures above, the imported vehicles followed a trend similar to the one of domestic vehicles: more specifically in the 1st semester of 2011 12.9% less new imported vehicles were registered than in last year's similar period.
Figure 2: Livrri de autoturisme autohtone (APIA) / Domestic vehicles delivered (APIA)
Figure 3: Livrri de autoturisme import (APIA) / Imported vehicles delivered (APIA)
n semestrul I 2011, volumul nou finanat n leasing financiar (vehicule, echipamente i imobiliare) la nivelul rii a fost de 663,3 milioane de euro, o cretere de 22% comparativ cu perioada similar a anului trecut i cu 33% peste volumul finanat n primul trimestru al anului 2011. Finanrile acordate s-au ndreptat ctre diverse domenii, astfel c 27.8% (184,2 milioane euro) din total au vizat echipamentele, 12.2% (81,3 milioane euro) sectorul imobiliar i 60% (397,8 milioane euro) sectorul transporturilor. Piaa de leasing din Romnia a avut un trend contrar investiiilor n economie din primul semestru, investiiile n economia naional au sczut cu 6.3% fa de semestrul I 2010, scdere nregistrat la elementele de structur: lucrri de construcii noi cu 8.2%, i la utilaje (inclusiv mijloace de transport) cu 4,8%. Investiiile concretizate n lucrri de construcii noi, n semestrul I 2011, au nsumat 11658,7 milioane lei, reprezentnd 51,3 % din total, fa de 50,6 % n semestrul I 2010. Investiiile n utilaje i mijloace de
In the first quarter of 2011, the new deals financed under financial leasing contracts (vehicles, equipment and real estate) throughout the whole country was worth 663.3 mln. which accounted for a 22% growth compared to last year's similar period and for a 33% growth on top of the deals financed in Q1/2011. The financing involved diverse areas, more specifically 27.8% (i.e. 184.2 mln.) covered equipments, 12.2% (i.e. 81.3 mln.) covered real estate and 60% (i.e. 397.8 mln.) covered transportation. The trend of the leasing market in Romania did not go with the flow of the investments made in the first semester: the investments in the national economy dropped by 6.3% as compared to the first semester of 2010. This drop was associated to structural elements such as new construction building operations (8.2%) and machinery (means of transport included) by 4.8%. The investment in new construction building projects (1st semester of 2011) totalled 11,658.7 mln. Lei, i.e. 51.3 % of the total, compared to 50.6 % in the 1st semester of 2010. The investment in new construction
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transport au nsumat 9080,4 milioane lei, building projects (1st semester of 2011) reprezentnd 40,0 % din total, fa de 39,9 % totalled 9,080.4 mln. Lei, i.e. 40.0 % of the n semestrul I 2010. total, compared to 39.9 % in the 1st semester of 2010.
STRUCTURA INVESTIIILOR PE ACTIVITI ALE ECONOMIEI NAIONALE, N SEMESTRUL I 2011 / STRUCTURE OF INVESTMENTS PER ACTIVITIES OF THE NATIONAL ECONOMY, IN THE FIRST SEMESTER OF 2011
Alte ramuri Other industries Comer/servicii Trade/services
Agricultura Agriculture Industrie Industrial business
Construcii Construction business
Sursa datelor: 1) Institutul Naional de Statistic: www.insse.ro 2) Banca Naional a Romniei: www.bnro.ro 3) Comisia Naional de prognoz: www.cnp.ro/ 4) Fondul Monetar Internaional: www.imf.org/external 5) Comisia European: epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/ home 6) Standard & Poor's: www.standardandpoors.com/home/en/us 7) Agenia Naional pentru Ocuparea Forei de Munc: www.anofm.ro 8) Asociaia Productorilor i Importatorilor de Automobile: www.apia.ro
Sources: 1) National Statistics Institute: www.insse.ro 2) The National Bank of Romania: www.bnro.ro 3) The National Forecast Commission: www.cnp.ro/ 4) International Monetary Fund: www.imf.org/external 5) European Commission: epp.eurostat.ec.europa.eu/portal/page/portal/eurostat/ho me 6) Standard & Poor's: www.standardandpoors.com/home/en/us 7) National Agency for the Occupation of the Labour Force: www.anofm.ro 8) The Association of Automotive Producers and Importers: www.apia.ro
Emilian Vasilescu Statistician
Diplomat Consult S.R.L. Str. Gaetano Donizetti nr. 3, parter, ap. 2, sector 2 Bucureti 020182 Tel.: +40 37.278.31.73 / +40 21.231.70.28 Fax: +40 21.231.70.29
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Adriana Ahciarliu Secretar General ALB Romnia
Capitolul II Tendine n piaa instituiilor financiare nebancare II.1. Conjunctura local

Au trecut aproape 5 ani de cnd Romnia a devenit membru cu drepturi depline al Uniunii Europene. Au trecut de asemenea, exact 5 ani de cnd piaa instituiilor financiare nebancare n Romnia este una reglementat i autorizat prin norme prudeniale, sub umbrela Bncii Naionale a Romniei. i au trecut doi ani de cnd ncercm s nelegem cum anume criza macroeconomic poate fi ocolit de o pia de ni, i anume, cea a leasingului financiar i a creditului de consum. Sunt multe idei ce au fost dezbtute n cadrul comitetelor tehnice ale Asociaiei. Sunt multe probleme care i-au gsit, mai mult sau mai puin, calea spre soluionare prin dialogul profesionitilor din cadrul Asociaiei cu experi ai diverselor autoriti i ai Bncii Naionale a Romniei. E greu s la inventariez aici, n cteva rnduri pe toate... dar putem face un inventar al cuvintelor cheie care s-au regsit n cadrul acestor dezbateri: conformitate, competitivitate, concuren, reglementare fiscal, prudenial, contabil, proceduri judiciare, ncredere, managementul riscului, profit, pierdere, pia de second hand,
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Chapter II Trends in the non-banking financial institutions market II.1. Local conjuncture
Almost 5 years passed since Romania became a full member state of the European Union. 5 years passed since the market of the non-banking financial institutions in Romania became a market regulated and authorised by prudential norms under the umbrella of the National Bank of Romania, too. Two years passed since we try to understand how exactly a niche market can avoid the macroeconomic crisis, i.e. the leasing and consumer credit market. Many ideas have been debated in the technical committees of the Association. Many problems found, more or less, a way to be solved through the dialogue of the competent people of the Association with the experts of the various authorities of the National Bank of Romania. It is difficult for me to draw up their inventory here, in some lines but we may do an inventory of the key words that were re-found within these debates: conformity, competitiveness, competition, tax regulation, prudential, accounting, judicial procedures, trust, risk management, profit, loss, second-hand market, reference costs, evaluation, anticipated
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depreciere anticipat, resurse umane, and parafiscal taxes and again taxes. taxe fiscale i parafiscale i iar taxe. Piaa de leasing financiar i cea a creditului de consum este una foarte aproape de ritmul realitii economice. n consecin, dependena acestei piee de politicile prudeniale i fiscale este foarte puternic. n dorina acionarilor prezeni n Romnia n acest domeniu de activitate de a trece dincolo de impactul psihologic al crizei, primul semestru al anului 2011 induce un sentiment pozitiv de ncredere n pia. E o contientizare a faptului c aceast activitate de creditare are nevoie, nainte de toate, pentru a crea eficien, s reconstruiasc sentimentul de ncredere sub climatul unei competitiviti bazate pe tradiie i istorie. Vorbesc acum de tradiia i istoria acelor finanatori care este importat din rilemam, cu un pachet ntreg de know how n managementul riscului, att n procesul de cretere economic, ct i n mijlocul unei crize globale. Concentrarea a 30% din cota de pia din volumul nou finanat sub numele a trei mari juctori este un mesaj concret al implementrii i staionrii crizei n piaa instituiilor financiare nebancare din Romnia. Dar ce ofer politicile fiscale din Romnia acestor acionari care fac eforturi deosebite de a trece peste turbulenele crizei cu eficien i succes? Constatm o concentrare a logicii fiscale n acea zon n care deciziile de austeritate se ntlnesc i merg mn n mn cu cele de reducere a deficitului bugetar, fr a considera decizii politice fiscale care s nu frneze, ci s accelereze sectorul economic! Constatm o lips total a unui dialog deschis cu patronatele din sectorul financiar bancar pe fondul mimrii unei practici continue a legii transparenei. Constatm o polarizare contradictorie a politicilor fiscale n comparaie cu cele contabile i cu cele din sectorul judiciar. Constatm o stare de fapt n care instituiile statului funcioneaz i The financial leasing and consumer credit market is a very close one near the rhythm of the economic reality. Consequently, the dependence of this market on the prudential and fiscal policies is very strong. Based on the intention of the shareholders present in Romania, the first semester of 2011 is inducing a positive trust feeling in this market. It represents the awareness of the fact that this crediting activity needs above all to rebuild the feeling of confidence under the climate of a competition based on tradition and history. We are speaking now about the financers tradition and history imported from their mother-countries with a whole package of know-how in risk management, both in the process of economic growth and in the middle of a global crisis. Concentrating 30% from the market quota of the new financed volume under the name of three big players is a real message of the implementation and remaining of the crisis in the market of the non-banking financial institutions in Romania. What are offering the fiscal policies in Romania to these shareholders who are doing their best to get over the crisis turbulences, efficiently and successfully? We can discover a concentration of the fiscal logic in an area where the decisions of austerity are meeting and are going hand in hand with the decisions of decreasing the budgetary deficit without taking into consideration the decisions of fiscal policy that will not slow down but will accelerate the economic sector! We can see a total lack of an open dialogue with the employers from the financial banking system imitating a continuous practice of the transparency law. We can discover a contradictory polarization of the fiscal policies in comparison with the accounting ones and with the policies from the judicial system. We find a state
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acioneaz n deplin divergen i servesc diverse strategii care, e clar, nu construiesc o strategie unic, naional. n fine, mai constatm un comportament, pe fundalul instabilitii fiscale, de inducere a unei politici n care competiia nu construiete, ci distruge o pia aa-zis liber! Sunt adepta convins a ideii c, dac piaa instituiilor financare nebancare nu ar fi fost reglementat acum 5 ani, ea ar fi artat altfel astzi, dup 2 ani de criz. Iar acest altfel nu ar fi fost unul mai fericit. Cred cu trie faptul c impunerea unor reguli de prudenialitate, cu costurile pe care le-a indus, a adus ncredere, a iniiat o tradiie i a construit un zid de protecie al societilor de leasing financiar i credit de consum n faa valurilor crizei financar economice. Reglementarea a protejat, n cazul acelor juctori care au alturat lcomia i profitul cu orice mijloace, noiunii de conformitate i competitivitate. Cu toate acestea, reglementarea nu a putut induce n proporie total adecvarea la un nivel european al pieei financiare. Suntem nc n situaia n care funcionm n baza unor standarde contabile relativ departe de IFRS. Suntem nc expui total n faa unui aparat fiscal care funcioneaz nestandardizat la nivel naional. i am nvat s acceptm impredictibilitatea n domeniul deciziilor fiscale, fr ns a accepta decizii care sfideaz cu total convingere Directivele UE i practica internaional! Tocmai de aceea suntem o Asociaie care a avut dorina de a afla care este practica sntoas n cazul unor decizii fiscale cu impact negativ asupra industriei i ne-am adresat Comisiei Europene pentru a afla rspunsul corect. Metodologia pe care am folosit-o o descriem, pe scurt, sub titlul Ce presupune procedura de infringement? din cadrul acestui capitol.
of things where the state institutions are operating and serving in full divergence various strategies that are not building a unique national strategy in fact. Finally, we do see a behaviour that, based on the fiscal instability, is inducing a policy where the competition is not building but is destroying a so-called free market! We truly believe that if the market of the non-banking financial institutions was not regulated 5 years ago, then it would have looked differently now, after two years of crisis. And this differently would not mean a happier way. We strongly believe that imposing prudential rules initiated a tradition and that we are building a protection wall of the financial leasing and consumer credit companies in front of the economic financial crisis waves. The regulation was a protection in case of the players who put together greed and profit by all means and the concept of conformity and competition. Nevertheless, the regulation did not totally induce the financial market adequacy to an European level. We are still functioning based on accounting standards far away from the IFRS. We are still totally exposed in front of a fiscal apparatus performing in a non standardised way at the national level. And we learned to accept the unpredictability in the field of fiscal decisions but without accepting decisions that are fully defying the EU Directives and the international practice! That is why we represent an Association who intended to discover which is the healthy practice in case of the fiscal decisions that are having a negative impact over the industry by appealing to the European Commission in order to find the correct answer. Our methodology is shortly described under the title What does the infringement procedure mean? in this chapter.
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II.2. Ce presupune procedura de infringement?
II.2. What does the infringement procedure mean?
Din pcate, n ultimii ani, termenul infringement a devenit un titlu jurnalistic de succes. Probabil c muli experi care urmresc evoluia proceselor de infringement se ntreab de ce Romnia este una din rile care acumuleaz dosare de infringement n relaia cu Uniunea European? Rspunsurile se pot regsi sub multe motivaii, care ns rmn sub titlul de presupuneri: lipsa de informaie, lipsa de profesionalism la nivelul funcionarilor responsabili n sftuirea factorului decizional politic, lipsa de voin politic i/sau lipsa de interes politic. Mergnd n sensul unei analize simpliste i fcnd analogie cu paii tehnici ai procedurii de infringement am putea spune c multe din motivele care au iniiat procedura, fr ns a se ajunge la sancionarea propriuzis, dovedesc poate o lips de profesionalism i/sau de experien n aplicarea procesului de armonizare n acquis-ul comunitar. Nu este o situaie care s supere n mod special, atta vreme ct ea nu creeaz prejudicii domeniului economic la care face referire. Din pcate, ns, n marea majoritate a cazurilor, blbiala birocratic se cuantific n bani pe care cei din sectorul privat i regsesc n situaiile financiare pe care le raporteaz ctre firma mam investitorul real n Romnia. i, evident, apare ntrebarea fireasc din partea acestuia: de ce s pltim noi, investitori de bun credin n Romnia, aceast blbial? Dac ns se dovedete din practica autoritii de resort c, dei de jure se recunoate existena unui motiv de sancionare, autoritatea continu cu insisten n aplicarea deciziei, atunci diagnosticul nu poate fi altul dect lipsa de interes politic i lipsa de voin politic. Pornind de la acest rezultat apare o enigm pe care, dei am ncercat sa o dezleg n dialogul direct cu reprezentani ai mediului de afaceri, nu am reuit: n ce msur interesul politic coincide
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Unfortunately, during the last years, the word infringement became a successful journalistic title. Perhaps a lot of the experts who are following the evolution of the infringement processes are wondering why Romania is one of the countries accumulating many infringement files in its relationship with the European Union. Answers may be found under various motivations, namely purely assumptions: lack of information, lack of professionalism at the level of the advisers of the political decision-makers, lack of political will and/or lack of political interest. Going towards a simplistic analysis and making an analogy with the technical steps of the infringement procedure one could say that many of the reasons that have initiated the procedure, but without reaching the so-called sanctioning, are perhaps proving a lack of professionalism and/or a lack of experience in applying the harmonisation process in the community acquis. This is not an especially upsetting situation provided that it is not creating damages for the related economic field. But, unfortunately, in the majority of cases the bureaucratic stuttering equals a money quantification found by the private sector players in the financial situations included in the reports sent to the mother company the real investor in Romania. And, obviously, we naturally wonder why should we, bona fides investors in Romania, pay this stuttering? But if the practice of the resort authority is proving that, even if de jure a sanction reason is recognised, and the authority is going on to insist to apply such a decision, then the only diagnosis is the lack of political interest and the lack of political will. Going on from this result, we face an enigma that we vainly try to solve in the direct dialogue with the representatives of the business environment: to what extent political interest coincides with the interest in building
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cu interesul pentru construirea i meninerea unui mediu de afaceri sntos, care s creeze locuri de munc i care s aduc la buget contribuiile ateptate? Experiena pe care am avut-o n ultimii ani a dovedit c interesul politic nu este convergent ntotdeauna cu cel economic i c anii de criz economic i financiar, care ne-au marcat deja puternic, au adncit lacune n comunicarea dintre societatea civil i autoritatea care reprezint factorul politic decizional. Apelm la procedura de sancionare nu din plcere i nu din dorina de a ctiga prestigiu la porile Bruxelles-ului ci, n primul rnd, din dorina de a corecta practica romneasc sub umbrela acquis-ului comunitar atunci cnd acas, la Bucureti, autoritile decid s nghee metoda dialogului deschis, aa cum e el legiferat prin legea transparenei, i s comunice prin intermediul presei decizii fiscale, de exemplu, care din punctul lor de vedere nu sunt discutabile, nu sunt negociabile. Este dreptul oricrui cetean s apeleze la aceast procedur. Ceteanul romn, prin istoria taxei de poluare, a fost introdus direct n aceast practic i tie c poate beneficia de ea pentru ai apra i ctiga drepturile ceteneti. Agentul economic face eforturi deosebite s respecte legea i regulile rii n care i desfoar activitatea, dar nu are cum s justifice costuri care, prin decizie naional romneasc, se aplic retroactiv n urma unei decizii politice anticonstituionale i anticomunitare! Chiar dac noiunea de criz economic induce riscul impredictibilitii este greu de acceptat c un guvern al unui stat membru al Uniunii Europene i poate permite riscul de a induce astfel de decizii cu aplicare retroactiv! Cu toate acestea, avem experiena armonizrii n legislaia local a Directivei Creditului de Consum, armonizare care s-ar fi finalizat cu aplicarea retroactiv a prevederilor Directivei, pe ntreg portofoliul creditelor de consum i ipotecare, dac nu ar fi intervenit negocierea intermediat de iniierea unei plngeri la DGSANCO n
and maintaining a healthy business environment, able to create jobs and to bring to the budget the contributions expected? Our experience from these past years proved that the political interest is not always convergent with the economic one and that the economic and financial years of the crisis that already deeply marked us have deepened the gap in the communication between the civil society and the authority representing the policy makers. We do appeal at the sanctioning procedure not by pleasure and not aiming to win prestige at the doors of Brussels but, mainly with the intention to correct the Romanian practice under the umbrella of the community acquis when at home, in Bucharest, the authorities decide to freeze the method of the open dialogue as it is enacted by the law of transparency and to communicate through the media tax decisions, for instance, that, from their point of view, are indisputable decisions or non-negotiable ones. It is the right of any citizen to appeal at this procedure. Due to the history of the pollution tax, the Romanian citizen was directly introduced within this practice and he knows that he may beneficiate from it in order to defend and win his/her citizen rights. The economic agent is making special efforts to respect the law and the rules of the country in which it operates but it has no justification for the costs retroactively applied by a national Romanian decision based on an anti constitutional and anti community political decision! Even if the notion of economic crisis is inducing the risk of unpredictability it is difficult to accept that the government of a member state of the European Union can afford the risk of inducing such retroactive application decisions! Nevertheless we have experience in local law harmonisation Directive on Consumer Credit a harmonisation that could be finalised by retroactively applying the provisions of this Directive for the entire portfolio of the consumer credits and of the mortgage credits
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vederea unei eventuale sancionri a Romniei pe acest proces de armonizare legislativ. Experii i consultanii care urmresc cu interes evoluia procesului legislativ i a punerii n aplicare a legislaiei tiu c numrul dosarelor cu plngeri n vederea sancionrii Guvernului Romniei este unul semnificativ. n multe din cazuri se dovedete o practic curent a autoritilor - aceea de a anula litera i spiritul legii prin textul normelor de aplicare a legislaiei. Practica aceasta este una greit nu doar din punctul de vedere al legislaiei comunitare, ci i din punctul de vedere al legislaiei naionale. Cu toate acestea se aplic principiul practic al tragerii de timp prin proceduri judiciare n care ceteanul sau agentul economic ncearc s recupereze drepturile pierdute, dei de multe ori se tie c, n final, procedura autoritii este una abuziv.
unless a negotiation intermediated through a complaint forwarded to DGSANCO for an eventual sanction of Romania for this legal harmonisation process. The experts and consultants following with interest the evolution of the legal process and the putting in application of the legislation do know that the numbers of files involving complaints to sanction the Romanian Government is an important one. In many cases was proved a current practice of the authorities to cancel the letter and the spirit of the law through the text of the norms applying the law. This is a wrong practice not only from the point of view of the community law, but also from the point of view of the national legislation. However, it is applied the principle of "stalling" or playing for time through judicial procedures where the citizen or the economic agent do their best to recover their lost rights, even if in many cases it is known that the authority procedure is an abusive one. Forwarding a complaint to the resort Directorate of the European Union is not a procedure increasing the costs of the economic agent above the costs already made locally, i.e. nationally accounted within its relationship with the tax authority or with the justice authority and with the local consultant. It is however important that such a complaint proves that all the necessary procedures were locally accomplished aiming to win the respective cause. It is equally important to consider the schedule of the procedures at the Directorate level aiming to elaborate a strategy according to the local plan. For a better understanding of the above mentioned statements we do briefly present you the steps of the infringement procedure as they were publicly presented by various sources of the European Union, sources that are indicated at the end of this chapter:
Depunerea unei plngeri la Directoratul de resort al Comisiei Europene nu e o procedur care s ridice costurile agentului economic dincolo de acele costuri pe care le-a contabilizat deja pe plan local, naional, n relaia sa cu fiscul sau cu autoritatea de justiie i cu consultantul local. Este ns important ca aceast plngere s dovedeasc parcurgerea tuturor procedurilor necesare pe plan local n sensul ctigrii cauzei respective. Este la fel de important s se ia n considerare calendarul procedurilor la nivelul Directoratului respectiv pentru a creiona o strategie n consecin pe plan local.
Pentru o mai bun nelegere a celor menionate deja v prezint, pe scurt, paii procedurii de infringement aa cum sunt ei prezentai public n diverse surse ale Uniunii Europene, surse menionate la sfritul acestui capitol:
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II.3. Explicarea procedurii de non-conformitate cu legislaia Uniunii Europene

1. Admisibilitatea plngerilor Pentru a fi admisibil, o plngere trebuie s se refere la o nclcare a legislaiei Uniunii Europene de ctre un Stat Membru. Aadar plngerea nu se poate referi la un litigiu privat. Este important ca documentele pentru plngere s fie complete i corecte, n special n ceea ce privete faptele imputate Statului Membru n cauz, s cuprind orice msuri pe care le-ai luat deja la orice nivel i, pe ct posibil, dispoziiile legislaiei Uniunii Europene care considerai c au fost nclcate, precum i orice implicare a unui sistem de finanare a Uniunii Europene. 2. Principii Fiecare Stat Membru este responsabil pentru punerea n aplicare (pn la termenul limit de transpunere, conformitatea i aplicarea corect) a legislaiei Uniunii Europene n cadrul sistemului su juridic intern. Comisia European se asigur c legislaia Uniunii Europene este aplicat n mod corespunztor. n consecin, n cazul n care un Stat Membru nu se conformeaz cu legislaia Uniunii Europene, Comisia dispune de puteri proprii (aciune n caz de nerespectare) pe care le poate utiliza n ncercarea de a concluziona n privina nclcrii i, dac este necesar, aceasta poate trimite cazul Curii de Justiie. Comisia ia orice masur pe care o consider corespunztoare ca rspuns la o plngere sau dup descoperirea unor indicii ale nclcrii n sine. Nerespectarea nseamn eecul unui Stat Membru de a-i respecta obligaiile care i revin n temeiul legislaiei Uniunii Europene. Aceasta poate consta fie ntr-o aciune, fie ntr-o omisiune. Termenul Stat este folosit pentru a specifica Statul Membru care ncalc legislaia Uniunii Europene, indiferent de
II.3. Explanation of procedure for non-compliance with European Union law

1. Admissibility of complaints To be admissible, a complaint has to relate to an infringement of European Union law by a Member State. It cannot therefore concern a private dispute. It is very important for the complaint papers to be complete and accurate, particularly as regarding the facts complained of in relation to the Member State in question, any steps which you have already taken at any level and, as far as possible, the provisions of European Union law which you consider to have been infringed and any involvement of a European Union funding scheme. 2. Principles Each Member State is responsible for the implementation (transposition by the deadline, conformity and proper application) of European Union law in its internal legal system. The European Commission ensures that European Union law is properly applied. Consequently, where a Member State fails to comply with European Union law, the Commission has powers of its own (action for non-compliance) which it may use in an attempt to terminate the infringement and, if necessary, it may refer the case to the Court of Justice. The Commission takes whatever action it deems appropriate whether in response to a complaint or after detecting indications of infringements itself. Non-compliance means failure by a Member State to fulfill its obligations under European Union law. It may consist either of action or omission. The term State is taken to mean the Member State which infringes European Union law, irrespective of the authority central, regional or local - to which the noncompliance is attributable.
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autoritatea central, regional sau local, creia i este imputabil nerespectarea. 3. Etapele procedurii de nclcare 3. Stages of infringement proceedings
n timpul procedurii de nclcare un caz poate During the infringement proceedings, a case may be handled in the following stages: fi rezolvat n urmtoarele etape: 3.1.Etapa de cercetare Ca rspuns la plngere poate fi necesar adunarea de informaii suplimentare pentru a determina punctele de fapt i de lege cu privire la cazul dumneavoastr. n cazul n care Comisia contacteaz autoritile Statului Membru mpotriva cruia a fost fcut plngerea, aceasta nu poate dezvlui identitatea reclamantului dect n cazul n care el/ea a acordat permisiunea expres pentru acest lucru. Dup examinarea faptelor i n lumina regulilor i a prioritilor stabilite de ctre Comisie pentru iniierea i continuarea procedurilor privind nclcarea, serviciile Comisiei vor decide dac vor fi luate msuri suplimentare cu privire la plngere. 3.1.Research phase In response to the complaint, it may be necessary to gather further information to determine the points of facts and of law concerning your case. Should the Commission contact the authorities of the Member State against which the complaint was done, it will not disclose the identity of the complainant unless he/she has given an express permission to do so. After examining the facts and in the light of the rules and priorities established by the Commission for opening and pursuing infringement proceedings, the Commissions services will decide whether further action should be taken on the complaint.
3.2.Iniierea procedurilor de infringement: 3.2.Opening of infringement proceedings: formal contacts between the contacte oficiale ntre Comisie i Commission and the Member State respectivul Stat Membru concerned n cazul n care Comisia consider c poate exista o nclcare a legislaiei Uniunii Europene care justific iniierea procedurilor de infringement va adresa o scrisoare de notificare Statului Membru n cauz solicitndu-i s i prezinte observaiile pn la o dat specificat. Statul Membru trebuie s adopte o poziie cu privire la punctele de fapt i de lege pe baza crora Comisia i ntemeiaz decizia de a iniia procedurile de infringement. n lumina rspunsului sau n absena unui rspuns din partea Statului Membru n cauz, Comisia poate decide s transmit o opinie motivat Statului Membru, stabilind clar i precis motivele pentru care consider c a avut loc o nclcare a legislaiei Uniunii
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If the Commission considers that there may be an infringement of European Union law which warrants the opening of infringement proceedings, it will address a "letter of formal notice" to the Member State concerned, requesting it to submit its observations by a specified date. The Member State has to adopt a position on the points of fact and of law on which the Commission bases its decision to open the infringement proceedings. In the light of the reply or absence of a reply from the Member State concerned, the Commission may decide to address a "reasoned opinion" to the Member State, clearly and definitively setting out the reasons why it considers there to have been an
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Europene i solicitnd Statului Membru s se conformeze cu legislaia Uniunii Europene ntr-o anumit perioad (de obicei, dou luni). Scopul acelor contacte oficiale este de a determina dac exist ntr-adevr o nclcare a legislaiei Uniunii Europene i, n caz afirmativ, s rezolve cazul n acest stadiu fr a fi nevoie s-l duc la Curtea de Justiie. n lumina rspunsului, Comisia poate decide, de asemenea, s nu continue procedurile de infringement, de exemplu n cazul n care Statul Membru prezint garanii credibile ale inteniei sale de a modifica legislaia sau practicile administrative. Cele mai multe cazuri pot fi rezolvate n acest fel.
infringement of European Union law and calling on the Member State to comply with European Union law within a specified period (normally two months). The purpose of those formal contacts is to determine whether there is indeed an infringement of European Union law and, if so, to resolve the case at this stage without having to take it to the Court of Justice. In the light of the reply, the Commission may also decide not to pursue the infringement proceedings any further, for example where the Member State provides credible assurances as to its intention to amend its legislation or administrative practice. Most cases can be resolved in this way.
3.3. Remiteri la Curtea de Justiie a 3.3. Referrals to the Court of Justice of the European Union Uniunii Europene Hotrrile Curii de Justiie sunt diferite fa de cele ale instanelor naionale. La ncheierea procedurilor, Curtea de Justiie emite o hotrre care atest dac a existat o nclcare a legii. Curtea de Justiie nu poate anula nici o dispoziie naional care este incompatibil cu legislaia Uniunii Europene, nici fora o administraie naionala s rspund la solicitarea unei persoane fizice, nici s cear Statului Membru s plteasc despgubiri unei persoane afectate de nclcarea legislaiei Uniunii Europene. 3.4. Ci naionale de atac Instanele naionale i organele administrative sunt principalele responsabile n a se asigura c autoritile din Statele Membre se conformeaz legislaiei Uniunii Europene. Prin urmare, n cazul n care reclamantul consider c o anumit msur (lege, regul sau aciune administrativ) ori o practic administrativ nu este compatibil cu legislaia Uniunii Europene, el/ea este invitat s solicite despgubiri din partea administraiilor naionale sau autoritilor judiciare (inclusiv avocaii poporului att la nivel regional, ct i naional) i/sau prin arbitrarea sau concilierea procedurilor Judgments of the Court of Justice differ from those of national courts. At the close of the proceedings, the Court of Justice delivers a judgment stating whether there has been an infringement. The Court of Justice can neither annul a national provision which is incompatible with European Union law, nor force a national administration to respond to the request of an individual, nor order the Member State to pay damages to an individual adversely affected by an infringement of European Union law. 3.4. National means of redress It is national courts and administrative bodies that are primarily responsible for ensuring that the authorities of the Member States comply with European Union law. Therefore, if the complainant considers a particular measure (law, regulation or administrative action) or administrative practice to be incompatible with European Union law, he/she is invited to seek redress from national administrative or judicial authorities (including national or regional ombudsmen) and/or through the arbitration and conciliation procedures available. Only national courts can issue orders to
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disponibile. Doar instanele naionale pot emite ordine ctre organele administrative i pot anula o decizie naional. De asemenea, doar instanele naionale au puterea, atunci cnd este cazul, s comande unui Stat Membru s repare prejudiciul provocat unei persoane ca urmare a nclcrii legislaiei Uniunii Europene. Sursa direct a informaiilor de mai sus: Codul de bun conduit administrativ pentru personalul Comisiei Europene n relaiile lor cu publicul, disponibil pe site-ul EUR-Lex (http://eur-lex.europa.eu) de referin n temeiul publicrii sale, Jurnalul Oficial L 267, 20.10.2000, p. 63. Comunicarea Comisiei privind relaiile cu reclamantul cu privire la nclcrile legislaiei Comunitii, accesibil pe siteul EUR-Lex (http://eur-lex.europa.eu) la referina COM (2002) 141 final. Legea 45/2001 a Parlamentului European i a Consiliului din 18 Decembrie 2000 referitoare la protecia persoanelor fizice cu privire la prelucrarea datelor personale de ctre instituiile i organele Comunitare i privind libera circulaie a acestor date, Articolul 5, disponibil pe site-ul EUR-Lex (http://eur-lex.europa.eu) de referin n temeiul publicrii sale, Jurnalul Oficial L 8,12.1.2001, p. 1.
administrative bodies and annul a national decision. It is also only national courts which have the power, where appropriate, to order a Member State to make good the loss sustained by individuals as a result of the infringement of European Union law attributable to it. Direct Source of the above information: Code of good administrative behaviour for staff of the European Commission in their relations with the public, available on the EUR-Lex website (http://eurlex.europa.eu) under its publication reference, Official Journal L 267, 20.10.2000, p. 63. Commission Communication on relations with the complainant in respect of infringements of Community law, accessible on the EUR-Lex website (http://eur-lex.europa.eu) under the reference, COM (2002) 141 final. Regulation 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data, Article 5, available on the EUR-Lex website (http://eur-lex.europa.eu) under its publication reference, Official Journal L 8, 12.1.2001, p. 1.
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II.4. Volum nou finanat n leasingul financiar

n contextul crizei macroeconomice i al unei scderi vertiginoase a indicelui de ncredere att n economia Romniei ct i n cea a zonei Euro, piaa instituiilor financiare nebancare, dominat n majoritate covritoare de leasingul financiar, a nregistrat urmtoarele cifre ale volumelor nou finanate: n primul semestru din 2011, membrii ALB au finanat active n valoare total de 610,9 milioane euro (92%), iar companiile neafiliate n valoare de 52,4 milioane euro (8%), astfel nct totalul contractelor semnate n aceast perioad (dup valoarea activelor finanate) de ctre membrii ALB i companiile neafiliate nsumeaz 663,3 milioane euro. Finanrile acordate s-au ndreptat ctre diverse domenii, astfel c 28% (184,2 milioane euro) din total au vizat echipamentele, 12 % (81,3 milioane euro) sectorul imobiliar i 60% (397,8 milioane euro) sectorul transporturilor. Cea mai mare cot de pia este nregistrat de sectorul companiilor subsidiare ale bncilor, cu 65% din total, urmat de sectorul companiilor captive cu 20% i de sectorul companiilor independente, cu 15%. n domeniul transporturilor, evoluia finanrilor n primul semestru din 2011 indic pstrarea unei ponderi constante pe categorii de vehicule, dup cum urmeaz: autoturismele dein o cot de 56%, vehiculele comerciale grele 30% i vehiculele comerciale uoare 13% din total, iar alte tipuri de vehicule 1%. n semestrul I 2011 n cadrul finanrii echipamentelor este interesant de menionat faptul c ponderea sectorului construciilor este n cretere de la 14% la 17% comparativ cu semestrul I 2010, ponderea echipamentului agricol de la 13% la 22%, n timp ce finanarea celorlalte sectoare ale economiei
II.4. New financed volume in the financial leasing

In the macro-economic context and considering a vertiginous decrease of the confidence indicator both in the Romanian economy and in the economy of the Euro zone, the market of the non-banking financial institutions manly dominated by the financial leasing registered the following figures of the new financed volumes: In the first semester of 2011, the ALB members financed assets amounting at 610.7 million of Euros (92%) while the nonaffiliated companies reached an estimated value of 52.4 million of Euros (8%) so that the total of the contracts signed by the ALB members and the non-affiliated companies in this period (based on the value of the financed assets) amounted at 663.3 million of Euros. The granted financings covered various fields, namely 28% (182.4 million of Euros) the industrial equipment, 12% (81.3 million of Euro) the real estate field and 60% (397.8 million of euro) the transport field. The biggest market quota is registered by the sector of the banks subsidiaries, with 65% out of the total, followed by the captive companies with 20% and by the independent companies with 15%. In the transport field, the evolution of the financings during the first semester of 2011 indicates a constant weight related to the vehicle categories, namely: the cars have a 56% quota, the heavy commercial vehicles 30% and the light commercial vehicles cover 13% out of the total the rest of 1% is represented by other types of vehicles. During the H1 2011 the equipment financing shows an interesting evolution: that the weight of the construction field is increasing from 14% to 17% over last year, the agricultural segment from 13% to 22%, whereas the financing of the other economic sectors has still a weight relatively constant
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pstreaz o pondere relativ constant (14% echipamente electrice, 7% industria alimentar, 6% echipament medical, 4% echipamente destinate industriei metalurgice, 4% n domeniul echipamentelor IT i software, 3% industria de prelucrare a lemnului) precum i alte domenii. Perioada de criz 2008-2011 indic tendine noi n finanarea sectorului imobiliar din punct de vedere al ponderii pe categorii imobiliare. Se evideniaz o cretere de la 18% la 40% a finanrii cldirilor industriale, de la 7% la 31% a terenurilor. n contrast cu acestea, finanarea categoriei retail-outlet a sczut ca pondere de la 31% la 5%, finanarea cldirilor de birouri clasa A, B i C a sczut de la 39% la 18%, iar finanarea cldirilor cu destinaie hotelier i a cldirilor rezideniale s-a meninut ca pondere, reprezentnd 1%, respectiv 5% din totalul finanrilor. Clienii corporativi au atras cea mai mare pondere (95%) din totalul finanrilor, urmai de componenta de retail (4%) i de sectorul public (1%). Spre deosebire de anii precedeni, i ca o soluie de adaptare la situaii de criz, perioada cel mai des ntlnit dup durata contractelor de leasing este de 45 ani (26%), peste 5 ani (23%), urmat de 2-3 ani (20%), 3-4 ani (19%), 1-2 ani (8%) i de 1 an (4%) .
(14% electrical devices, 7% food industry, 6% medical equipment, 4 %for equipment in the metallurgic industry, 4% IT and software equipment, 3% wood processing industry) as well as other sectors.
The crisis period between 2008 and 2011 indicates new trends in the real estate financing considering the weight of the real estate categories. An increasing from 18% to 40% related to the financing of the industrial buildings and land financing from 7% to 31%. On the contrary the financing of the retail outlet segment decreased from 31% to 5%, offices areas class A, B and C financing decreased from 39% to 18% while the financing of hotels and residential buildings maintained its quota, representing 1%, respectively 5%, out of the total financings. The corporate clients attracted the largest part (95%) of the total financings, followed by the retail (4%) and the public sector (1%). Despite the last years model and as a solution offer for the clients under crisis situation the most frequent period of the leasing contracts is 4-5 years (26%), followed by over 5 years (23%), 2-3 years (20%), 3-4 years (19%), 1-2 years (8%) and 1 year (4%).
II.5. Industria creditului de consum volum nou finanat

n ceea ce privete industria creditului de consum, membrii ALB au acordat credite n valoare de 205,31 milioane euro, din care 199,17 milioane euro (97%) credite destinate consumului personal, 4,11 milioane euro (2%) credite auto i 2,03 milioane euro (1%) credite industriale, astfel: n domeniul creditelor destinate consumului personal, mprumuturile de tip nevoi personale dein o cot de 52%, creditele de tip revolving (inclusiv cardurile de credit) 30%, iar creditele
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II.5. Consumer Credit Industry New Financed Volume

Concerning the consumer credit field, the ALB members granted credits amounting 205.31 million Euros, out of which 199.17 million Euros (97%) consumer credits for personal consumption, 4.11 million Euros (2%) credits for vehicles and 2.03 million Euros (1%) industrial credits, namely: In the field of consumer credits for personal consumption, the personal loans have a quota of 52%, the revolving credits 30% and credits at the point of sale 18%.
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la POS au o pondere de 18%. Din totalul finanrilor de tip credit auto acordate, 99% au fost destinate achiziiei de vehicule noi i doar 1% achiziiei de vehicule second hand. ALB reprezint, conform statisticilor ALB i BNR, 92% din piaa de leasing financiar i 63% din totalul pieei creditului de consum IFN din Romnia. ALB este membr n a Federaiei Europene a Asociaiilor Societilor de Leasing Leaseurope i membr a Federaiei Creditului de Consum din Europa Eurofinas. ALB coordoneaz, ncepnd cu anul 2009, Consiliul pentru Europa Central i de Est n cadrul Leaseurope.
Out of the financings granted for the vehicle credits, 99% were dedicated to the acquisition of new vehicles and only 1% to the acquisition of second-hand vehicles. Based on the ALB and NBR statistics, ALB is representing 92% of the financial leasing market and 63% of the NBFI consumer credit total market in Romania. ALB is member in of the European Federation of the Leasing Companies Association Leaseurope - and member of the Consumer Credit Federation in Europe Eurofinas. ALB chairs the CEE Cluster of Leaseurope since 2009.
Bavaria L E A S I N G
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BRD Sogelease - A5.pdf 1 11/1/2011 5:18:06 PM
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Asociaia Societilor Financiare - ALB Romnia The Financial Companies Association ALB Romania
Capitolul III Grafice Chapter III Graphics
III.1. Piaa de leasing financiar n Romnia S1 2011 III.1. Financial Leasing Market in Romania - H1 2011
Source/Sursa: ASOCIAIA SOCIETILOR FINANCIARE ALB ROMNIA
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0.0%
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Growth rates / Rate de cretere European Financial Leasing Market / Piaa de leasing financiar n Europa H1 2010 vs. H1 2011
140.0%
LV 128.5%
120.0%
RU 101.3%
100.0%
80.0%
EE 70.8% BG 45.0%
60.0%
RS 32.4% RO 22%
40.0%
AT 25.0% DE CH CZ 14.4% 9.6% 16.1% HU FI FR 10.4% 10.1% 11.3% IT -2.6% NL NO 9.1% 14.4%
20.0%
BE 19.4%
PL 27.5%
SK 32.6% UK 5.3% SI SE -1.9% -3.6%
0.0%
-20.0%
-40.0%
ES -23.9% GR -51.7%
PT -34.4%
-60.0%
Source: Leaseurope
11/8/2011 10:58:25 AM
,0 0
, 50 0
,0 0
, 00 0
,0 0
, 50 0
,0 0
(000 euro) 2 2
,0 0
, 00 0
, 50 0
,0 0
, 00 0
,0 0
50 0
Financial Leasing Market Evolution (Biannual Growth Rates) in Romania Evoluia pieei de leasing financiar (creteri semestriale) n Romnia H1 2005- H1 2011
1,484,822
1,131,779
776,653 543,719 152,197 117,307 H1 2007 H1 2008 H1 2009 338,992 109,320 95,407 H1 2010
507,149
22% 17% 69% -15%
663,314
296,450
56,593
397,756 184,220 81,338 H1 2011
H1 2006
177,54%
TOTAL
Equipment/Echipamente
Vehicles/Vehicule
Real Estate/Imobiliar
11/8/2011 10:58:25 AM
Romanian Financial Leasing Market - Weight per Good Segment / Piaa de Leasing Financiar n Romnia - Ponderea segmentelor n total finanri H1 2005 - H1 2011
% 90
76% 71% 65% 71% 62%
81% 60%
0%
0%
60
50
20% 4% 7% H1 2007 H1 2006 Equipment/Echipamente 22% 22%
%
20% 15% 7% H1 2008 H1 2009 Vehicles/Vehicule 20% 18% H1 2010 Real Estate/Imobiliar 28% 12%
40
0%
17%
2%
% 20 % 10 0%
H1 2005
H1 2011
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Romanian Financial Leasing Market Structure by Type of Lessor/ Piaa de leasing financiar din Romnia dup categoria societilor de leasing H1 2009 H1 2011
70%
60%
64%
65%
60%
50% 28% 22% 12% 14% 20% 15%
40%
30%
20%
10%
0% H1 2009
H1 2010 CAPTIVE/ Captive
H1 2011 INDEPENDENT/ Independente
BANK`S SUBSIDIARES/ Subsidiare banci
11/8/2011 10:58:26 AM
Romanian Financial Leasing Market Structure by Origin/ Piaa de leasing financiar din Romnia dup originea bunului H1 2009 H1 2011
100% 71% 78%
92%
90%
80%
70%
60%
50% 14% 10% 12% 22% 8% 0% H1 2009 Domestic RO H1 2010 Domestic EU Import H1 2011
40%
30%
20%
10%
0%
11/8/2011 10:58:26 AM
(000 Euro)
Romanian Leasing Market Structure by Acquisition Type/ Piaa de leasing din Romnia dup tipul achiziiei H1 2009 H1 2011
86% 79% 82%
90%
80%
70%
60%
50% 21% 14% 18%
40%
30%
20%
10% H1 2009 BRAND NEW / Noi H1 2010 USED / Second Hand H1 2011
0%
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Romanian Financial Leasing Market Structure by Customer Type/ Piaa de leasing financiar din Romnia dup categoria utilizatorului H1 2009 H1 2011
100%
89%
91%
95%
90%
80%
70%
60%
50%
40% 9% 2% 7% 2% 4% 1%
30%
20%
10% H1 2009 CORPORATE/ Companii H1 2010
0%
H1 2011 PUBLIC / Public
RETAIL / Retail
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(000 euro)
Romanian Financial Leasing Market Structure By Contract Duration/ Piaa de Leasing Financiar din Romnia dup durata contractului H1 2009 H1 2011
30% 24% 20% 19% 19% 16% 9% 5% 4% 4% 8% 20% 20% 26% 26% 23% 23%
30%
25%
20%
15%
10%
4%
5%
0%
1 YEAR/ 1 an 1 - 2 YEARS/ 2 - 3 YEARS/ 3 - 4 YEARS/ 4 - 5 YEARS/ > 5 YEARS/ > 1-2 ani 2-3 ani 3-4 ani 4-5 ani 5 ani H1 2009 H1 2010 H1 2011
11/8/2011 10:58:26 AM
Romanian Leasing Market Equipment Financing/
Piaa de leasing din Romnia - finanarea echipamentelor
H1 2010 Vs. H1 2011
H1 2011
C onstruction 17% Me tal processing 4%
O thers 19%
Car Service 4%
Agriculture 22% Medical 6%

Others 34%
Electrical devices 14%
Food & Be verage 7% Wood processing O ffice + IT 3% 4%
H1 2010
Construction 14% Metal processing 5% Food & Beverage 4% Wood processing 2%
Plastics & Rubber 1% Chemical Industry 3% Car S ervice 1% Medical care 8% Printing & Packaging Petroleum & Derivatives 1% 2% Agriculture Electrical devices 13% 1%
Office 1% IT 8%
11/8/2011 10:58:26 AM
Romanian Financial Leasing Market Vehicle Financing/
Piaa de leasing financiar din Romnia - finanarea vehiculelor
H1 2009 H1 2011
58% 57% 56%
60%
50%
40% 30% 25% 17% 16% 13% 19%
30%
20%
10%
6% 2% 1%
0%
PASSENGERS CARS/ Autoturisme
LIGHT C O MMERCIALS / HEAVY CO MMERC IALS/ O THERS/Alte ve hicule Ve hicule C ome rciale Ve hicule Come rciale Usoare Gre le
H1 2009
H1 2010
H1 2011
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Romanian Financial Leasing Market Real - Estate Financing/
Piaa de leasing din Romnia - finanarea sectorului imobiliar
H1 2009 H1 2011
70%
65%
60%
50% 40% 39% 31% 18% 22% 18% 5% 0%
40%
31%
30%
20%
10% 1% 0% 1%
OFFICE HOTEL / Hoteluri
5% 5% 5% 7% 7%
0%
INDUSTRIAL / Industriale
RETAIL OUTLETS
RESIDENTIAL/ Rezidential
LAND/ Teren
H1 2009
H1 2010
H1 2011
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(000 euro)
Real Estate Financing By Duration of the Contract / Finanarea bunurilor imobiliare dup durata contractului H1 2009 H1 2011
89% 95% 77%
100%
90%
80%
70%
60%
50%
40% 20% 0% 1% 1% 0% 1% 1% 0% 8% 0% 5% 1%
30%
20%
10%
0% 0% 1%
0%
1 YEAR/ 1 an 1 - 2 YEARS/ 2 - 3 YEARS/ 3 - 4 YEARS/ 4 - 5 YEARS/ > 5 YEARS/ > 1-2 ani 2-3 ani 3-4 ani 4-5 ani 5 ani H1 2009 H1 2010 H1 2011
11/8/2011 10:58:27 AM
Real-estate Financing by Customer Type/ Finanarea bunurilor imobiliare dup categoria utilizatorului H1 2009 H1 2011
100%
100%
100%
100%
90%
80%
70%
60%
50%
40%
30% 0% 0% 0% 0% 0% 0% H1 2011 PUBLIC / Public
20%
10% H1 2009 CORPORATE/ Companii H1 2010
0%
RETAIL / Retail
11/8/2011 10:58:27 AM
BRD Finance Descriere generala Membr a Diviziei de Servicii Financiare Specializate din cadrul Groupe Socit Gnrale, BRD Finance IFN S.A. beneficiaz de experiena internaional a Grupului n acordarea creditelor de consum. BRD Finance administreaz o gam diversificat de produse i servicii financiare, astfel nct clienii s poat obine simplu i rapid produsele pe care le doresc. Oferta include att credite de consum ct i carduri de credit, credite auto sau credite de nevoi personale. nc din anul 2004, BRD Finance a fost unul dintre actorii pricipali ai pieei creditelor de consum, nregistrnd o dezvoltare accelerat att la nivelul portofoliului de produse, ct i al clientelei. De-a lungul timpului, strategiile de dezvoltare au sus inut creterea puternic a companiei i au determinat crearea i consolidarea de parteneriate cu firme importante din domenii precum: retail, PVC, IT&C, electronice i electrocasnice, mobil, auto i publicistic. Rezultate
ncepnd din anul 2009, condiiile macroeconomice dificile au temperat progresiv cererea de credite de consum i, implicit, au influenat activitatea BRD Finance. ns, chiar i n acest climat, strategiile adoptate de companie la nivel Comercial, Risc i operaional, au permis optimizarea rezultatelor i nregistrarea unei evolutii n linia obiectivelor stabilite. Noile parteneriate ncheiate cu reeaua Altex-MediaGalaxy, dar i extinderea colaborrii cu grupul Renault i Carrefour au fost coordonatele majore ale anului 2010 din punct de vedere Comercial. n paralelel cu aceste proiecte de succes, s-a continuat dezvoltarea relaiilor deja existente cu colaboratori precum Carrefour, Real, Dedeman sau Praktiker. La obinerea rezultatului financiar pozitiv din 2010 a concurat i diminuarea costurilor de risc i mbuntirea performanelor nregistrate n recuperarea creanelor, ambele trasate prin strategia de Risc adoptat de BRD Finance. Pe parcursul anului 2011, alturi de programele de eficientizare opera ional, cele dou nuclee importante de activitate au fost reprezentate de: extinderea parteneriatelor strategice cu juctorii principali din domenii precum ElectroIT&C sau mobil i creterea nivelului de satisfacie al partenerilor i clienilor notri cu privire la produsele i serviciile BRD Finance, n vederea consolidrii unei relaii pe termen lung. Satisfacia partenerilor i a clienilor va rmne prioritatea noastr permanenta n urmtorii ani a declarat domnul Bernard Histe, Directorul General al BRD Finance. Conducere Bernard Histe Director General Christophe Laurent Director General Adjunct Cristian Neacsu Director General Adjunct Sediu social BRD Finance IFN S.A. Turn BRD B-dul Ion Mihalache nr.1-7, sector 1, Bucureti Tel: +4 021 301 48 30 Fax: +4 021 300 10 30
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Asociaia Societilor Financiare - ALB Romnia The Financial Companies Association ALB Romnia
III.2. Piaa creditului de consum IFN - S1 2011 III.2. NBFI Consumer Credit Market - H1 2011
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Total new consumer credit (for personal consumption and car financing)
% change period on same period a year ago
Total noi credite de consum (credite de nevoi personale i credite auto)
% variaia fa de aceeai perioad cu un an nainte
Eurofinas Market
Source: Eurofinas
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Total new consumer credits for personal consumption
% change period on same period a year ago
Total noi credite de nevoi personale
% variaia fa de aceeai perioad cu un an nainte
Eurofinas Market
Source: Eurofinas
11/8/2011 10:58:27 AM
New credit granted by product type in H1 2011
% of new credit granted
Noi credite acordate dup tipul de produs
% din volum de credite noi acordate
ALB-Romania Market 1% Industrial Credit
97% 205.31 million
Credit industrial
2% Vehicle Financing
Consumer credit for personal consumption
Credite de consum pentru nevoi personale
Finanarea Vehiculelor
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Consumer Credit for Personal Consumption in H1 2011
Credite de consum pentru nevoi personale H1 2011
% din volum de credite noi acordate
52% Direct personal loans
Credite personale
18%
199.17 million
Credit at the point of sale
30% Revolving credits, Including credit cards
Credit la POS
Credite revolving, inclusiv cardurile de credit

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New credit granted by credit value in H1 2011
Credite noi acordate dup valoarea creditului n H1 2011
% din noi credite acordate
5.000-10.000 Euro 13%
>10.000 Euro 2%
1.000 - 5.000 Euro 15%
205,31 million
0-500 Euro 52%
500-1.000 Euro 18%
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New credit granted by client age in H1 2011
Credite noi acordate dup vrsta clientului n H1 2011
< 25 years old / <25 ani 4%
>55 ani / >55 years old 25%
205,31 million
25-35 years old /25-35 ani 22%
45-55 years old / 45-55 ani 23%
35-45 years old / 35-45 ani 26%
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New credit granted by client macro-regions areas in H1 2011
Credite noi acordate dup regiunile macro n H1 2011

Vest 10% Centru 10% Sud-Vest 10% Nord - Vest 7%
205,31 million
Bucuresti-Ilfov 23% Nord - Est 10% Sud-Est 15%
Nord -Vest Centru Nord-Est Sud-Est Sud-Muntenia Bucureti Ilfov Sud-Vest Vest
Sud-Muntenia Bihor, Bistria-Nsud, Cluj, Maramure, Satu Mare, Slaj 15% Alba, Braov, Covasna, Harghita, Mure, Sibiu Bacu, Botoani, Iai, Neam, Suceava, Vaslui Brila, Buzu, Constana, Galai, Tulcea,Vrancea Arge, Clrai, Dmbovia, Giurgiu, Ialomia, Prahova, Teleorman Ilfov, Municipiul Bucureti Gorj, Dolj, Mehedini, Olt, Vlcea Arad, Cara-Severin, Hunedoara, Timi
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New credit granted by client gender in H1 2011
Credite noi acordate dup sexul clientului n H1 2011
M 51%
205,31 million
F 49%
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New credit granted by marital status in H1 2011
Credite noi acordate dup starea civil a clientului n H1 2011
Castorii /
Married 74%
205,31 million
Necstorii /
Unmarried 26%
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New credit granted by net income of applicant in H1 2011 (RON)
Credite noi acordate dup venitul net al solicitantului n H1 2011
(1.001-1.500) 21% (0-500) 10% (1.501-2.000) 8% (2.001-2.500) 3% (2.501-3.000) 1% (3.001-4.000) 1% (>4.000) 1%
(501-1.000) 55%
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Cetelem Un credit bine neles

n Romnia, Cetelem este lider pe piaa creditelor de consum, beneficiind de experiena de peste 50 de ani a grupului financiar francez BNP Paribas Personal Finance. n afar de creditul de consum n magazine, Cetelem IFN ofer clienilor si carduri de credit sub sigla MasterCard, credite auto i credite de nevoi personale cu acordare prin telefon sau Internet. Despre BNP Paribas Personal Finance n cadrul grupului BNP Paribas, BNP Paribas Personal Finance este specialistul n finanarea persoanelor fizice, prin acordarea de credite de consum i credite imobiliare. Cu peste 29 000 de angajai n 30 de ri pe 4 continente, BNP Paribas Personal Finance se poziioneaz ca numrul 1, att n Frana, ct i la nivel european. BNP Paribas Personal Finance acoper ntreaga gam de produse de creditare, cunoscute publicului n principal sub marca Cetelem. Produsele de creditare pot fi accesate fie n spaiile de vnzare magazine, showroom-uri auto, fie prin intermediul altor parteneri societi de brokeraj, agenii imobiliare, parteneri afiliai, fie direct n agenii sau prin Internet. n paralel, BNP Paribas Personal Finance a conferit relaiilor de parteneriat valenele unei activiti de sine stttoare, bazat pe experiena i know-how-ul acumulate n oferirea de soluii de creditare integrate i adaptate activitii i strategiei comerciale ale partenerilor. Astfel BNP Paribas Personal Finance a devenit partenerul principal att pentru societi comerciale din ntreaga lume, ct i pentru bnci i societi de asigurare. Cetelem Romnia nseamn competen financiar, responsabilitate social, ambiie colectiv, recunoatere individual, viziune global, aciune local. De asemenea, este principalul promotor al creditului responsabil
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Russell Johnsen Director General Provident Financial Romania IFN S.A.
Capitolul IV Educaia financiar o prioritate de business pentru companii i pentru industrie

Oamenii au adesea nevoie de investiii financiare pentru a se dezvolta i a-i atinge obiectivele, la fel cum se ntmpl cu economiile i companiile din ntreaga lume. Consumatorii trebuie s i gestioneze cu pruden finanele i, la fel ca n cazul statelor i corporaiilor, oamenii trebuie s ia decizii informate atunci cnd vine vorba de credite. Iat de ce Provident Financial Romnia susine dezvoltarea unor programe de educaie financiar pentru consumatorii din Romnia. Suntem convini c un consumator informat i ncreztor n propriile cunotine este capabil s ia decizii financiare responsabile, pe msura propriilor nevoi i posibiliti. Provident Financial Romnia are la baz un model de business testat, cu o tradiie de peste 130 de ani n Marea Britanie. nc de la debutul pe piaa din Romnia, n 2006, ne-am asumat un angajament public fa de clieni, parteneri i ceilali stakeholderi, de a contribui la dezvoltarea pe termen lung a comunitilor n care suntem prezeni.
Chapter IV Financial education a business priority for companies and the industry
As both economies and businesses often require financial investment to progress and achieve their goals, so do private individuals. Consumers must also manage their finances in a prudent manner. Just like states and corporations, private individuals decisions on borrowing must be based upon affordability. This is why Provident Financial Romania supports the development of financial education programmes for Romanian consumers. We believe that a consumer who is fully informed and confident in his or her knowledge makes good financial decisions which can facilitate a mutually beneficial long term relationship with providers like us. Provident Financial Romania is founded on a proven business model, with over 130 years of experience in the United Kingdom. In 2006, when we commenced operations in Romania, we publicly committed to our customers, stakeholders and the community our desire to be a positive and responsible contributor within the communities in which we operate.
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Provident susine primul proiect naional Provident supports Romanias de educaie financiar din Romnia national financial education project Provident ofer servicii financiare simple, corecte i transparente. Suntem accesibili i flexibili. i credem c cel mai bun mediu n care putem aplica principiile de creditare responsabil este acela n care oamenii din jurul nostru beneficiaz de informaii financiare relevante i uor de neles, pe care s i bazeze deciziile financiare. De aceea, susinem primul proiect naional de educaie financiar destinat adulilor Bugetul Familiei. Acesta este derulat de ctre Asociaia pentru Protecia Consumatorilor din Romnia (APC Romnia), sub naltul patronaj al Autoritii Naionale pentru Protecia Consumatorilor, cu sprijinul Comisiei pentru Supravegherea Sistemului de Pensii Private, n parteneriat cu Centrul European al Consumatorilor Romnia i Ministerul Educaiei, Cercetrii, Tineretului i Sportului. n cadrul acestui program am realizat portalul www.bugetulfamiliei.ro, care ofer publicului larg informaii simple, pe nelesul tuturor, i instrumente de optimizare a bugetului propriu i a celui familial. Am promovat programul n nou orae mari din Romnia printr-o serie de dezbateri publice care s-au bucurat de un mare succes. n 2010, n cadrul aceluiai proiect, am nfiinat coala Profesorilor (Train the Trainers), prin care am predat noiuni financiare de baz reprezentanilor a peste 10 organizaii neguvernamentale de renume din Romnia care au cerut s fac parte dintr-o reea de diseminare la nivel naional i s includ n pachetul de servicii oferit beneficiarilor finali i acest tip de informaii. n plus, ne-am adresat i profesorilor care au susinut ore de educaie financiar n faa a peste 500 de liceeni din clase cu profil economic din Bucureti.
first
Provident provides simple, fair and transparent financial services. We are accessible and flexible, and we believe that the best environment in which we can apply responsible lending principles is one in which people around us benefit from relevant and easy to understand financial information on which they can base their decisions. This is why we support the first national financial education project for adults Bugetul Familiei (The Family Budget). This is carried out by the Association for Consumer Protection Romania (APC Romania), under the high patronage of the National Authority for Consumer Protection. This is also with the support of the Private Pension System Supervisory Commission, and is in partnership with the European Consumers Center Romania and the Ministry of Education, Research, Youth and Sport. Within this program we have created the website www.bugetulfamiliei.ro, a portal that offers financial information in plain language and tools aimed at optimizing the administration of personal and family finances. We supported a promotion campaign for the programme in nine large Romanian cities through a series of events that enjoyed wide media coverage. In 2010, within the same project, we developed a Train the Trainers programme, through which we delivered basic financial notions to the representatives of over ten well-known NGOs. These organisations wanted to be part of a national dissemination network and to include this type of information in the service package delivered to their end users. More so, we also approached many teachers who delivered financial education classes to over 500 high-school students in Bucharest.
n continuarea programului Bugetul Familiei To continue the Bugetul Familiei programme ne-am adresat clienilor notri, dedicndu-le we approached our customers and provided informaii utile despre ce trebuie s tii i ce them with useful information about what they
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trebuie s faci nainte de semnarea unui contract de mprumut, prin intermediul brourii Nu semna cu ochii nchii. Aceasta a ajuns n casele a peste 100.000 de clieni. Treptat, Bugetul Familiei s-a extins i am reuit s ne consolidm demersul de contientizare a consumatorilor, printr-o campanie online care a presupus o serie de articole pe teme financiare, ncheiate cu un concurs de cunotine din domeniul financiar, care s-a bucurat de un real succes. Bugetul Familiei este primul program de educaie financiar din Romnia inclus n baza de date a Uniunii Europene care cuprinde iniiativele din acest domeniu.
need to do before signing a loan agreement, through the brochure Dont sign with your eyes shut. This has reached the homes of over 100,000 customers. Gradually, Bugetul Familiei expanded and we managed to consolidate the consumer awareness initiative through an online campaign that involved a series of articles on financial topics. This finished with a financial quiz, which enjoyed significant success. Bugetul Familiei is the first financial education programme in Romania that was included in the European Unions database of initiatives in this regard.
Educaia financiar, o abordare strategic Financial education, a strategic approach at country level la nivel naional n 2011, am susinut iniiativa Autoritii Naionale pentru Protecia Consumatorilor (ANPC) i Asociaiei pentru Protecia Consumatorilor din Romnia (APC Romnia) de a demara consultarea public pentru elaborarea unei Strategii Naionale pentru Educaie Financiar. Prima consultare public a avut loc sub umbrela programului Bugetul Familiei, oferind astfel o platform de dialog pentru factorii de decizie i partenerii din industria financiar interesai de acest subiect. Pe piaa financiar nebancar din Romnia, serviciile i documentaia pus la dispoziia consumatorilor i sporesc complexitatea i atrag dup sine necesitatea unei mai mari implicri din partea instituiilor financiare n creterea accesului propriilor clieni la informaii utile despre gestionarea bugetelor personale i familiale. Provident Financial Romnia va continua s se implice n proiecte de educaie financiar pentru c suntem convini c un nivel ridicat al nelegerii conceptelor financiare de ctre consumatori este i n beneficiul industriei financiare. De aceea, ncurajm autoritile, In 2011, we supported the initiative of the National Authority for Consumer Protection (ANPC) and the Association for Consumer Protection Romania, to initiate a public consultation to elaborate the National Strategy for Financial Education. The first public debate took place under the umbrella of the Bugetul Familiei programme and thus offered a platform for discussions for decision makers and stakeholders who were interested in this debate. In the Romanian non-banking financial market, the services and the documentation offered to customers are more and more complex and this brings the need for financial institutions to become more involved in increasing the access of their customers to useful information about how to manage their budgets. Provident Financial Romania will continue to be involved in financial education projects, as we are sure that a high level of understanding of financial concepts helps consumers manage their personal and family budgets more effectively. This, in turn, benefits the
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industria, societatea civil i mass i mass media se financial financialservices servicesindustry. industry. It Itis iswhy whywe we industria, societatea civil media ssse implice nn astfel astfel de de ini ini iative i i suntem suntem encourage encourage authorities, authorities, the the industry, industry, civil civil implice iative ncnta i s putem pune la dispozi ia tuturor society and the media to become involved ncntai s putem pune la dispoziia tuturor society and the media to become involved inin p rilor interesate interesate ntreaga ntreaga expertiz expertiz such initiatives and we are delighted offer initiatives and we are delighted toto offer p r ilor a a such grupului interna ional din care facem parte. toto all interested parties the full expertise all interested parties the full expertise ofof grupului interna ional din care facem parte. the international group we are part of (our the international group we are part of (our parent company) company) International International Personal Personal parent Finance. Finance. Provident Financial Romnia cifre Provident Financial Romnia nn cifre Membr grupului britanic britanic - - Membr a a grupului International Personal Finance, listat International Personal Finance, listat la Bursa din Londra la Bursa din Londra Peste 400.000 de clien i n ani - - Peste 400.000 de clien i n 55 ani Peste 600 de angaja - - Peste 600 de angaja i i ea de peste 3.300 de agen - - OO rere ea de peste 3.300 de agen i i Peste 200 de milioane de euro, euro, - Peste 200 de milioane de valoarea creditelor emise valoarea creditelor emise Peste 100 de milioane de euro euro - Peste 100 de milioane de investi i n Romnia, 500.000 de euro investi i n Romnia, 500.000 de euro n programe de responsabilitate n programe de responsabilitate social i investi i investi ie comunitate social ie nn comunitate Provident Financial Romania figures Provident Financial Romania inin figures Member ofof International International Personal Personal - - Member Finance, British consumer credit Finance, British consumer credit provider, listed on the London Stock provider, listed on the London Stock Exchange Exchange More than 400.000 customers served - More than 400.000 customers served during the years operations during the 55 years ofof operations More than 600 employees - More than 600 employees network more than 3300 agents - - AA network ofof more than 3300 agents More than 200 million Euro of credit - More than 200 million Euro of credit issued issued 100 million million Euro Euro investment investment inin - 100 Romania, half half a a million million Euro Euro inin Romania, financial education and community financial education and community investment projects investment projects
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Capitolul V. Impactul prevederilor de TVA asupra pieei de leasing financiar Chapter V. Financial leasing market - the impact of the new VAT provisions
Diana Coroab Director PricewaterhouseCoopers Ionu Ursache Manager - PricewaterhouseCoopers Inge Abdulcair Senior Consultant - PricewaterhouseCoopers
Dup ce societile de leasing au fost direct afectate de criza financiar prin scderea cererii i prin rezilierea contractelor de leasing ca urmare a incapacitii de plat a utilizatorilor, recentele modificri n domeniul TVA au reprezentat o nou lovitur pentru piaa de leasing financiar. Potrivit legislaiei de TVA din Romnia, operaiunile de leasing sunt tratate drept prestri de servicii i se datoreaz TVA pe fiecare rat de leasing n parte i nu la nceput, n momentul n care bunul este pus la dispoziia utilizatorului. La 1 martie 2011, au fost incluse prevederi n Codul Fiscal ce reglementeaz regimul de TVA aferent bunurilor care nu au fost recuperate dup rezilierea contractului de leasing, ca urmare a neplii ratelor de leasing de ctre utilizator. Astfel, dac nainte de 1 martie 2011 nu existau prevederi specifice acestor cazuri, dup aceast dat, legea de TVA prevede c pentru cazurile n care se reziliaz contractele de leasing ca urmare a neplii ratelor i clienii nu returneaz bunurile mobile care fac obiectul contractelor n termen de 30 de zile, bunurile sunt considerate lips din gestiunea societilor de leasing, acestea avnd obligaia de a auto-colecta TVA la valoarea
After being directly hit by the financial downturn, with lower demand and lease agreements terminated as a result of defaulting users, leasing companies were dealt another blow by the recent VAT law changes. According to Romanian VAT legislation, leases are treated as supply of services, with VAT owed on each lease installment and not at the beginning, when the leased property is made available to the user. From 1 March 2011, however, provisions were included in the Fiscal Code regarding the VAT treatment of goods not recovered after the termination of lease agreements, due to failure by users to pay the lease installments. There were no specific provisions regarding these cases prior to 1 March. Since that date, however, the VAT law has stipulated for cases of lease agreements terminated due to default on payment, where lessees fail to return the leased goods within 30 days, such goods are deemed as missing inventory for leasing companies. In such cases, leasing companies are obliged to self-charge VAT for the value of the outstanding principal.
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capitalului rmas de facturat. n aceast situaie, efectul direct al unei astfel de prevederi este acela c societile de leasing vor nregistra un impact negativ semnificativ asupra fluxurilor de numerar i chiar costuri suplimentare (n cazul n care bunul nu se mai recupereaz). Din punctul nostru de vedere, n momentul introducerii acestei prevederi legislative, autoritile fiscale nu au inut cont n primul rnd de realitatea curent a procedurii de executare silit i, de asemenea, de natura economic a unei operaiuni de leasing financiar. n baza contractului de leasing reziliat, societile de leasing au dreptul de a iniia proceduri de executare mpotriva datornicilor si, dar aceast procedur este destul de dificil i anevoioas i, aparent, protejeaz mai mult debitorul dect creditorul. Aadar, n situaia n care utilizatorul nu returneaz bunul, societatea de leasing este ndreptit sa recupereze bunul de la utilizator i, pentru acest fapt, trebuie s urmeze o serie de proceduri legale. n realitate, executarea silit a utilizatorului poate dura de la cteva luni pn la civa ani (de la 3 luni la 2 ani). n aceast situaie, termenul legal prevzut de legislaia de TVA de 30 de zile pentru returnarea bunului urmare a rezilierii timpurii a contractului de leasing este imposibil de atins din punct de vedere practic i procedural. Acest lucru se datoreaz n principal faptului c procedura de executare silit a fost modificat n mod continuu i substanial. Dei nainte de aprilie 2009 procedura de executare era mai simpl, iar bunurile puteau fi recuperate n decurs de cteva zile sau o sptmn, n prezent acest lucru nu mai este posibil. In such cases, the direct implication of such a provision has a significant negative impact on the cash flow of the leasing companies and could even result in additional costs (if the goods are not recovered at all). From our perspective, when introducing these provisions, the tax authorities did not take into account the current reality regarding the enforcement proceedings or the economic substance of financial lease operations.
In Romania, the legal procedure for debt enforcement entitles leasing companies to initiate enforcement proceedings against their debtors. This procedure is quite difficult, lengthy and apparently protects the debtor against the creditor. If a lessee fails to return the goods, the leasing company is entitled to recover it from the user by following a series of legal proceedings. In fact, debt enforcement can take up to several months or even years (from three months to two years). As such, the legal term of 30 days allowed by the VAT legislation for goods to be repossessed due to early lease termination is impossible to meet for practical and procedural purposes.
This is mainly due to the fact that the debt enforcement procedure has been modified continually and substantially. Although before April 2009 the enforcement procedure was simpler and goods could be recovered within a few days or a week, this is no longer possible.
Astfel, conform procedurii, dup rezilierea Thus, further to the current procedure, after
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contractului de leasing, societatea de leasing ar trebui s depun o cerere n scris ctre executorul public n vederea solicitrii iniierii procedurii de executare silit mpotriva utilizatorului. Dup urmarea tuturor procedurilor legale de ctre executorul public, Curtea ar trebui sa emit o decizie pentru executarea silit, aceste proceduri avnd o durat de aproximativ 2 luni. Dup notificarea utilizatorului, acesta din urm poate iniia la rndul su o serie de proceduri legale precum contestarea deciziei, suspendarea procedurii de executare silit, perioad n care acesta poate schimba frecvent locaia bunului i astfel, procedura de executare este ngreunat tot mai mult. innd cont de toate aceste proceduri legale ce trebuie urmate, procedura de executare silit este, aa cum am detaliat, extrem de greoaie i lung, fcnd practic imposibil recuperarea bunului n termenul de 30 de zile prevzut de legislaia de TVA. Mai mult, trebuie avut n vedere faptul c operaiunile de leasing financiar sunt definite drept operaiuni prin intermediul crora societile de leasing transfer pentru o perioad limitat de timp riscurile i beneficiile ce rezult din dreptul de proprietate ctre utilizator (cu excepia dreptului de dispoziie), n schimbul unei pli periodice, iar, la finalizarea contractului de leasing (dar nu mai devreme de 12 luni), utilizatorul i poate exercita opiunea de a achiziiona bunul care a fcut obiectul contractului de leasing. Aadar, este unanim recunoscut faptul c nici o societate de leasing nu efectueaz achiziii de bunuri de capital n vederea revnzrii, ci n scopul finanrii achiziiilor de bunuri de ctre tere persoane. n cazul operaiunilor de leasing, din punct de vedere economic utilizatorul este tratat drept proprietarul bunurilor ce fac obiectul contractului de
the early termination of the lease agreement, the lease company should submit a written request to the public executor requesting the initiation of enforcement proceedings against the lessee. After all legal procedures have been pursued by the public executor, the Court should issue a decision on the enforcement. These proceedings last approximately two months. Once notified, the user may in turn initiate a series of legal proceedings and challenge the decision, requesting the suspension of the enforcement. Within this period, the user can often change the location of the goods and, thus, the enforcement procedure becomes more difficult. Given all these legal proceeding to be pursued, the procedure for enforcement is, as detailed above, extremely complex and lengthy, making the recovery of the goods virtually impossible within the 30 days prescribed by the VAT law. In addition, given that financial lease operations are defined as operations whereby lease companies transfer for a limited period of time the risks and benefits arising from ownership to the user (except for the right of disposal), in exchange for regular payments and upon termination of the lease agreement (but not earlier than 12 months), the user can make use of the option to purchase the goods which were subject to the lease agreement.
Thus, it is widely agreed that no leasing company makes purchases of capital goods for resale, but its purpose is to finance purchases of goods made by third parties. In the case of leasing operations, from an economic point of view, users are deemed as the owners of the goods subject to lease agreements and have the obligation to
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leasing, acesta avnd obligaia nregistrrii n gestiune a bunurilor i aplicarea regimului de amortizare. n consecin, societatea de leasing rmne doar proprietarul legal al bunului, toate celelalte drepturi i obligaii fiind transferate. Avnd n vedere aceste aspecte, aceast modificare legislativ n domeniul TVA ar putea fi considerat ca fiind nu numai mpotriva naturii juridice, ci i mpotriva naturii economice a operaiunii de leasing financiar, ntruct societatea de leasing este doar proprietarul legal al bunului, iar la momentul rezilierii contractului de leasing bunul este n gestiunea utilizatorului. Astfel, legea de TVA impune ca societatea de leasing s recunoasc bunul ce a fcut obiectul contractului de leasing ca lips din gestiune, dei acest bun nu a fost niciodat n gestiunea companiei de leasing, societatea de leasing nregistrnd doar o crean financiar fa de utilizatorul bunului. innd cont c aceast prevedere se refer la regimul de TVA ce privete operaiunile de leasing, este important de vzut dac aceast prevedere este n conformitate cu Directiva de TVA de la nivelul Uniunii Europene. O prim observaie ar fi faptul c aceast prevedere a fost introdus n legislaia naional dei Directiva de TVA de la nivelul Uniunii Europene nu prevede colectarea TVA n cazul bunurilor constatate lips din gestiune. Astfel, situaiile n care Statele Membre pot implementa prevederi legislative pentru auto-colectarea TVA sunt exhaustive i se refer n principal la situaiile n care societile utilizeaz bunuri/ servicii n interesul personal sau acord bunuri/ servicii cu titlu gratuit ctre tere persoane.
recognise the goods as their assets and use the depreciation rules accordingly. Consequently, the leasing company remains the legal owner of the goods, with all other rights and obligations being transferred to the users. Given these issues, this VAT law change could be regarded as being contrary to the economic substance of the financial lease operation, due to the fact that the leasing company is merely the legal owner of the goods and, at the time of lease agreement termination, the goods are in the lessees books. Thus, VAT legislation requires lease companies to recognise the goods which were subject to a lease agreement as an inventory loss although these goods were never entered into the lease companys books. In such a case, the lease company records only financial receivables.
Taking into consideration that this provision refers to the VAT regime applicable to the financial leasing operations, it is important to see whether such provision is in line with the VAT Directive applicable at the level of the European Union. A first observation would be that this provision was introduced into national law although the EU VAT Directive does not stipulate VAT collection for goods identified as inventory loss. Thus, the cases where Member States can implement legislative provisions for self-charge VAT are exhaustive and mainly cover cases where companies use the goods / services for their own purposes or supplies goods / services free of charge for third parties.
Or aceste situaii nu pot fi aplicate i n cazul These cases cannot be applied in the specific specific al societilor de leasing, ntruct case of leasing companies, however, as the
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bunul ce nu este recuperat nu este folosit nici n interes personal de ctre companie i nici nu este acordat gratuit fotilor utilizatori, atta timp ct companiile de leasing ntreprind msuri pentru recuperarea bunului (urmare a procedurii de executare silit). Ca principiu, n cel din urm caz pentru a autocolecta TVA trebuie s avem o livrare de bun care nseamn transferul dreptului de a dispune asupra bunului n calitate de proprietar. Or, n cazul de fa, dup rezilierea contractului de leasing, utilizatorul folosete bunul n mod abuziv, ntruct nu are permisiunea societii de leasing, toate drepturile asupra bunului fiind rectigate de ctre societatea de leasing la momentul rezilierii contractului. Inclusiv Curtea European de Justiie susine c n cazul unei utilizri abuzive a unui bun, persoana care l utilizeaz nu deine dreptul de dispoziie asupra bunului n aceleai condiii ca i proprietarul de drept i astfel nu poate fi pus n discuie o livrare de bun. n consecin, ntr-o astfel de situaie nu se poate da natere unei livrri ctre sine pentru societatea de leasing. Totui, ce este mai grav este faptul c autoritile fiscale aplic n mod retroactiv aceast prevedere legal, susinnd c este vorba de o clarificare legislativ i nu o modificare. n opinia noastr, prevederea legislativ ce a afectat piaa de leasing financiar nu poate fi considerat o clarificare, odat ce abordarea autoritilor fiscale era alta pn la data introducerii acestei prevederi, i anume, exista obligaia ajustrii TVA deductibil, iar exemplele nu s-ar opri aici De fapt, nici noua abordare a autoritilor fiscale i nici cea iniial nu sunt conforme cu substana juridic i economic a operaiunilor de leasing i cu prevederile Directivei de TVA. Astfel, Directiva de TVA
unrecovered goods are neither used for own purposes by the company nor granted for free to ex-users, as long as the leasing companies take steps to recover the goods (following debt enforcement). In principle, to self-charge VAT we should have a supply of goods, which means the transfer of the right to dispose of the goods as an owner. In this specific case, however, after the termination of the lease agreement, the lessee uses the goods abusively, as the leasing company did not allow this and all ownership rights are regained by the leasing company when the contract is terminated.
The European Court of Justice argues that in an abusive use of goods, the person using them has no right to dispose of the goods under the same conditions as the rightful owner, and thus it is not about a supply of goods and, consequently, such a situation can not by itself give rise to a self-supply for the lease companies. Nevertheless, the worst aspect is that the tax authorities retroactively apply this legal provision, arguing that it is about a clarification and not a legislative change. In our view, the legal provision that affected the financial lease market cannot be regarded as a clarification, since the tax authorities approach was clearly different before the introduction of this provision, namely, the obligation to adjust the deductible VAT.
Actually, neither the new approach of the tax authorities, nor the initial one are in line with the legal and economic substance of the financial leasing operations or with the provisions of the VAT Directive. Thus, the
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prevede c ajustarea TVA dedus iniial se impune numai n situaia n care nu exist dovezi c bunurile sunt lips ca urmare a unor cauze obiective. Or n cazul societilor de leasing, se poate documenta n orice moment c bunul de fapt este folosit n mod abuziv de utilizator i, ca atare, nu este lips, societatea de leasing efectund toate demersurile de recuperare a bunurilor prin procedura de executare silit. n concluzie, tratamentul de TVA aplicat nainte i dup 1 martie 2011 pentru bunurile nerecuperate nu este conform cu prevederile Directivei de TVA, nclcnd flagrant principiile de TVA atta timp ct bunul este n posesia utilizatorului i este folosit n mod abuziv, iar societatea de leasing urmeaz toate procedurile legale pentru recuperarea bunului.
VAT Directive mentions that the adjustment of VAT initially deducted is required only in the case where there is no evidence that the losses are due to objective causes. In the specific case of leasing companies, it can be proved at any time that the goods are in fact abusively used by the user and as such are not an inventory loss, given that the leasing company makes every effort to recover the assets through the debt enforcement procedure. In conclusion, the VAT treatment applied before and after 1st March 2011 for goods not recovered is not in line with the provision of the VAT Directive, breaching the VAT principles, since the goods are held by the user and used improperly, and the lease company pursues all legal proceedings to recover the goods.
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Cetelem A5.pdf 1 11/1/2011 5:13:59 PM
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Angela Manolache Director, Consultan KPMG Romnia
Capitolul VI Proiectul de ordin al Bncii Naionale a Romniei pentru modificarea Ordinului 13/2008 pentru aprobarea Reglementrilor contabile conforme cu directivele europene
Cadrul legislativ comun aplicabil n prezent instituiilor de credit i instituiilor financiare nebancare n domeniul financiar-contabil este reprezentat de Legea contabilitii nr. 82/1991 republicat i de Ordinul Bncii Naionale a Romniei nr. 13/2008 pentru aprobarea Reglementrilor contabile conforme cu directivele europene, aplicabile instituiilor de credit, instituiilor financiare nebancare i Fondului de garantare a depozitelor n sistemul bancar, cu modificrile i completrile ulterioare (Ordinul BNR nr.13/2008).
Chapter VI Draft order issued by the National Bank of Romania amending Order 13/2008 for approval of accounting regulations conforming to the European Directives
The legal framework commonly applicable at present to credit institutions and non-banking financial institutions in the financial and accounting area is represented by the Accounting Law no. 82/1991, republished and the Order of the National Bank of Romania no. 13/2008 for approval of accounting regulations conforming to the European Directives, applicable to credit institutions, non-banking financial institutions and the Bank Deposit Guarantee Fund, with subsequent amendments (NBR Order 13/2008).
Trecerea sistemului bancar la aplicarea Standardelor Internaionale de Raportare Financiar (IFRS) ca baz a contabilitii i pentru ntocmirea situaiilor financiare individuale ncepnd cu exerciiul financiar al anului 2012 a determinat emiterea Ordinului BNR nr. 27/2010 pentru aprobarea reglementrilor contabile conforme cu IFRS
Given that the banking system will convert to the International Financial Reporting Standards (IFRS) as the basis of accounting and for the preparation of individual financial statements starting with the 2012 financial year, the NBR issued Order no. 27/2010 for approval of accounting regulation conforming to IFRS applicable to credit institutions. In
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aplicabile instituiilor de credit. n acest context, ncepnd cu data de 1 ianuarie 2012, prevederile Ordinului BNR nr. 13/2008 vor fi abrogate, impunndu-se emiterea unor noi reglementri aplicabile entitilor care intr n sfera de reglementare contabil a Bncii Naionale a Romniei, altele dect instituiile de credit, respectiv:

this context, starting with 1 January 2012, the provisions of NBR Order 13/2008 will be repealed and new accounting regulations will be issued for entities under the supervision of the National Bank of Romania other than credit institutions, that is:
Instituiile financiare nebancare nscrise n Non-banking financial institutions Registrul general; registered in the General register; Instituiile de plat care acord credite Payment institutions granting credits legate de serviciile de plat i a cror related to payment services and whose activitate este limitat la prestarea de activities are limited to payment services; servicii de plat; Electronic money institutions granting Instituiile emitente de moned credits related to payment services and electronic ce acord credite legate de whose activities are limited to the serviciile de plat i a cror activitate este issuance of electronic money and payment limitat la emiterea de moned electronic services; i prestarea de servicii de plat; Romanian branches of foreign institutions Sucursalele din Romnia ale instituiilor mentioned at the previous points; strine menionate la punctele anterioare; Foreign branches of institutions Sucursalele din strintate ale instituiilor mentioned at the previous points which menionate la punctele anterioare, are Romanian legal entities. persoane juridice romne; Deposits insurance fund in the banking Fondul de garantare a depozitelor n system sistemul bancar. In this respect, the National Bank of Romania published on its website, in the Draft legislation section, a draft order applicable to these entities starting with 1 January 2012. The draft order takes over all relevant provisions of NBR Order no. 13/2008, with only a few amendments:
n acest sens, pe site-ul Bncii Naionale a Romniei la seciunea Proiecte legislative a fost publicat un proiect de ordin aplicabil acestor entiti ncepnd cu 1 ianuarie 2012. Proiectul de ordin preia toate prevederile relevante ale Ordinului BNR nr.13/2008, aducnd numai cteva elemente de noutate:
Eliminarea din sfera de aplicabilitate a Exclusion of credit institutions from the noilor reglementri a instituiilor de credit scope of the new regulations and i implicit, renunarea la conturile i implicitly elimination of accounts and posturile bilaniere utilizate exclusiv de financial statement items used exclusively ctre aceste entiti; by these entities;
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Reclasificarea conturilor de angajamente de Reclassification of off-balance sheet garanie din afara bilanului prin delimitarea guarantee accounts to distinguish between acestora n garanii financiare i garanii reale; financial guarantees and real guarantees; Transformarea conturilor din grupa 251 Transformation of 251 group accounts din conturi ale clientelei utilizate de from customer accounts used by credit instituiile de credit n conturi de pli i institutions into payment and electronic moned electronic destinate utilizrii de money accounts to be used by payment ctre instituiile de plat i instituiile institutions and electronic money emitente de moned electronic; institutions; Eliminarea obligaiei sucursalelor din Removal of the obligation for the Romnia ale instituiilor cu sediul n alt Romanian branches of institutions stat membru al Uniunii Europene i ale established in another European Union celor cu sediul ntr-un alt stat ter de a (EU) member state and of institutions publica informaii financiare referitoare la established in a non EU state to publish activitatea proprie; sucursalele din financial information regarding their own Romnia ale instituiilor cu sediul ntr-un activity; Romanian branches of alt stat ter au n continuare obligaia de a institutions established in another state publica situaii financiare anuale retain the obligation to publish annual referitoare la activitatea proprie atunci financial statements regarding their own cnd documentele instituiei strine de activity if the documents related to the care aparin (situaii financiare anuale, foreign institution (annual financial situaii financiare consolidate, raportul statements, consolidated financial administratorilor, raportul consolidat al statements, board of directors report, administratorilor, opiniile persoanelor consolidated board of directors report, responsabile cu auditarea statutar a opinions of those responsible for statutory situaiilor financiare anuale i consolidate) audits of annual and consolidated nu sunt n conformitate sau echivalente cu financial statements) are not conforming documentele ntocmite potrivit to or equivalent with the documents reglementrilor contabile comunitare i prepared in accordance to the accounting condiia de reciprocitate pentru instituiile regulations of the European Community din statele membre ale Uniunii Europene and the reciprocity condition for nu este ndeplinit n statul ter n care institutions established in EU member este situat sediul social. states is not met in the country in which the foreign institution is established; Introducerea definiiei combinrilor de Introduction of the definition of business ntreprinderi i a tratamentului contabil combinations and of the accounting pentru fondul comercial negativ; treatment for negative goodwill; Introducerea definiiei prilor legate i a Introduction of the definition of related tranzaciilor cu pri legate. parties and of transactions with related parties.
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Definiia combinrilor de ntreprinderi n contextul noilor reglementri, prin combinare de ntreprinderi se nelege gruparea unor entiti individuale ntr-o singur entitate raportoare, determinat de obinerea controlului de ctre o entitate asupra uneia sau mai multor ntreprinderi.
Definition of business combinations In the context of the new regulations, a business combination is the bringing together of separate entities or businesses into one reporting entity, the result being that one entity obtains control of one or several other businesses. treatment for negative
Tratamentul contabil al fondului comercial Accounting negativ goodwill Conform noilor reglementri, n vederea recunoaterii fondului comercial negativ (reprezentat de diferena negativ dintre costul de achiziie i valoarea just la data tranzaciei, a prii din activele nete achiziionate) o entitate trebuie s se asigure c nu au fost supraevaluate activele identificabile achiziionate i nu au fost omise sau subevaluate datoriile. n msura n care fondul comercial negativ se raporteaz la pierderi i cheltuieli viitoare ateptate, ce sunt identificate n planul pentru achiziie al achizitorului i pot fi msurate credibil, dar care nu reprezint datorii identificabile la data achiziiei, acea parte a fondului comercial negativ trebuie recunoscut ca venit n contul de profit sau pierdere atunci cnd sunt recunoscute aceste pierderi i cheltuieli viitoare. n msura n care fondul comercial negativ nu se raporteaz la pierderi i cheltuieli viitoare ateptate i care pot fi msurate n mod credibil la data achiziiei, acest fond comercial negativ trebuie recunoscut ca venit n contul de profit i pierdere dup cum urmeaz:
According to the new regulations, in order to recognise negative goodwill (represented by the negative difference between the acquisition cost and the fair value of the portion of net assets acquired at the transaction date) an entity shall ensure that the identifiable assets acquired have not been overstated and that no liabilities have been omitted or understated. To the extent that the negative goodwill corresponds to expected future losses and costs that are identified in the acquisition plan of the acquirer and can be measured reliably, but that do not represent identifiable liabilities at the acquisition date, that portion of the negative goodwill shall be recognised as revenue in profit or loss when those future losses and costs are recognised. To the extent that the negative goodwill does not correspond to expected future losses and costs that can be measured reliably at the acquisition date, this negative goodwill shall be recognised as revenue in profit or loss as follows: The amount of the negative goodwill that does not exceed the fair value of identifiable non-monetary assets acquired shall be recognised as revenue as the future economic
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Valoarea fondului comercial negativ ce nu depete valorile juste ale activelor nemonetare identificabile achiziionate trebuie recunoscut ca venit atunci cnd beneficiile economice viitoare cuprinse n
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activele identificabile amortizabile achiziionate sunt consumate, deci, de-a lungul perioadei de via util rmas a acelor active; i
benefits from the identifiable depreciable assets are consumed, that is during the remaining useful life of those assets; and The amount of the negative goodwill that exceeds the fair value of identifiable non-monetary assets acquired shall be recognised as revenue immediately.
valoarea fondului comercial negativ n exces fa de valorile juste ale activelor nemonetare identificabile achiziionate trebuie recunoscut imediat ca venit.
Dac n situaiile financiare individuale se nregistreaz o valoare prezentat ca un element separat, care corespunde unui fond comercial negativ, aceast valoare poate fi transferat n contul de profit i pierdere consolidat numai:
If the annual financial statements include an amount presented as a separate item corresponding to a negative goodwill, this amount can be transferred into the consolidated profit or loss only if: this difference corresponds to the expectation at the acquisition date of unfavorable future results in that entity or to the expectation of costs which the entity will incur, to the extent that such an expectation materializes; or to the extent that such a difference corresponds to a realised gain.
dac aceast diferen corespunde previziunii, la data achiziiei, a unor rezultate viitoare nefavorabile ale entitii n cauz sau previziunii unor costuri pe care entitatea respectiv urmeaz s le efectueze, n msura n care o asemenea previziune se materializeaz; sau n msura n care diferena corespunde unui ctig realizat.
Prezentarea tranzaciilor cu prile legate n nelesul noilor reglementri, o parte legat este o persoan sau o entitate care este legat entitii care ntocmete situaii financiare anuale, denumit entitate raportoare. n luarea n considerare a fiecrei legturi posibile cu prile legate, atenia este ndreptat spre fondul acestei legturi, i nu numai spre forma juridic. O tranzacie cu o entitate legat reprezint un transfer de resurse, servicii sau obligaii ntre entitile legate, indiferent dac se percepe sau nu se percepe un pre.
Presentation of related party transactions In the context of the new regulations, a related party is defined as a person or entity that is related to the entity that is preparing the annual financial statements, referred to as the reporting entity. In considering each possible related party relationship, attention is directed to the substance of the relationship and not merely the legal form. A related party transaction is defined as a transfer of resources, services or obligations between related parties, regardless of whether a price is charged.
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O entitate este legat unei entiti raportoare An entity is related to a reporting entity if any dac ndeplinete una din urmtoarele condiii: of the following conditions applies:
entitatea i entitatea raportoare fac parte din acelai grup (ceea ce nseamn c fiecare societate-mam, filial sau filial membr este legat celorlalte entiti); o entitate este o entitate asociat sau o asociere n participaie a unei entiti membre a unui grup din care face parte i cealalt entitate; ambele entiti sunt asocieri n participaie ale aceleiai pri tere; o entitate este o asociere n participaie a unei tere pri, iar cealalt entitate este o entitate asociat a prii tere; entitatea este un plan de beneficii postangajare n beneficiul angajailor entitii raportoare sau ai unei entiti legate entitii raportoare; dac entitatea raportoare n sine este un asemenea plan, angajatorii care finaneaz planul sunt, de asemenea, legai entitii raportoare; entitatea este controlat sau controlat n comun de ctre o persoan sau un membru apropiat al familiei persoanei legat() unei entiti raportoare;
The entity and the reporting entity are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others). One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member). Both entities are joint ventures of the same third party. One entity is a joint venture of a third entity and the other entity is an associate of the third entity. The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. The entity is controlled or jointly controlled by a person or a close member of that person's family related to a reporting entity.
o persoan care deine controlul sau A person having control or joint control controlul comun asupra entitii over the reporting entity has significant raportoare are o influen semnificativ influence over the entity or is a member asupra entitii sau face parte din of the key management personnel of the personalul-cheie din conducerea entitii entity (or of a parent of the entity). (sau din conducerea unei societi-mam a entitii) O persoan sau un membru apropiat al A person or a close member of that person's familiei persoanei este legat() unei entiti family is related to a reporting entity if that person: raportoare dac persoana respectiv: deine controlul sau controlul comun has control or joint control over the
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asupra entitii raportoare;

reporting entity; has significant influence over the reporting entity; or is a member of the key management personnel of the reporting entity or of a parent of the reporting entity.
are o influen semnificativ asupra entitii raportoare; sau face parte din personalul-cheie din conducerea entitii raportoare sau din conducerea unei societi-mam a entitii raportoare.
n definiia unei pri legate, o entitate asociat include filialele entitii asociate, iar o asociere n participaie include filialele asocierii n participaie. Prin urmare, o filial a unei entiti asociate i investitorul care are influen semnificativ asupra entitii asociate sunt, de exemplu, legai. Atunci cnd se evalueaz dac o entitate deine control, control comun sau influen semnificativ, sunt luate n considerare si drepturile de vot poteniale. Acestea sunt aferente unor instrumente care au potenialul, dac sunt exercitate sau convertite, s i confere deintorului putere de vot adiional sau s reduc puterea de vot a altei pri, cu privire la politicile financiare i operaionale ale unei alte entiti. Personalul-cheie din conducere reprezint acele persoane care au autoritatea i responsabilitatea de a planifica, conduce i controla activitile entitii, n mod direct sau indirect, incluznd oricare director (executiv sau altfel) al entitii. Membrii apropiai ai familiei persoanei sunt acei membri ai familiei de la care se poate atepta s influeneze sau s fie influenai de respectiva persoan n relaia lor cu entitatea i includ:
In the definition of a related party, an associate includes subsidiaries of the associate and a joint venture includes subsidiaries of the joint venture. Therefore, for example, an associate's subsidiary and the investor that has significant influence over the associate are related to each other. When assessing whether an entity has control, joint control or significant influence, potential voting rights shall be taken into consideration. These voting rights are related to instruments that have the potential, if exercised or converted, to give the owner additional voting power or to reduce of another partys voting power over the financial and operating policies of another entity.
Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. Close members of the family of a person are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the entity. They may include:
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copiii i soia sau partenerul de via al the persons persoanei respective; children;
domestic
partner
and
copiii soiei sau ai partenerului de via al children of that persons domestic partner; persoanei respective; i and persoanele aflate n ntreinerea persoanei dependants of that person or that persons respective sau a soiei ori a partenerului domestic partner. de via al acestei persoane. Post-employment benefits include pensions, other retirement benefits, post-employment life insurance and post-employment medical care.
Beneficiile postangajare includ pensiile, alte beneficii de pensionare, asigurri de via postangajare i asisten medical postangajare.
Conform noilor reglementri, urmtoarele In the context of the new regulations, the categorii nu sunt pri legate: following are not related parties:
dou entiti doar pentru c au n comun two entities simply because they have a un director sau un alt membru al director or other member of key personalului-cheie din conducere sau management personnel in common or deoarece un membru din personalul cheie because a member of key management din conducere al uneia dintre entiti are o has significant influence over the other influen semnificativ asupra celeilalte entity; entiti;
doi asociai, doar pentru c exercit two ventures simply because they share joint control over a joint venture. controlul n comun asupra unei asocieri n participaie; providers of finance, trade unions, public utilities and government departments and finanatorii, sindicatele, serviciile publice, agencies simply by virtue of their normal departamentele i ageniile dealings with an entity (even though they guvernamentale, doar n virtutea relaiilor may affect the freedom of action of an obinuite pe care le au cu o entitate (dei entity or participate in its decision-making acestea pot s afecteze libertatea de process). aciune a entitii sau s participe la luarea deciziilor acesteia); a customer, supplier, franchisor, distributor

un client, un furnizor, un francizor, un distribuitor sau un agent general cu care entitatea desfoar un volum semnificativ de activitate, numai n virtutea dependenei economice rezultate.
or general agent with whom an entity transacts a significant volume of business, merely by virtue of the resulting economic dependence.
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Angela Manolache Director, Consultan KPMG Romnia
Capitolul VII Impactul IFRS asupra pieei financiare nebancare

Aplicarea Standardelor Internaionale de Raportare Financiar (IFRS) dobndete amploare n Romnia prin trecerea la IFRS ca baz a contabilitii pentru instituiile de credit de la 1 ianuarie 20121, precum i prin cerina pentru entitile pieei de capital de a ntocmi ncepnd cu exerciiul financiar 2012 i un set de situaii financiare IFRS pe lng raportrile statutare2. La nivel global, Standardele Internaionale de Raportare Financiar se afl ntr-un proces major de revizuire ca urmare a efectelor crizei financiare, convergenei cu standardele contabile general aplicabile n Statele Unite ale Americii (US GAAP) i creterii complexitii fenomenelor economice.
Chapter VII The impact of IFRS on non-banking financial institutions

The application of International Financial Reporting Standards (IFRS) is widening in Romania, with the conversion to IFRS as basis of accounting for credit institutions as of 1 January 20127 as well as the requirement for capital market entities to prepare starting 2012 a set of IFR compliant financial statements in addition to the statutory financial reports8. Globally, International Financial Reporting Standards are undergoing a major process of revision in response to the financial crisis, the convergence with generally accepted accounting standards in the United States of America (U.S. GAAP) and the increasing complexity of economic phenomena.
Ordinul Bncii Naionale a Romniei nr. 27/2010 pentru aprobarea Reglementrilor contabile conforme cu Standardele Internaionale de Raportare Financiar, aplicabile instituiilor de credit (Ordinul 27/2010) 2 Ordinul Comisiei Naionale a Valorilor Mobiliare nr. 11/2011 pentru aprobarea Instruciunii nr. 3 privind aplicarea Standardelor internaionale de raportare financiar de ctre entitile autorizate, reglementate i supravegheate de Comisia Naional a Valorilor Mobiliare, modificat prin Dispunerea de Msuri nr. 9/15.06.2011. 7 NBR Order no. 27/2010 for approval of accounting regulations conforming to International Financial Reporting Standards applicable to credit institutions ("Order 27/2010") 8 National Securities Commission Order no. 11/2011 for approval of Instruction no.3 on the application of International Financial Reporting Standards by entities that are authorized, regulated and supervised by the National Securities Commission, as amended by Ruling no. 9/15.06.2011.
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n ce msur sunt afectate instituiile To what extent are non-banking financial financiare nebancare din Romnia de institutions in Romania affected by these aceste evoluii? developments? 1. Cadrul legislativ aplicabil n Romnia, sectorul instituiilor financiare nebancare (IFN) s-a dezvoltat ca o alternativ la finanarea bancar clasic, iar importana acestor instituii n cadrul sistemului financiar romnesc a fost n continu cretere. Majoritatea IFN-urilor s-au dezvoltat n cadrul marilor grupuri financiar-bancare, fiind controlate de ctre instituii de credit din Romnia sau de ctre acionarii majoritari ai acestora din afara rii. n acelai timp, o categorie aparte o reprezint IFN-urile aparinnd marilor constructori de autovehicule. i, nu n ultimul rnd, o categorie mai restrns o reprezint grupul firmelor de leasing independente deinute de acionari autohtoni. n prezent, cadrul legislativ comun aplicabil instituiilor de credit i instituiilor financiare nebancare n domeniul financiar-contabil este reprezentat de Legea contabilitii nr. 82/1991, cu modificrile completrile ulterioare (Legea contabilitii) i Ordinul Bncii Naionale a Romniei nr. 13/2008 pentru aprobarea Reglementrilor contabile conforme cu directivele europene, aplicabile instituiilor de credit, instituiilor financiare nebancare i Fondului de garantare a depozitelor n sistemul bancar, cu modificrile i completrile ulterioare (Ordinul 13/2008). 1. Regulatory framework In Romania, the non-banking financial institutions sector (NBFIs) has developed as an alternative to traditional banking financing, and the importance of these institutions within the Romanian financial sector has steadily increased. Most NBFIs have developed as part of major banking or financial groups, and are controlled by credit institutions based in Romania or by their main shareholders located abroad. At the same time, a distinct category is represented by the NBFIs owned by major automotive producers. And last but not least, a smaller category of NBFIs is represented by the independent leasing companies owned by domestic shareholders. Currently, the regulatory framework commonly applicable to credit institutions and non-banking financial institutions in the financial-accounting area is represented by the Accounting Law (no. 82/1991, with subsequent amendments) and National Bank of Romania Order no. 13/2008 for approval of accounting regulations conforming to the European Directives, applicable to credit institutions, financial non-banking institutions and to the Banking Deposit Guarantee Fund, with subsequent amendments (Order 13/2008).
Ordinul 13/2008 stipuleaz aplicarea Order 13/2008 stipulates that the Accounting conforming to European Reglementrilor contabile conforme cu regulations
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directivele europene (n principal Directiva a IV-a a Comunitilor Economice Europene 78/660/CEE i Directiva Consiliului privind conturile anuale i conturile consolidate ale bncilor i ale altor instituii financiare 86/635/CEE) la ntocmirea situaiilor financiare anuale la nivel individual ale instituiilor de credit i instituiilor financiare nebancare. n plus, instituiile de credit ncepnd cu exerciiul financiar al anului 2006 au obligaia de a ntocmi n scop informativ i un set de situaii financiare individuale conforme cu IFRS3. n ceea ce privete situaiile financiare anuale consolidate la nivelul grupurilor de entiti controlate de persoane juridice romne, conform prevederilor legale n vigoare acestea sunt ntocmite n conformitate cu:
Directives (in particular the Fourth Directive of the European Economic Community 78/660/EEC and the Council Directive on the annual accounts and consolidated accounts for banks and other financial institutions 86/635/EEC) should be applied when preparing the annual financial statements on a standalone level by credit institutions and non-banking financial institutions. In addition, starting with the 2006 financial year, credit institutions are required to prepare for information purposes standalone financial statements compliant with IFRS9. With respect to consolidated financial statements prepared by groups controlled by Romanian legal entities, according to legal provisions in effect, these are prepared in accordance with: IFRS adopted according to the procedure provided by European Parliament and Council Regulation no. 1606/2002 on the application of international accounting standards, with subsequent amendments ("IFRS as endorsed by the European Union") - for groups controlled by credit institutions and non-banking financial institutions, as well as commercial companies whose securities are admitted for trading on a regulated market ("listed companies")10;
IFRS adoptate potrivit procedurii prevzute de Regulamentul nr. 1606/2002 al Parlamentului European i al Consiliului privind aplicarea standardelor internaionale de contabilitate, cu modificrile i completrile ulterioare (IFRS adoptate de Uniunea European) n cazul grupurilor controlate de instituii de credit i instituii financiare nebancare, precum i de societi comerciale ale cror valori mobiliare sunt admise la tranzacionare pe o pia reglementat (societi listate)4;
Ordinul Ministerului Finanelor Publice nr. 907/2005 privind aprobarea categoriilor de persoane juridice care aplic reglementri contabile conforme cu IFRS, respectiv reglementri contabile conforme cu directivele europene, cu modificrile i completrile ulterioare 4 Ordinul 13/2008, Regulamentul nr. 1606/2002 al Parlamentului European i al Consiliului privind aplicarea standardelor internaionale de contabilitate, 9 Ministry of Public Finance Order no. 907/2005 for approval of the categories of legal entities applying accounting regulations conforming to IFRS and accounting regulations conforming to European Directives, with subsequent amendments 10 Order 13/2008, Regulation no. 1606/2002 of the European Parliament and the European Council on the application of international accounting standards
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Reglementrile contabile conforme cu Directiva a VII-a a Comunitilor Economice Europene 83/349/CEE aprobate prin ordinele organismelor de autorizare, reglementare i supraveghere competente n cazul grupurilor controlate de societi autorizate, reglementate i supravegheate de Comisia de Supraveghere a Asigurrilor, Comisia de Supraveghere a Sistemului de Pensii Private i Comisia Naional a Valorilor Mobiliare, altele dect societile listate5; IFRS adoptate de Uniunea European sau Reglementrile contabile conforme cu Directiva a VII-a a Comunitilor Economice Europene 83/349/CEE aprobate prin Ordinul Ministerului Finanelor Publice nr. 3055/2009 pentru aprobarea Reglementrilor contabile conforme cu directivele europene, cu modificrile i completrile ulterioare (Ordinul 3055/2009) (pe baz de opiune) n cazul grupurilor controlate de alte tipuri de entiti dect cele de mai sus.
Accounting regulations conforming to the Seventh Directive of the European Economic Community 83/349/EEC approved by orders of the authorization, regulation and supervision bodies - for groups controlled by companies that are authorized, regulated and supervised by the Insurance Supervisory Commission, Private Pension System Supervisory Commission and National Securities Commission, other than listed companies11; IFRS as endorsed by the European Union or Accounting regulations conforming to the Seventh Directive of the European Economic Community 83/349/EEC approved by Ministry of Public Finance Order no. 3055/2009 for approval of accounting regulations conforming to European Directives, with subsequent amendments ("Order 3055/2009") (optionbased) - for groups controlled by entities other than the above mentioned.
Ordinul Comisiei de Supraveghere a Asigurrilor nr. 3129/2005 pentru aprobarea reglementrilor contabile conforme cu directivele europene specifice domeniului asigurrilor cu modificrile i completrile ulterioare, Hotrrea Comisiei de Supraveghere a Sistemului de Pensii Private nr. 34 din 6 august 2008 pentru aprobarea Normei nr. 18/2008 privind reglementrile contabile conforme cu Directiva a VII-a a Comunitilor Economice Europene aplicabile entitilor autorizate, reglementate i supravegheate de Comisia de Supraveghere a Sistemului de Pensii Private cu modificrile i completrile ulterioare, Ordinul Comisiei Naionale a Valorilor Mobiliare nr. 12/2011 pentru aprobarea Regulamentului nr. 3/2011 privind Reglementrile contabile conforme cu Directiva a VII-a a Comunitilor Economice Europene aplicabile entitilor autorizate, reglementate i supravegheate de Comisia Naional a Valorilor Mobiliare 11 Order of the Insurance Supervisory Commission no. 3129/2005 for approval of accounting regulations conforming to the European Directives for the insurance sector, with subsequent amendments, Decision no. 34 of 6 August 2008 of the Private Pension System Supervisory Commission for approval of Norm 18/2008 on accounting regulations conforming to the Seventh Directive of the European Economic Community applicable to entities that are authorized, regulated and supervised by the Supervisory Commission of Private Pension System, with subsequent amendments, Order no. 12/2011 of the National Securities Commission for approval of Regulation no. 3/2011 on accounting regulations conforming to the Seventh Directive of the European Economic Community applicable to entities that are authorized, regulated and supervised by the National Securities Commission.
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Astfel, n prezent, instituiile financiare nebancare ale cror societi mam au cerina de ntocmire sau au optat pentru ntocmirea situaiilor financiare anuale consolidate n conformitate cu IFRS trebuie s transmit ctre acestea informaii financiare retratate conform IFRS n vederea consolidrii. De asemenea, instituiile financiare nebancare care fac parte din grupuri controlate de persoane juridice strine ntocmesc, de regul, pachete de raportare conforme cu regulile de raportare financiar aplicabile la nivel de grup (pentru grupurile din cadrul Uniunii Europene, acestea sunt de regul IFRS sau aliniate ntr-o mare msur la IFRS). n plus, multe instituii financiare nebancare din Romnia ntocmesc un set complet de situaii financiare conforme cu IFRS la nivel individual i/ sau consolidat chiar dac nu au cerine legislative sau de grup n acest sens, la solicitarea instituiilor finanatoare. Rezult astfel un numr important de instituii financiare care ntocmesc n prezent dou seturi paralele de raportri financiare unul n conformitate cu reglementrile contabile statutare aplicabile conforme cu directivele europene i unul n conformitate cu Standardele Internaionale de Raportare Financiar, ceea ce presupune meninerea unor reguli i sisteme de raportare paralele i necesitatea efecturii de reconcilieri la sfritul fiecrei luni. Un pas important n direcia simplificrii cerinelor de raportare financiar aplicabile n Romnia l reprezint trecerea la IFRS ca baz a contabilitii pentru instituiile de credit ncepnd cu 1 ianuarie 2012. Astfel, ncepnd cu aceast dat, prevederile Reglementrilor contabile conforme cu directivele europene aprobate prin Ordinul
Consequently, NBFIs whose parent companies are required to prepare or have opted to prepare the consolidated annual financial statements in accordance with IFRS must submit for consolidation purposes to their parent companies financial information in accordance with IFRS. Also, non-banking financial institutions that are part of groups controlled by foreign legal entities usually prepare reporting packages in accordance with the financial reporting standards applied by the group (for groups within the European Union, these are usually IFRS or to a large extent aligned to IFRS). In addition, many NBFIs in Romania prepare a full set of IFRS financial statements at standalone and/or consolidated level, even if they have no regulatory or Group requirements in this respect, at the request of their finance providers. This results in a significant number of financial institutions currently preparing two sets of parallel financial statements - one in accordance with the applicable statutory accounting regulations conforming to European Directives and one in accordance with International Financial Reporting Standards, which requires parallel reporting rules and systems and reconciliations at the end of each reporting period.
An important step towards simplifying the financial reporting requirements applicable in Romania is the transition to IFRS as the basis of accounting for credit institutions as of 1 January 2012. Thus, starting with this date, the requirements of the accounting regulations in conforming to European Directives approved by Order 13/2008 will
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13/2008 nu vor mai fi aplicabile instituiilor de credit, acestea urmnd s utilizeze planul de conturi prevzut de Ordinul 27/2010 i s aplice principiile i regulile de contabilizare i raportare financiar prevzute de IFRS adoptate de Uniunea European. Instituiile financiare nebancare vor continua s aplice Reglementrile contabile conforme cu directivele europene, n baza unui nou ordin emis de Banca Naional a Romniei ce va nlocui Ordinul 13/2008 i care la data redactrii acestui articol este publicat n form de proiect pe site-ul Bncii Naionale a Romniei (www.bnro.ro, seciunea Proiecte legislative). Avnd n vedere precedentul ce va fi creat de trecerea la IFRS ca sistem unic de raportare financiar de ctre instituiile de credit din Romnia, precum i cerinele de raportare paralel aplicabile multor instituii financiare nebancare, se va impune ntr-un viitor apropiat o analiz a oportunitii introducerii i pentru IFN-uri cel puin a opiunii de a utiliza IFRS ca baz a contabilitii n locul reglementrilor contabile statutare. n acest context, considerm c este relevant s ne raportm la experiena instituiilor de credit n procesul de implementare IFRS ca baz a contabilitii pentru a analiza posibilele implicaii ale unei astfel de msuri la nivelul sectorului financiar nebancar.
no longer be applicable to credit institutions, which will apply the chart of accounts provided by Order 27/2010 and the accounting and financial reporting principles and rules set out by IFRS as endorsed by the European Union.
Non-banking financial institutions will continue to apply the accounting regulations conforming to European Directives, based on a new order issued by the National Bank of Romania which will replace Order 13/2008 and which has been published as a draft on the NBR website (www.bnro.ro, Legislative Projects Section) as at the date of this article. Given the precedent that will be created by the transition to IFRS as a single system of financial reporting for credit institutions in Romania, as well as the parallel reporting requirements applicable to numerous nonbanking financial institutions, an analysis of the opportunity to allow NBFIs to use IFRS as the basis of accounting instead of statutory accounting regulations at least on an optional basis would be required in the near future. In this context, we consider that it is relevant to refer to the experience of credit institutions in the process of implementing IFRS as the basis of accounting for an analysis of the likely implications of such a measure for the non-banking financial sector.
2. Implicaiile trecerii la IFRS ca sistem 2. The implications of transition to IFRS unic de raportare financiar as a single system of financial reporting Adoptarea IFRS ca sistem unic de raportare The adoption of IFRS as a single financial financiar pentru instituiile de credit reporting system by credit institutions
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reprezint o aliniere la tendinele observate la nivelul statelor membre ale Uniunii Europene i este o msur prevzut n acordurile de finanare ncheiate de Guvernul Romniei cu instituiile internaionale (Comisia European, Fondul Monetar Internaional, Banca Mondial), ce are ca scop simplificarea cerinelor de raportare aplicabile bncilor cu activiti transfrontaliere i crearea unui cadru mai transparent pentru atragerea investiiilor strine directe. Dei n aparen circumscris sferei financiar-contabile, procesul de implementare IFRS ca baz a contabilitii are multiple implicaii la nivelul sistemelor, proceselor i resurselor umane i necesit atenia i implicarea conducerii de top dat fiind impactul asupra indicatorilor financiari i prudeniali, efectele fiscale i costurile aferente investiiilor necesare.
represents an alignment to trends observed at the level of the European Union member states and is a measure set in the financing agreements signed by the Romania Government with international institutions (European Commission, International Monetary Fund, World Bank), aimed at simplifying the reporting requirements applicable to banks with cross-border operations and at creating a more transparent framework for attracting direct foreign investment. Although apparently bounded to the accounting and financial area, IFRS implementation as the basis of accounting has multiple implications for systems, processes and human resources and requires attention and involvement from the top management given its impact on the financial and prudential indicators, its tax effects and the costs of related investments.
2.1 Ce nseamn aplicarea IFRS ca baz a 2.1 What does the application of IFRS as contabilitii? the basis of accounting mean? Aplicarea IFRS ca baz a contabilitii presupune nlocuirea regulilor de contabilizare stipulate de reglementrile statutare cu tratamentele prevzute de IFRS. Astfel, instituiile de credit trebuie s i dezvolte politici i metodologii contabile conforme cu principiile IFRS, precum i monografii contabile n baza noului plan de conturi IFRS prevzut de Banca Naional a Romniei n cadrul Ordinului 27/2010. ncepnd cu 1 ianuarie 2012, tratamentele IFRS vor fi aplicate de instituiile de credit la nivelul tranzaciilor individuale de zi cu zi, spre deosebire de situaia actual cnd n cursul exerciiului financiar conturile sunt meninute pe baza normelor statutare iar n Applying IFRS as the basis of accounting involves replacement of accounting rules stipulated by the statutory accounting regulations with IFRS compliant treatments. Thus, credit institutions are required to develop accounting policies and methodologies aligned to IFRS principles, as well as accounting models based on the new IFRS chart of accounts prescribed by the National Bank of Romania in Order no. 27/2010. As of 1 January 2012, IFRS compliant treatments will be applied by credit institutions to each individual transaction on a daily basis, as compared to the current situation when during the financial year accounts are maintained in accordance with
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scopul obinerii raportrilor IFRS se statutory requirements and in order to obtain efectueaz ajustri de regul manuale i n the IFRS reports they are usually adjusted unele cazuri bazate pe aproximri brute. manually and in certain cases based on rough approximations.
2.2 Este necesar aplicarea IFRS 1? IFRS 1 Adoptarea pentru prima oar a IFRS prevede o serie de excepii opionale, dar i de excepii obligatorii, de la aplicarea tratamentelor normale prevzute de IFRS n cadrul primului set de situaii financiare ntocmite n conformitate cu aceste standarde. Astfel, un set de situaii financiare ntocmit n conformitate cu IFRS 1 poate fi diferit de un set de situaii financiare ntocmit n conformitate cu tratamentele standard IFRS la aceeai dat. Evaluarea aplicrii sau nu a IFRS 1 trebuie s se fac de fiecare entitate n parte, n funcie de criteriile prescrise n cadrul standardului. Astfel, IFRS 1 nu este aplicabil entitilor care nceteaz prezentarea situaiilor financiare n conformitate cu cerinele statutare, atunci cnd anterior au prezentat alturi de acestea i un set de situaii financiare care au coninut o declaraie de conformitate cu IFRS explicit i fr rezerve. Aceast declaraie trebuie s existe n cadrul situaiilor financiare, iar acestea trebuie s fi fost puse la dispoziia unor utilizatori externi. La nivelul sistemului bancar, dat fiind obligativitatea stabilit prin Ordinul Bncii Naionale a Romniei nr.15/2009 de ntocmire, auditare i depunere a situaiilor
2.2 Is it necessary to apply IFRS1? IFRS 1 "First-time adoption of IFRS" provides a number of optional exemptions, as well as mandatory exceptions from the normal application of accounting treatments required by IFRS for the first set of financial statements prepared in accordance with these standards. Thus, for the same date, a set of financial statements prepared in accordance with IFRS 1 may be different from a set of financial statements prepared in accordance with normal IFRS treatments. The decision as to whether to apply or not IFRS 1 must be made by each entity, depending on the criteria prescribed in the standard. Thus, IFRS 1 does not apply when an entity stops presenting financial statements in accordance with national requirements, when together with them they also presented another set of financial statements that contained an unreserved and explicit statement of compliance with IFRS. This statement must be presented in the financial statements, and these financial statements need to be made available to external users. At the level of the banking sector, given the requirement set forth by National Bank of Romania Order nr.15/2009 concerning preparation, auditing and submission of IFRS
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financiare IFRS n scop informativ ncepnd cu anul 2009 de ctre instituiile de credit, se poate concluziona c nu va fi necesar aplicarea IFRS 1 de ctre acestea n cadrul primului set de situaii financiare IFRS ntocmite ulterior momentului 1 ianuarie 2012.
financial statements for information purposes starting with the financial year 2009 by credit institutions, it may be concluded that IFRS 1 will not be applied in the first set of IFRS financial statements issued by credit institutions after 1 January 2012.
2.3 Care sunt principalele diferene de 2.3 Which are the main difference in terms politici i tratamente contabile? of accounting policies and treatments? Identificarea principalelor diferene ntre reglementrile contabile statutare (Reglementrile contabile conforme cu directivele europene aprobate prin Ordinul 13/2008) i IFRS precum i cuantificarea lor este un pas important pe care entitile trebuie sa l efectueze pentru a determina implicaiile trecerii la IFRS, n particular cele de natur prudenial, fiscal i IT. Conform unui studiu realizat de KPMG n anul 2010 pe un eantion de instituii de credit i instituii financiare nebancare din Romnia6, cele mai relevante diferene din punct de vedere al complexitii i impactului, comune pentru bnci i IFN-uri, sunt:
Identification of the main differences between statutory accounting regulations (Accounting regulations conforming to European Directives approved by Order 13/2008) and IFRS as well as quantification of these differences is an important step that entities need to undertake in order to determine the implications of IFRS conversion, especially prudential, fiscal and IT related. According to a study performed by KPMG in 2010 for a sample of banks and NBFIs in Romania, the most relevant differences common for banks and NBFIs in terms of complexity and impact are:
Calculul provizioanelor pentru pierderi Calculations of impairment loss provisions din deprecierea creditelor i creanelor for loans and receivables IAS 39 prevede calculul provizioanelor pentru pierderi din depreciere ca diferen ntre valoarea contabil a creditelor i creanelor i valoarea prezent a fluxurilor de numerar viitoare estimate, actualizate cu rata efectiv de dobnd iniial a instrumentului. Metodologia de calcul a IAS 39 requires calculation of impairment loss provisions as the difference between the carrying amount of loans and receivables and the present value of expected future cash flows discounted at the instruments original effective interest rate. The methodology for calculation of provisions for impairment
IFRS: Are You Ready? The Race Is On KPMG Survey of the Romanian Financial Institutions Use of International Financial Reporting Standards compared with Romanian Accounting Standards, 2010 disponibil pe www.kpmg.ro
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provizioanelor pentru pierderi din depreciere conform IFRS presupune identificarea indiciilor de depreciere i estimarea valorii prezente a fluxurilor de numerar viitoare pentru activele cu indicii de depreciere fie la nivel de activ (analiza individual) fie la nivel de grupe de active cu caracteristici de risc similare (analiza colectiv), inclusiv pe baz de parametri statistici cum ar fi probabilitatea de nerambursare (engl.: probability of default - PD) i pierderea n caz de nerambursare (engl.: loss given default - PD). Nivelul provizioanelor IFRS astfel determinate trebuie s reflecte nivelul pierderilor materializate (engl.: incurred losses) aferente ntregului portofoliu de credite i creane. n scopuri statutare, provizioanele pentru creditele i creanele aferente operaiunilor cu clientela sunt calculate n conformitate cu cerinele Regulamentului nr. 3/2009 privind clasificarea creditelor, precum i constituirea, regularizarea i utilizarea provizioanelor specifice de risc de credit cu modificrile i completrile ulterioare, pe baza unor procente prestabilite n funcie de tipul de debitor, riscul valutar, serviciul datoriei i iniierea procedurilor judiciare aplicate la valoarea expunerii redus cu valoarea ajustat a garaniilor aferente. Pentru expunerile pentru care au fost iniiate procedurile judiciare i/sau serviciul datoriei este mai mare de 90 zile, procentul de provizionare este de 100% iar reducerea valorii expunerii la care se aplic acest procent este permis n limita a maxim 25% din valoarea just a garaniilor.
losses under IFRS includes identification of impairment indicators and estimation of the present value of future cash flows for assets with impairment indicators either on an individual asset basis (individual assessment) or for a group of assets with similar risk characteristics (collective assessment), inclusively based on statistical parameters such as the probability of default (PD) and loss given default (LGD). The level of IFRS provisions thus determined must reflect the level of incurred losses for the entire portfolio of loans and receivables.
For statutory purposes, provisions for loans and receivables related to transactions with customers are calculated in accordance with the requirements of Regulation no. 3/2009 on the classification of loans and set up, regularization and use of specific credit risk provisions, with subsequent amendments, based on predetermined percentages depending on the type of debtor, currency risk, number of days past due and initiation of legal proceedings, applied to the value of the exposure reduced with the value of the underlying collateral. For exposures for which legal proceedings have been initiated and/or the number of days past due exceeds 90 days, the provisioning percentage is 100% and the reduction in the value of exposure to which this percentage is applied is subject to a limit of 25% of the fair value of the underlying collateral.
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Aceast diferen ntre cerinele statutare i cele IFRS genereaz cel mai mare impact n situaiile financiare ale bncilor i IFN-urilor, n general n sensul unui nivel mai ridicat al provizioanelor statutare date fiind cerinele mai stricte aplicabile n ceea ce privete ajustarea valorii garaniilor. De asemenea, n baza experienei de pn acum n procesul de trecere la IFRS ca baz a contabilitii la nivelul sistemului bancar, aceast diferen are i cel mai mare impact potenial la nivel prudenial i fiscal. Determinarea provizioanelor pentru pierderi din deprecierea creditelor i creanelor conform IFRS presupune formularea de estimri i judeci profesionale semnificative ale conducerii fiecrei entiti, bazate pe experiena istoric ajustat n funcie de condiiile prezente, lsnd astfel loc unui grad de subiectivitate ridicat. n condiiile n care nivelul acestor provizioane este inclus n baza de determinare a profitului distribuibil, este necesar ca entitile s dispun de un proces riguros de colectare i procesare a informaiilor istorice precum i de analiz a acestora n baza unor metodologii i reguli bine definite, astfel nct provizioanele determinate s reflecte de o manier ct mai realist i obiectiv nivelul pierderilor materializate la nivel de portofoliu.
This difference between statutory and IFRS requirements generates the greatest impact in the financial statements of banks and NBFIs, generally leading to a higher level of statutory provisions given the stricter requirements to adjust the collateral value. Also, based on the experience of credit institutions in the process of transition to IFRS as the basis of accounting so far, this difference has the greatest potential impact from a fiscal and prudential point of view.
Calculation of impairment loss provisions in accordance with IFRS requires significant estimates and professional judgments to be made by the management of each entity, based on historical experience adjusted for current conditions, allowing for a high degree of subjectivity. Given that the level of IFRS provisions will be included in the basis for calculation of distributable profit, entities must have a rigorous process for collection and processing of historical data as well as for analysis of such data based on welldefined methodologies and rules, so as to ensure that the estimated provisions are a true and fair reflection of losses incurred in the portfolio.
Evaluarea costului amortizat al creditelor Amortized cost measurement using the effective interest method i creanelor prin metoda dobnzii efective Conform IAS 39 Instrumente financiare: According to IAS 39 Financial Instruments:
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recunoatere i evaluare i IAS 18 Venituri, comisioanele aferente acordrii creditelor i creanelor (spre exemplu taxele de management percepute la semnarea contractelor de leasing) i costurile de tranzacie directe i incrementale sunt incluse n rata de dobnd efectiv a instrumentelor financiare i recunoscute ca o ajustare a venitului din dobnzi pe durata de via a acestora (sau pe alt perioad relevant) astfel nct s reflecte un randament constant pe aceast perioad (metoda dobnzii efective). Reglementrile contabile statutare permit recunoaterea comisioanelor i costurilor de tranzacie aferente instrumentelor financiare n contul de profit i pierdere fie prin metoda dobnzii efective fie prin metoda liniar. Conform studiului realizat de KPMG, impactul acestei ajustri la nivelul eantionului analizat a fost nesemnificativ deoarece unele bnci i instituii financiare nebancare au ncorporat efectul evalurii costului amortizat prin metoda dobnzii efective n situaiile financiare statutare, n timp ce n cazul altor instituii diferenele ntre metoda dobnzii efective i metoda liniar sunt nesemnificative. O situaie similar s-a observat n ceea ce privete instituiile de credit. Cu toate acestea, impactul asupra sistemelor informatice n vederea trecerii la IFRS ca baz a contabilitii este unul ridicat pentru bnci, de la 1 ianuarie 2012 fiind necesar calculul ratei efective a dobnzii i a venitului aferent din dobnd la nivelul fiecrei tranzacii, nemaifiind permise simplificri (i.e. estimri la nivel de portofoliu sau calcul pe baz de fiiere Excel).
Recognition and Measurement and IAS 18 Revenue, loan origination commissions (e.g. management fees collected on the signing of leasing contracts) together with direct and incremental transaction costs are part of the effective interest rate of financial instruments and are recognized as an adjustment to interest income over the life of the instruments (or any other relevant period) so as to reflect a constant return over this period (effective interest method). Statutory accounting regulations allow recognition of origination commission and transaction costs in profit or loss using either the effective interest method or the linear method.
According to the study performed by KPMG, the impact of this adjustment for the sample of entities included in our analysis was not significant because part of the banks and NBFIs incorporated the effect of measuring the amortized cost using the effective interest method into statutory financial statements, while for other institutions the differences between the effective interest method and the linear method were not significant. However, the impact on IT systems of banks with a view to conversion to IFRS as the basis of accounting is high, as starting from 1 January 2012 the effective interest rate and the related interest revenue must be calculated at the level of each individual transaction and simplifications are no longer allowed (i.e. estimates on a portfolio level or computations based on Excel files).
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Impozitul pe profit amnat Conform IAS 12 Impozitul pe profit cere nregistrarea de creane i datorii privind impozitul pe profit amnat pentru diferenele deductibile i respectiv impozabile ntre valoarea contabil i baza fiscal a activelor i datoriilor. n prezent nu exist prevederi echivalente n cadrul reglementrilor contabile statutare. n msura n care ulterior tranziiei la IFRS ca baz a contabilitii reglementrile fiscale vor introduce sau menine astfel de diferene, va fi necesar identificarea acestora precum i calculul i contabilizarea impozitului pe profit amnat conform regulilor specifice din IAS 12.
Deferred taxation
IAS 12 "Income Taxes" requires recognition of deferred tax assets or liabilities resulting from deductible and taxable differences between the carrying amount and the tax base of assets and liabilities. Currently there are no equivalent provisions in the statutory accounting regulations. To the extent that following the transition to IFRS as the basis of accounting fiscal regulations will introduce or maintain such differences, entities will have to identify them and to calculate and recognise deferred taxes in accordance with IAS 12.
Determinarea monedei funcionale Determination of the functional currency in accordance with IAS 21 The effects of conform IAS 21 Efectul modificrilor changes in foreign exchange rates cursurilor de schimb valutar IAS 21 prevede msurarea rezultatului i poziiei financiare n moneda funcional, definit ca moneda mediului economic principal n care opereaz entitatea, n timp ce reglementrile contabile statutare solicit ntocmirea situaiilor financiare n moneda naional, RON. n msura n care entitile determin moneda mediului economic principal n care opereaz ca fiind diferit de moneda naional, elementele denominate n RON sunt tratate n scopul ntocmirii situaiilor financiare IFRS ca elemente n moned strin i genereaz diferene de curs valutar, cu impact asupra contului de profit sau pierdere i capitalurilor proprii. According to IAS 21, each reporting entity should measure its results and financial position in its functional currency, which is defined as the currency of the primary economic environment in which the entity operates, while statutory accounting regulations require preparation of financial statements in the national currency, RON. To the extent that entities determine that the currency of the primary economic environment in which they operate is different than the national currency, RON denominated items are treated for the purpose of preparing IFRS financial statements as foreign currency items and generate foreign exchange differences, with an impact on profit or loss and equity.
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Retratarea conform IAS 29 Raportarea financiar n economiile hiperinflaioniste
Restatement of financial statements under IAS 29 "Financial reporting in hyperinflationary economies In accordance with IAS 29, the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy must be stated in terms of the measuring unit current at the reporting date. In this respect, non-cash items are restated using the applicable general price index from the date of acquisition to the end of the reporting period. Romania had a hyperinflationary economy until 2004, and certain non-cash items acquired before that date (share capital, tangible and intangible assets, equity investments) still generate hyperinflation adjustments in accordance with IAS 29. Currently, there are no equivalent requirements in the statutory accounting regulations as regards hyperinflation.
n conformitate cu IAS 29, situaiile financiare ale unei entiti a crei moned funcional este moneda unei economii hiperinflaioniste trebuie exprimate n raport cu unitatea de msur curent la data raportrii. n acest scop, elementele nemonetare sunt retratate utiliznd indicele general al preurilor aplicabil ntre data achiziiei i data raportrii. Romnia a avut o economie hiperinflaionist pn n 2004, iar anumite elemente nemonetare achiziionate nainte de aceast dat (capital social, imobilizri corporale i necorporale, participaii) nc mai genereaz ajustri de hiperinflaie n conformitate cu IAS 29. n cadrul reglementrilor contabile statutare nu exist cerine echivalente celor din IFRS n ceea ce privete hiperinflaia.
Alte ajustri aplicabile n cazul instituiilor de credit ce pot fi relevante i pentru anumite instituii financiare nebancare, n funcie de structura bilanier i activitile specifice desfurate pot rezulta i din alte reguli specifice IFRS ce nu se regsesc n cadrul reglementrilor contabile statutare sau sunt diferite fa de acestea, cum ar fi: criteriile de clasificare i reclasificare a instrumentelor financiare, nregistrarea diferenelor de valoare just aferente activelor financiare disponibile pentru vnzare prin conturile de capitaluri proprii, regulile de contabilizare a tranzaciilor de acoperire a riscurilor
Other adjustments that may be relevant for certain entities, depending on their balance sheet structure and specific activities, arise from other specific IFRS provisions that do not have an equivalent within the statutory accounting regulations or differ from the statutory requirements, such as: criteria for classification and reclassification of financial instruments, recognition of fair value gain/ losses from revaluation of available-for-sale financial assets in equity, hedge accounting rules, specific rules for derecognition of financial assets and financial liabilities (relevant mainly for sales of the portfolios of receivables and securitization), identification and accounting for hybrid instruments of debt
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(engl.: hedge accounting), reguli specifice privind derecunoaterea activelor i datoriilor financiare (relevante n principal n cazul vnzrilor de portofolii de creane i al securitizrilor), identificarea i contabilizarea instrumentelor hibride de capitaluri proprii i datorii, identificarea i contabilizarea instrumentelor derivate ncorporate, reguli distincte de prezentare i evaluare a imobilizrilor deinute pentru vnzare, definiia i contabilizarea investiiilor imobiliare etc. De asemenea, unele entiti pot aplica modele diferite de evaluare a imobilizrilor corporale (modelul costului vs. modelul reevalurii) n scopuri IFRS fa de scopurile statutare, chiar dac cele dou modele sunt permise de ambele cadre de raportare.
and equity, identification and accounting for embedded derivatives, different rules for presentation and evaluation of non-current assets held for sale, definition and accounting for investment property, etc. Additionally, some entities may apply different measurement models for tangible assets (cost model vs. revaluation model) for IFRS and statutory purposes, even if the two models are allowed by both reporting frameworks.
Cerinele de prezentare sunt mai extensive conform IFRS, n special cele aferente instrumentelor financiare. Spre exemplu, prezentarea valorii juste a instrumentelor financiare evaluate la cost amortizat i analiza senzitivitii la risc sunt cerine de prezentare prevzute de IFRS 7 Instrumente financiare: recunoatere i evaluare care nu se regsesc n cadrul reglementrilor contabile statutare. n schimb, pentru situaiile financiare IFRS nu se mai prescrie un format standard al bilanului contabil i contului de profit i pierdere, prezentarea acestora fiind dictat de principiile prevzute n cadrul IAS 1 Prezentarea situaiilor financiare.
Disclosure
requirements are more extensive under IFRS, especially for financial instruments. For example, presentation of fair value of financial instruments measured at amortized cost and risk sensitivity analysis required by IFRS 7 Financial Instruments: Recognition and Measurement are not currently required by the statutory regulations. On a different note, for the IFRS financial statements standard formats for the statement of financial position or the income statement are no longer prescribed, presentation of financial statements being ruled by the principles set in IAS 1 Presentation of financial statements.
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2.4 Ce presupune momentul tranziiei? La momentul 1 ianuarie 2012, soldurile conturilor din balana de verificare la 31 decembrie 2011 ntocmit n baza reglementrilor contabile conforme cu directivele europene (Ordinul 13/2008) trebuie transpuse conturile de deschidere ale exerciiului financiar 2012 definite n baza noului plan de conturi IFRS prevzut de Ordinul 27/2010, conform regulilor de concordan prevzute de Ordin. De asemenea, la 1 ianuarie 2012 instituiile de credit vor prelua n balana de verificare ajustrile de retratare IFRS la 31 decembrie 2011, prin intermediul contului 5817 Rezultatul reportat provenit din implementarea IFRS ca baz a contabilitii prevzut n noul plan de conturi IFRS din cadrul Ordinului 27/2010. 2.5 Care sunt implicaiile prudeniale? Trecerea la IFRS ca baz a contabilitii impune introducerea de ctre Banca Naional a Romniei a unor filtre prudeniale ce au ca obiectiv ajustarea valorilor contabile ale elementelor de capitaluri proprii determinate conform regulilor IFRS astfel nct recunoaterea lor n fondurile proprii prudeniale s respecte criteriile de permanen, evaluare credibil i capacitate necondiionat de acoperire a pierderilor. La nivel european, filtrele prudeniale ce se impun sau se recomand a fi stabilite de ctre statele membre sunt prevzute n cadrul Directivei nr.2006/48/CE a Parlamentului European i a Consiliului din 14 iunie 2006 privind accesul la activitate i desfurarea activitii de ctre instituiile de credit i al
2.4 What will happen on the transition date? At 1 January 2012, closing balances as per the trial balance at 31 December 2011 prepared in accordance with the accounting regulation conforming to European Directives (Order 13/2008) have to be transposed into the opening balances for the financial year 2012 in the accounts defined on the basis of the new IFRS chart of accounts prescribed by Order 27/2010, according to the correspondence rules provided by the Order. Furthermore, the trial balance of each credit institution as at 1 January 2012 will include the IFRS restatement adjustments as at 31 December 2011 which will be recorded using the account 5871 Retained earnings from implementation of IFRS as basis of accounting included in the new chart of accounts provided by Order 27/2010. 2.5 Which are the prudential implications? Conversion to IFRS as the basis of accounting requires introduction of prudential filters by the National Bank of Romania in order to adjust the carrying amounts of equity elements determined in accordance with IFRS so that their inclusion into the prudential own funds meets the required criteria for permanence, reliable evaluation and the unconditional capacity to absorb losses. At European level, prudential filters that are required or recommended to be set by member states are outlined by Directive 2006/48/CE of the European Parliament and of the Council of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions and the Guidelines on the application of prudential filters issued by
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Ghidului privind aplicarea filtrelor CEBS (Committee of European Banking prudeniale emis n anul 2004 de ctre CEBS Supervisors) in 2004. (Comitetul European al Supraveghetorilor Bancari). As at the date when this article was written, the National Bank of Romania had published on its website in draft form the new prudential regulations applicable to credit institutions as of 1 January 2012. According to the draft Regulation for the amendment of Regulation no. 18/23/2006 issued by the National Bank of Romania and the National Securities Commission in relation to the own funds of credit institutions and investment entities, with subsequent amendments, the equity elements for which prudential filters apply under the draft legislation are:
Pn la data redactrii acestui articol, Banca Naional a Romniei a publicat pe site-ul su proiectele de modificare a reglementrilor prudeniale aplicabile instituiilor de credit ncepnd cu 1 ianuarie 2012. Conform proiectului Regulamentului pentru modificarea i completarea Regulamentului BNR i CNVM nr.18/23/2006 privind fondurile proprii ale instituiilor de credit i ale firmelor de investiii, cu modificrile i completrile ulterioare, elementele de capitaluri proprii pentru care se vor aplica filtre prudeniale sunt urmtoarele:
Diferenele din evaluarea la valoarea just Gains and losses from fair value measurement of financial assets available a activelor financiare disponibile n for sale; vederea vnzrii; Diferenele din evaluarea la valoarea just Gains and losses from fair value measurement of tangible assets and a imobilizrilor corporale i a investiiilor investment property; imobiliare; Diferenele de valoare just aferente ctigurilor i pierderilor nerealizate n cadrul unor operaiuni de acoperire a fluxurilor de numerar; Ctigurile i pierderile aferente evalurii datoriilor la valoarea just determinate de modificarea anterioar a ratingului instituiei de credit.

Fair value reserves related to unrealised gains and losses on cash flow hedges; Gains and losses from fair value measurement of financial liabilities resulting from changes in the entitys own credit standing.
De asemenea, conform proiectelor de modificare a reglementrilor prudeniale pentru calculul fondurilor proprii ale instituiilor de credit nivelul de referin al provizioanelor va fi cel calculat conform
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According to the draft regulations, the reference level of provisions for calculation of own funds of credit institutions will be determined in accordance with the methodology set by Regulation 3/2009; thus,
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metodologiei din Regulamentul 3/2009; astfel dac provizioanele determinate conform regulilor IFRS vor fi mai mici dect provizioanele calculate conform Regulamentului 3/2009 la nivelul expunerilor individuale, diferena se va deduce la calculul fondurilor proprii. Similar, la calculul valorii expunerilor se vor deduce ajustrile de valoare determinate ca maximul dintre provizionul stabilit conform Regulamentului 3/2009 i provizionul stabilit conform IFRS. 2.6 Care sunt tranziiei? implicaiile fiscale
if provisions determined according to IFRS are smaller than provisions calculated in accordance with Regulation 3/2009 on an individual loan basis, the difference will be deducted from own funds. Similarly, exposures will be adjusted by the maximum between the provision calculated in accordance with Regulation 3/2009 and the provision determined in accordance with IFRS.
ale 2.6 What are the tax implications of the transition?
Din punct de vedere fiscal, exist dou From a fiscal point of view, there are two aspecte care trebuie avute n vedere de aspects to be considered by credit institutions instituiile de credit ncepnd cu 1 ianuarie starting from 1 January 2012: 2012:
Diferenele ntre valoarea contabil a elementelor de activ i datorie determinat n conformitate cu IFRS i baza fiscal stabilit conform prevederilor fiscale aplicabile trebuie identificate i evaluate prin prisma cerinelor IAS 12 pentru a determina necesitatea calculrii i nregistrrii impozitului pe profit amnat. Avnd n vedere legislaia fiscal n vigoare i discuiile purtate pn n prezent ntre reprezentanii Asociaiei Romne a Bncilor, Bncii Naionale a Romniei i Ministerului Finanelor Publice, cel mai probabil aceste diferene se vor referi n principal la provizioanele pentru pierderi din deprecierea creditelor i creanelor (nivelul deductibil al acestora ar putea fi stabilit la nivelul provizioanelor calculate conform Regulamentului 3/2009), precum i la
Differences between the carrying amounts of assets and liabilities determined in accordance with IFRS and the tax base established in accordance with the applicable tax provisions need to be identified and assessed in accordance with IAS 12 to determine the need to calculate and recognise deferred tax assets and liabilities. Given the tax laws in force and the discussions carried out so far between representatives of the Romanian Banking Association, the National Bank of Romania and the Ministry of Public Finance, it is probable that these differences will relate mainly to impairment loss provisions for loans and receivables (the deductible level of provisions could be set at the level of provisions determined in accordance with Regulation 3/2009), as well as to items that are currently considered to be fully or partially non-taxable/ non-deductible
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elementele care sunt considerate i n prezent total sau parial neimpozabile/ nedeductibile (spre exemplu ajustrile pentru deprecierea altor active financiare, a imobilizrilor corporale i necorporale i a stocurilor, provizioanele pentru riscuri i cheltuieli, diferenele din evaluarea la valoarea just a activelor disponibile pentru vnzare). De asemenea, un tratament diferit al imobilizrilor corporale i necorporale conform IFRS fa de cel fiscal n ceea ce privete metoda de amortizare, duratele de via estimate sau reevaluarea ar putea genera diferene temporare impozabile sau deductibile.
(e.g. impairment loss allowances for of other financial assets, tangible and intangible assets and inventories, provisions for risks and charges, gains/ losses resulting from fair value measurement of available for sale financial assets). Additionally, a different treatment of tangible and intangible assets applied under IFRS as compared to those applied for fiscal purposes in respect of the depreciation method, estimated useful lives or revaluation could generate taxable or deductible temporary differences.
Anumite ajustri preluate la rezultatul reportat provenit din implementarea IFRS ca baz a contabilitii pot avea natur impozabil sau deductibil, n funcie de tratamentul fiscal care va fi aplicabil elementelor care le genereaz ncepnd cu 1 ianuarie 2012. n funcie de amploarea estimat a impactului fiscal al acestor ajustri la momentul 1 ianuarie 2012, Ministerul Finanelor Publice ar putea stabili ealonarea acestui impact pe o perioad de mai muli ani dup data tranziiei.
Certain adjustments included in retained earnings arising from implementation of IFRS as the basis of accounting may be taxable or deductible, depending on the tax treatment applied to the items generating these adjustments starting from 1 January 2012. Depending on the estimated size of the fiscal impact of these adjustments as at 1 January 2012, the Ministry of Public Finance may decide to defer this impact over a period of several years following the date of transition.
2.7 Care implicate?
sunt
principalele
costuri 2.7 What are the main costs involved?
Cele mai mari costuri pe care le au instituiile de credit n procesul de tranziie la IFRS ca baz a contabilitii sunt legate de modificrile necesare la nivelul sistemelor informatice, constnd n principal n
The highest costs incurred by credit institutions in their transition to IFRS as the basis of accounting are related to the changes required in the IT systems, consisting mainly of developing the functionalities for
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dezvoltarea funcionalitilor de calcul al ratei efective a dobnzii i a provizioanelor pentru pierderi din deprecierea creditelor, constituirea bazelor de date cu informaii istorice necesare pentru elaborarea estimrilor pe care le presupune calculul provizioanelor IFRS, precum i alinierea planului de conturi i a sistemului de raportri financiare, prudeniale i de management la noile reguli impuse de trecerea la IFRS. De asemenea, bncile trebuie s suporte costurile interne sau externe aferente managementului proiectului de conversie, instruirii personalului i elaborrii de politici, norme i metodologii interne aliniate la IFRS. n funcie de impactul fiscal i prudenial al tranziiei la IFRS, pentru unele instituii de credit pot aprea i costuri indirecte legate de impozitele de plat sau de cerinele de capital suplimentar.
calculation of the effective interest rate and impairment loss provisions for loans and receivables, creating databases with historical information required in order to generate the estimations involved in calculating the IFRS provisions and aligning the chart of accounts as well as the financial, prudential and management reporting system to the new rules imposed by the transition to IFRS. Banks must also bear internal or external costs related to the management of the conversion project, staff training, and development of internal policies, procedures and methodologies aligned to IFRS.
Depending on the fiscal and prudential impact of the transition to IFRS, indirect costs related to tax payable or additional capital requirements may also arise for some credit institutions.
2.8 Care sunt principalele avantaje ale 2.8 What are the main advantages of tranziiei la IFRS? transition to IFRS? Pentru instituiile de credit care fac parte din grupuri financiare ce raporteaz conform regulilor aplicabile n ara de origine conform IFRS, beneficiile trecerii la IFRS ca baz a contabilitii decurg din simplificarea i eficientizarea procesului de raportare financiar, prin eliminarea raportrilor paralele i posibilitatea utilizrii unor politici, proceduri i sisteme comune la nivel de grup. Se extind de asemenea oportunitile de creare a unor centre financiare regionale, de alocare eficient a resurselor n cadrul grupului i de centralizare a eforturilor de formare i dezvoltare a personalului din domeniul financiar. For credit institutions that are part of financial groups which report under IFRS in the country of origin, the benefits of converting to IFRS as the basis of accounting result from the simplification and streamlining of the financial reporting process, by eliminating the need for parallel reporting and allowing for the use of common policies, procedures and systems at group level. The opportunities to create regional financial centers, to allocate resources within the group more efficiently to centralize the training and development of financial professionals are also expanding.
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Necesitatea implementrii unor noi funcionaliti de calcul i raportare la momentul tranziiei la IFRS ca baz a contabilitii ofer de asemenea ocazia automatizrii unor calcule i raportri efectuate pn la acest moment manual, diminund riscurile operaionale i eforturile implicate. La nivel macroeconomic, adoptarea IFRS creeaz un cadru propice dezvoltrii pieei de capital i diminueaz barierele comerciale i cele aferente fluxurilor monetare internaionale, prin creterea transparenei, credibilitii i comparabilitii informaiilor financiare. n plus fa de beneficiile interne, entitile care adopt IFRS au posibilitatea de a compara propriile raportri financiare cu cele ale competitorilor internaionali. De asemenea, utilizarea IFRS este de natur s faciliteze accesul la pieele de capital i la investiiile strine precum i achiziiile i fuziunile transfrontaliere. 3. Modificri preconizate n IFRS Pe agenda IASB se afl n prezent un numr semnificativ de standarde n curs de revizuire i noi standarde ce urmeaz a fi emise n urmtorii ani, ce vor aduce modificri regulilor privind instrumentele financiare, contractelor de leasing, recunoaterea veniturilor, provizioane, datorii i active contingente, consolidare, impozitul pe profit etc. Pentru instituiile financiare nebancare, cele mai relevante propuneri de modificare se refer la:
The need to implement new calculation and reporting functionalities with a view to transition to IFRS as the basis of accounting also creates the opportunity to automate certain calculation and reports that are currently prepared manually, reducing operational risks and efforts involved. At a macroeconomic level, the adoption of IFRS creates an adequate framework for development of capital market and reduces barriers related to trade and international monetary cash flows, enhancing the transparency, credibility and comparability of financial information. In addition to internal benefits, entities which adopt IFRS can compare their financial reports with those of their international competitors. Also, the use of IFRS is likely to facilitate access to capital markets and foreign investment, as well as cross-border acquisitions and mergers.
3. Expected changes in IFRS Currently, the IASB agenda includes a significant number of standards in the course of revision and new standards that will be issued over the next few years, which will bring changes to existing rules on financial instruments, leases, revenue recognition, provisions, contingent liabilities and contingent assets, consolidation, income tax etc. For non-banking financial institutions, the most relevant proposed amendments relate to: Leases in 2010, the IASB issued an exposure draft proposing a consistent approach for all types of leases for both lessees and lessors, based on the right
Contractele de leasing - n 2010 IASB a emis un proiect de expunere n care propune o abordare consecvent pentru toate tipurile de contracte de leasing att
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pentru locatari ct i pentru locatori, bazat pe abordarea dreptului de utilizare al activului, rezultnd n recunoaterea unei obligaii de plat aferent contractului de leasing i a dreptului de utilizare a activului ce face obiectul contratului de leasing n situaiile financiare ale locatarului. Deliberrile IASB pe marginea acestui proiect, prelungite n special datorit discuiilor referitoare la modelul de contabilizare ce urmeaz s fie aplicat de ctre locatori, se ateapt s fie finalizate n trimestrul trei al anului 2011 i vor fi urmate cel mai probabil de emiterea unui proiect de expunere revizuit.
of use of the asset, resulting in the recognition by the lessee of a liability for its obligations to pay rentals and an asset for the right to use the leased item. The Boards deliberations on this topic, which have extended especially due to discussions related to the accounting model to be applied by lessors, are expected to be completed in the third quarter of 2011 and will be followed most likely by the issuance of a revised exposure draft.
Instrumente financiare IAS 39 va fi nlocuit de IFRS 9 n cadrul unui proiect structurat n patru faze. n prima faz au fost adoptate regulile privind clasificarea i evaluarea instrumentelor financiare, acestea prevznd clasificarea n dou categorii: instrumente evaluate la cost amortizat i instrumente evaluate la valoarea just, n funcie de termenii contractuali ai instrumentului i de modelul de afaceri. n cadrul celei de-a doua faze, referitoare la deprecierea activelor financiare, a fost emis un proiect de expunere ce propune nlocuirea modelului actual bazat pe pierderile materializate cu un model bazat pe pierderile ateptate, care va conduce la o recunoatere mai accelerat a pierderilor din creditare. Ultimele dou faze se refer la contabilitatea de acoperire i la compensarea activelor i datoriilor financiare. ntr-un proiect de expunere emis n august 2011 IASB a decis amnarea aplicrii obligatorii a IFRS 9 pentru perioadele anuale ncepnd dup 1 ianuarie 2015.
Financial instruments IAS 39 will be replaced by IFRS 9 within a project divided into four phases. In the first phase the rules on classification and measurement of financial instruments have been adopted, providing for classification into two categories: financial instruments measured at amortized cost and financial instruments measured at fair value, based on the contractual terms of the instrument and on the business model. In the second phase involving the impairment of financial assets, an exposure draft has been issued proposing the replacement of the current model based on incurred losses with a model based on expected losses that will likely result in an accelerated recognition of credit losses. The last two phases involve hedge accounting and offsetting financial assets and liabilities. In an exposure draft issued in August 2011, the IASB decided to defer the mandatory application of IFRS 9 for annual periods starting on or after 1 January 2015.
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Provizioane, datorii i active contingente - Spre deosebire de modelul curent prevzut de IAS 37 conform cruia o obligaie este recunoscut ca o datorie numai atunci cnd este probabil ca aceasta s rezulte ntr-o ieire de numerar sau alte resurse, proiectul de expunere pentru nlocuirea lui IAS 37 emis n 2010 propune ca entitile s reflecte incertitudinile privind valoarea i momentul ieirilor de resurse prin utilizarea unei metode de evaluare care reflect valoarea ateptat (media ieirilor de resurse posibile, ponderate n funcie de probabilitate).
Provisions, contingent liabilities and contingent assets - In contrast to the current model provided under IAS 37, according to which an obligation is recognized as a liability when and only it is probable to result in an outflow of cash or other resources, the exposure draft for replacement of IAS 37 issued in 2010 proposes that entities account for uncertainty about the amount and timing of outflows by using a measurement that reflects their expected value (the probability-weighted average of the outflows for the range of possible outcomes).
Pentru ca noile standarde s fie aplicate de entitile din Romnia care au obligaia legal de a ntocmi situaii financiare IFRS, acestea trebuie s fie mai nti adoptate de Uniunea European potrivit procedurii prevzute de Regulamentul 1606/2002.
In order for the new standards to be applicable by the entities in Romania that have a legal obligation to prepare IFRS financial statements, they have to be first endorsed by the European Union according to the procedure laid down in Regulation 1606/2002.
4. Concluzii Trecerea la IFRS ca baz a contabilitii i cadru unic de raportare este un proiect de amploare, ce antreneaz costuri semnificative i implic resurse la nivelul ntregii organizaii. Necesitile de raportare paralel nu sunt eliminate n ntregime, fiind necesar n continuare meninerea unor evidene specifice n scopuri fiscale i prudeniale. Pe de alt parte, pentru grupurile financiare internaionale care raporteaz n ara de origine conform IFRS, sinergiile aplicrii unor reguli comune de raportare la nivelul tuturor entitilor din grup pot fi semnificative. O opiune oferit instituiilor
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4. Conclusions Transition to IFRS as the basis for accounting and a single reporting framework is a large project that involves significant costs and resources throughout the entire organization. Parallel reporting requirements are not fully eliminated, as it is still necessary to maintain specific records for tax and prudential purposes. On the other hand, for international financial groups which report under IFRS in the country of origin, the synergies of applying common reporting rules for all entities in the group may be significant. An option provided to non-banking financial institutions to choose between Romanian
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financiare nebancare de a alege ca baz de raportare ntre standardele romneti i IFRS ar permite fiecrei entiti n parte s efectueze propria analiz a avantajelor i dezavantajelor tranziiei la IFRS ca baz a contabilitii, dar ar putea avea ca rezultat diminuarea comparabilitii rezultatelor financiare raportate la nivelul sistemului financiar nebancar. Soluia de reglementare aleas pentru instituiile financiare nebancare din Romnia trebuie fundamentat pe o analiz a costurilor i beneficiilor la nivel de sistem, care s reflecte att tendinele ce caracterizeaz sistemul financiar la nivel european i global ct i particularitile sistemului financiar romnesc.
standards and IFRS as the basis for reporting would allow each entity to conduct their own analysis of the advantages and disadvantages of converting to IFRS as the basis of accounting, but could result in reduced comparability of reports throughout the nonbanking financial system. The regulatory solution chosen for non-banking financial institutions in Romania should be based on an analysis of costs-and-benefits performed at system level, reflecting both the trends observed in the European and global financial system and the particularities of the Romanian financial system.
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BRD Finance - A5 Wednesday, November 02, 2011 7:51:33 PM
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Manuela Guia avocat senior coordonator D&B David i Baias Bianca Naghi avocat asociat D&B David i Baias
Capitolul VIII Rspunderea ntreprinderii-mam pentru fapta filialei n dreptul concurenei

Legea concurenei1 reglementeaz, printre altele, sancionarea actelor i faptelor care restrng, mpiedic, denatureaz concurena, atunci cnd acestea sunt svrite de ntreprinderi sau asociaii de ntreprinderi i de ctre autoriti / instituii ale administraiei publice centrale sau locale. Aplicarea regulilor de concuren se face n temeiul prevederilor legale menionate mai sus i al legislaiei secundare (instruciuni i regulamente emise de ctre Consiliul Concurenei) completate cu elemente ce in de practica autoritii de concuren din Romnia, a Comisiei Europene i jurisprudena instanelor naionale i a celor europene competente. Pentru a determina n ce msur societateamam ar putea rspunde pentru faptele filialei, trebuie s pornim analiza noastr de la modul n care Legea Concurenei i legislaia secundar definesc ntreprinderea, n calitate de subiect activ al oprimrilor Legii concurenei. Ca o prim premis, definiia dat de Legea concurenei ntreprinderii, i anume, orice entitate angajat ntr-o activitate economic constnd n oferirea de bunuri sau de servicii pe o pia dat, influennd direct sau
Chapter VIII Attributing liability to the parent company for their subsidiaries in competition law
Competition Law7 provides, among others, the sanctioning of the actions and the deeds which prevent, restrict or hinder competition, when such actions or deeds are performed by undertakings or associations of undertakings and by authorities / institutions of the local or central public administration. Enforcing competition rules is made in light of the legal provisions mentioned above and the secondary legislation (guidelines and regulations issued by the Competition Council) corroborated with the Competition Council and European Commission case law, as well as the judicial cases reviewed by the European and Romanian courts of law. In order to determine the manner in which the parent-company might be held liable for the actions of its subsidiaries, our analysis must start from the way in which the Competition Law and the secondary legislation define the undertaking, acting as subject of the Competition Law oppressions. Firstly, the Competition Laws definition of the undertaking, respectively, any entity employed in an economic activity consisting of offering goods or services on a given market, thus directly or indirectly influencing
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Legea concurenei nr. 21/1996, modificat prin Legea nr. 149 din 5 iulie 2011 pentru aprobarea Ordonanei de urgen a Guvernului nr. 75/2010 privind modificarea i completarea Legii concurenei nr. 21/1996. Competition Law no. 21/1996, amended by Law no. 149 dated 5 July 2011 on enforcing Emergency Governmental Ordinance no. 75/2010 on amending and supplementing Competition Law no. 21/1996.
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indirect concurena, ofer primul indiciu n sensul c, ntreprinderea nu corespunde definiiei de persoan juridic din dreptul comercial sau fiscal. Aceast concluzie este ntrit de definiia dat n jurispruden, i anume ntreprinderea este o unitate economic compus dintr-o structur organizat unitar de personal, elemente tangibile i intangibile care urmrete atingerea unui scop de natur economic indiferent de forma juridic pe care o are2. n baza definiiilor de mai sus, s-a ajuns la concluzia c ntreprinderea-mam constituie mpreun cu filiala sa / ntreprinderile din acelai grup o singur unitate economic i, ca atare, o singur ntreprindere. Mai mult, dat fiind aceast soluie consfinit legal i confirmat jurisprudenial, ntreprinderilemam pot fi inute rspunztoare pentru faptele subsidiarelor lor, atunci cnd ntreprinderile-mam au o influen decisiv asupra conduitei filialei lor i atunci cnd, n mod concret, i exercit o astfel de influen3. Subliniem c interesul rezid n faptul c sanciunile impuse prin Legea concurenei se calculeaz, n genere, prin raportare la cifra de afaceri a persoanei juridice sancionate din anul precedent deciziei de sancionare. Interesul, deci, n stabilirea rspunderii ntreprinderii-mam pentru faptele filialei rezid n diferena dintre % din cifra de afaceri a filialei, versus % din cifra de afaceri a filialei i % din cifra de afaceri a ntreprinderii-mam. Cum este posibil o astfel de atribuire a rspunderii n sarcina unei alte ntreprinderi dect cea care a efectuat efectiv actul sau fapta anticoncurenial, ct timp rspunderea
2
the competition clues in the conclusion that the competition definition of the undertaking does not correspond to the definition of the legal entity as per the commercial or fiscal law. Such conclusion is further backed by the definition given by the courts of law, respectively, the undertaking is an economic unit composed of an organized structure of personnel, tangible and intangible assets which focuses on an economic purpose, regardless of its legal form8. In light of the definition above mentioned, the parent companies along with its subsidiaries / the undertakings within its group are part of the same economic unit, and thus make up a single undertaking. Furthermore, such legally and judicially confirmed conclusion, entitles the assumption that parent companies may be held liable for their subsidiaries, if the parent companies have a decisive influence over the conduct of the subsidiaries, and if the parent companies do in fact exercise such an influence9. We underline the fact that the interest of defining the undertaking lies with the sanctions imposed by the Competition Law which are computed, as a general rule, as a percentage of the aggregate turnover of the legal entity achieved in the year prior to the sanctioning decision. Thus, the interest in establishing the liability incurred by the parent company for the deeds of its subsidiary lies with the difference between % of the turnover of its subsidiary and % of the turnover of the subsidiary and % of the turnover of the parent company. How can such a liability be possible to be attributed to an undertaking that did not actually
Cazul T-11 Shell v Comisia European [1992], ECR II-757 paragraf 311, i Cazul T-352/94 Mooch Domsjo v Comisia European [1998], ECR II-1989 paragraf 87. 3 Cazul 107/82 AEG v Comisia European [1983], ECR 3151, paragraph 49. 8 Case T-11 Shell v European Commission [1992], ECR II-757 paragraph 311, and Case T-352/94 Mooch Domsjo v European Commission [1998], ECR II-1989 paragraph 87. 9 Case 107/82 AEG v European Commission [1983], ECR 3151, paragraph 49.
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pentru fapta proprie este un principiu bine mpmntenit? Rspunsul ar putea fi acela c prin concuren se promoveaz interesele consumatorilor care au fost lezate sau care pot fi lezate de cei care ofer bunurile sau serviciile pe pia, astfel c pentru sancionarea faptei ilicite este urmrit nu numai simplul executant, ci i conductorul (cel care a exercitat o influen determinant asupra executantului).
participate to the competition infringement, when the personal liability is a generally accepted principle? To such a question, one might answer that competition does protect the interests of the consumers, interests that were harmed or could potentially be harmed by those offering goods or services on a given market, thus in order to achieve the deterrent effect of the competition sanction, the penalty addresses not only the actual doer of the infringement but also the leader (the person that had a crucial influence over the doer). As such, if an individual or a legal entity is suspected to have independently breached the competition rules, such individual or legal entity is to be sanctioned without involving any other undertaking within the group. We mention that the personal liability principle remains a rule throughout the administrative-jurisdictional proceedings before the competition authority, as well as before the courts of law. Thus, it shall be necessary to prove the infringement, and the attribution of liability to each person proposed for sanctioning. From the Romanian competition authority previous experience, we list the steps taken in order to correctly attribute liability: the individual that participated or that had a direct contribution to the competition infringement is pinpointed and identified; then, the legal entity duly represented by the individual at the time the infringement was committed is identified; next to the identification of the economic agent / the group to which the economic agent belongs to is the identification of the legal entities pertaining to the same group that independently participated to the infringement.
Ca atare, n msura n care exist suspiciunea c o persoan fizic sau juridic a acionat independent mpotriva regulilor de concuren aceasta va fi sancionat fr implicarea vreunei alte entiti din grupul din care face parte. Facem precizarea c aplicarea principiului rspunderii personale rmne o condiie pe parcursul procedurilor administrativjurisdicionale din faa autoritii de concuren, precum i a celor din faa instanelor de judecat. Astfel, va fi necesar dovedirea faptei i atribuirea rspunderii prin individualizarea persoanei creia i se imput fapta. Din experiena autoritii de concuren din Romnia menionm c pentru a stabili corect rspunderea juridic n cazul nclcrii regulilor de concuren, se urmresc urmtoarele etape: se stabilete persoana fizic care a participat sau a avut o contribuie direct la nclcarea regulilor de concuren; este identificat persoana juridic care n momentul svririi nclcrii a fost reprezentat de persoana fizic; dup identificarea agentului economic / grupului care a luat parte la nclcarea regulilor n domeniu, se determin care dintre entitile juridice aparinnd acestuia a participat n mod independent la svrirea nclcrii.
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n aceast ordine de idei, instanele europene au conchis c simpla existen a unei filiale avnd o personalitate juridic distinct de cea a ntreprinderii-mam nu exclude de plano posibilitatea de a imputa ntreprinderii-mam conduita filialei, mai ales n acele cazuri n care filiala nu decide n mod independent propria conduit pe piaa pe care activeaz, ci acioneaz la instruciunile ntreprinderiimam4. Dou prezumii jurisprudenial: simple s-au
To this end, the European courts of law have concluded that the mere existence of a subsidiary having a legal personality distinct from that of the parent company does not exclude de plano the possibility to attribute to the parent company the liability for the subsidiarys deeds, especially in those cases where the subsidiary does not independently makes decisions regarding its conduct on a market, but acts to the parent companys commands10.
creat Two simple presumptions arise from the case law: where the subsidiary is wholly owned by n cazul n care filiala este deinut n the parent company, it is presumed that ntregime de ntreprinderea-mam, se the parent company exercises a decisive prezum c aceasta din urm exercit o influence over the subsidiary (in putere de influen decisiv asupra filialei particular Case Akzo Nobel v European (n special n Cazul Akzo Nobel v Comisia Commission). Also from the judicial case European). Tot pe cale jurisprudenial, law, the presumption has been extended prezumia s-a extins i n cazul deinerii to the case where the parent company unei participaii mai mici, dar majoritare owns a smaller shareholding, but still a (Decizia C-520/09 din data de majority stake (Decision C-520/09 dated 29.09.2011, Arkema SA v Comisia 29.09.2011, Arkema SA v European European, paragraf 42); Commission, paragraph 42); n msura n care ntreprinderea-mam la if the parent company at the time of the momentul efecturii conduitei interzise (i) infringement (i) could have exercised a putea s exercite o influen decisiv decisive influence over the subsidiary; asupra filialei; i (ii) a exercitat n mod and (ii) did in fact exercise such a concret aceast prerogativ, se va crea o prerogative, a simple presumption arises prezumie simpl prin care ntreprindereathat the parent company is liable for the mam rspunde pentru faptele filialei. deeds of its subsidiary. Rsturnarea acestei prezumii revine n Overturning the burden of such a sarcina ntreprinderii-mam (Prezumia presumption belongs to the parent company 5 Stora ), iar puterea acestei prezumii (the Stora Presumption11), and the legal simple crete cu att mai mult cu ct se power of such a simple presumption cere ntreprinderii-mam s fac dovada increases as the parent company is required unui fapt negativ (totodat, prezumia to make the proof of a negative fact opereaz fr a fi necesar verificarea (furthermore, the presumption operates
Cazul 6/72 Europemballage i Continental Can v Comisia European [1973] ECR 215 paragraf 15; Cazul C-294/98 P Mets-Serla i Alii v Comisia European [2000] ECR I-10065 paragraf 27. Atunci cnd filial este deinut n totalitate, se nate o prezumie simpl potrivit creia ntreprinderea-mam este n msur s exercite o influen decisiv asupra conduitei filialei. Cazul C286/98 Stora Koppabergs v Comisia European [2000] ECR I-9925 paragrafele 2629. 5 Cazul C-286/98 P Stora v Comisia European [2000] ECR I-9925.
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faptului c ntreprinderea-mam exercitat n mod efectiv acea putere6).
without the need to verify that the parent company actually exercise such a power12). Moreover, in order to held liable the parent company, there is no need to prove that it played a material role in the infringement of the subsidiary, as there is no need for the parent company to have real time knowledge of the manner in which the infringement of the subsidiary took place (Case T-325/01 Daimler Chrysler AG v European Commission [2005], ECR II-033925, paragraph 29, Case T-42/07 Dow Chemical Company and Others v European Commission).
Mai mult, pentru atragerea rspunderii ntreprinderii-mam, nu este necesar ca aceasta s joace un rol material n realizarea conduitei interzise a filialei i nu este necesar nici ca ntreprinderea-mam s aib cunotin n timp real de modul n care se realizeaz conduita filialei (Cazul T-325/01 Daimler Chrysler AG v Comisia European [2005], ECR II-033925, paragraf 29, Cazul T-42/07 Dow Chemical Company i Alii v Comisia European).
n combaterea celor dou prezumii, Overturning the two presumptions, a number ntreprinderea-mam a naintat fr succes of arguments have been raised but rejected in argumente precum: the European case law: the parent company is organized as a ntreprinderea-mam este o societate de tip holding entity and its involvement in the holding i implicarea ei n activitatea activity of its subsidiary is limited to the filialei este restrns la decizii financiare major financial and strategic decisions, i strategice majore, iar ntreprindereaand the parent company does not hold mam nu deine suficiente instrumente sufficient operational instruments as to operaionale pentru a exercita o influen decisively influence the commercial decisiv asupra conduitei comerciale ale conduct of the subsidiary (argument filialei (argument respins n Cazul Crejected in Case C-97/08, Akzo Nobel v European Commission paragraph 65) 97/08, Akzo Nobel v Comisia European paragraf 65) the obligation to report incurred by the obligaia de raportare a filialei se limiteaz subsidiary is limited to financial results doar la rezultate i previziuni financiare i and forecasts and does not include the nu include detalii cu privire la politica commercial policy of the undertaking comercial a ntreprinderii (argument (argument rejected in Case T-175/05 Akzo respins n Cazul T-175/05 Akzo Nobel v Nobel v European Commission, paragraph Comisia European, paragraf 102-104, 102-104, Case T-168/05 Arkema SA v European Commission, paragraph 159) Cazul T-168/05 Arkema SA v Comisia European, paragraf 159) the parent company and the subsidiary act ntreprinderea-mam i filiala acioneaz on different relevant markets (argument pe piee relevante distincte (argument rejected in Case T-168/05 Arkema SA v
Case 6/72 Europemballage and Continental Can v European Commission [1973] ECR 215 paragraph 15; Case C-294/98 P MetsSerla and Others v European Commission [2000] ECR I-10065 paragraph 27. When the subsidiary is wholly owned by the parent company, the simple presumption that the parent company is able to exercise a decisive influence over the conduct of its subsidiary arises. Case C-286/98 Stora Koppabergs v European Commission [2000] ECR I-9925 paragraphs 2629. 11 Case C-286/98 P Stora v European Commission [2000] ECR I-9925. 6 Cazuri cumulate T-71/03, T-74/03, T-87/03 i T-91/03 Tokai Carbon v Comisia European [2005] ECR II-00010, paragraf 60 12 Joint cases T-71/03, T-74/03, T-87/03 and T-91/03 Tokai Carbon v European Commission [2005] ECR II-00010, paragraph 60.
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respins n Cazul T-168/05 Arkema SA v European Commission, paragraph 53) the influence of the parent company was Comisia European, paragraf 53) influena ntreprinderii-mam nu a fost not exercised in the area of activity in exercitat n aria de activitate a filialei n which the subsidiary made the care aceasta a svrit conduita infringement (argument rejected in Case anticoncurenial (argument respins n T-112/05 Akzo Nobel v European Cazul T-112/05 Akzo Nobel v Comisia Commission, [2007] ECR- II 05049, European, [2007] ECR- II 05049, paragraph 83). paragraf 83). n concluzie, este important nc de la nceput dezvoltarea unei strategii comerciale care s permit aprarea ntreprinderii-mam de orice represalii concureniale ale filialei. n acest sens, o simpl politic care organizeaz grupul nu va lmuri ntru -totul problema atribuirii rspunderii, ns aceast premis public i asumat va putea tempera greutatea prezumiilor de care am fcut vorbire mai sus. Bineneles, se pot imagina i alte prghii legale de definire i delimitare a existenei comerciale a filialei de cea a ntreprinderiimam. n plus, fa de orice mecanisme menite s protejeze societatea mam de o rspundere pe care nu o poate controla efectiv, protecia cea mai eficace rmne creterea gradului de cunoatere a regulilor de concuren i realizarea unor programe de control i pregtire profesional menite s asigure verificarea din punct de vedere concurenial a modului n care activitatea ntreprinderii (i a angajailor acesteia) respect prevederile Legii concurenei. In conclusion, it is important from the very beginning to develop a commercial strategy which allows the parent company to protect itself from the competition deeds of its subsidiary. To this end, a simple policy which organises the group shall not entirely settle the attribution of liability issue, but such a publicly assumed start point shall be able to mitigate the weight of the above mentioned presumptions. Of course, other legal means could be imagined in order to further define and delineate the commercial existence of the subsidiary from that of the parent company. In addition to the mechanisms that could protect the parent company from incurring liability that cannot effectively manage, the most secure protection is to increase the level of knowledge of the competition rules and to engage into implementation of control programmes and educational courses having the purpose of ensuring competition awareness.
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Investiii mai bune pentru succes.

Noi v sprijinim.
11/8/2011 10:58:41 AM
Capitolul IX Texte legislative pentru I.F.N.-uri publicate n Monitorul Oficial n perioada iunie 2010 - iunie 2011 Chapter IX N.B.F.I. Legislation published in the Official Gazette during June 2010 - June 2011
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IX.1. Order No. 26/2010

of December 13, 2010 regarding the amendment and supplementation of EU-compliant Accounting Regulations, applicable to credit institutions, non-banking financial institutions and to the Deposit Guarantee Fund in the Banking System, approved through NBR Order No. 13/2008 Pursuant to the provisions of Article 153 of Emergency Government Ordinance No. 99/2006 regarding credit institutions and capital adequacy, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, of Articles 22 and 54 of Law No. 93/2009 regarding non-banking financial institutions and of Article 34 of Government Ordinance No. 39/1996 regarding the establishment and functioning of the Deposit Guarantee Fund in the Banking System, as republished, Pursuant to the provisions of Article 4 paragraph (3) of Accounting Law No. 82/1991, as republished, of Article 420 paragraph (1) of Emergency Government Ordinance No. 99/2006 regarding credit institutions and capital adequacy, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, of Article 48 of Law No. 312/2004 regarding the Statute of the National Bank of Romania, of Article 73 of Law No. 93/2009 and of Article 461 of Government Ordinance No. 39/1996, as republished, The National Bank of Romania issues the following order: Article I The EU-compliant Accounting Regulations, applicable to credit institutions, nonbanking financial institutions and to the Deposit Guarantee Fund in the Banking System, approved through NBR Order No. 13/2008, published in Part I of the Official Gazette of Romania Nos. 879 and 879 bis of December 24, 2008, as subsequently amended and supplemented, shall be amended and supplemented according to the provisions in annexes Nos. 1 and 2*) forming an integral part hereof. Article II. The provisions hereof shall come into force starting with January 1, 2011. Article III. This order shall be published in Part I of the Official Gazette of Romania. President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu
Annexes Nos. 1 and 2 shall be published in Part I of the Official Gazette of Romania, No. 886 bis which may be purchased from the PR Centre of "Monitorul Official" Public Corporation, Bucharest, 1 Panduri Road.
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Annex of Order No. 26/2010 of December 13, 2010 Published in Part I of Official Gazette of Romania, No. 886bis of December 29, 2010 including Annexes Nos. 1 and 2 to NBR Order No. 26/2010 regarding the amendment and supplementation of EU-compliant Accounting Regulations, applicable to credit institutions, nonbanking financial institutions and the Deposit Guarantee Fund in the Banking System, approved through NBR Order No. 13/2008 ANNEX No. 1 Amendments and supplementations of EU-compliant Accounting Regulations, applicable to credit institutions, non-banking financial institutions and the Deposit Guarantee Fund in the Banking System ...................................................................................................................................................... 20. Under item 83, paragraph (1), letter c) and paragraph (3) shall be amended and shall read as follows: "c) at the fair value for the goods obtained free of charge or surplus goods found during stock-taking, for the goods obtained as a result of the civil enforcement of receivables or termination of financial leasing contracts, and for financial derivatives. ............................................................................................................................... (3) Fair value shall mean the amount for which the asset could be willingly exchanged knowingly between parties in an arms length transaction. The fair value of assets shall be generally determined according to the registration data on the market, through an evaluation made, as a rule, by professionals qualified in the evaluation field. If there are no fair value data on the market, because of the specialized nature of assets and of the reduced frequency of transactions, the fair value may be determined through other methods used, as a rule, by evaluation professionals." ....................................................................................................................................................... 71. After item 308, item 3081 shall be inserted, reading as follows: "3081 (1) The movable and immovable assets, other than securities and cash, which, as a result of the civil enforcement of receivables or the termination of financial leasing contracts, entered the possession of the institution, are posted in account 368 "Other sundry goods", as against account 767 "Income from recoveries of receivables " (at the level of the amounts due to the institution, distinct analytical items for the classes of accounts in which the related receivables registered as a loss were posted) and account 3566 "Other sundry creditors" (for the potential difference to return). The profit and loss account features the net gains or losses resulted further to the recovery of such goods, calculated as a difference between the income posted in account 767 "Income from recovered receivables " and the expenses generated by posting as a loss the value of the related receivables, not covered by impairment adjustments (posted in account 668 "Losses from receivables not covered by impairment adjustments "). (2) The goods acquired as a result of the civil enforcement of receivables or termination of financial leasing contracts and other goods destined to sale shall be posted in distinct analytical accounts, opened within stock accounts.
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(3) For the goods stored for resale, the sale price shall be posted in account 7495 "Income from movable and immovable assets associated to the enforcement of receivables", and such asset is written off the books by crediting of account #368 "Other sundry goods" as against account 6497 "Other sundry operating expenses ". ....................................................................................................................................................... 74. Under item 319, after paragraph (5), paragraphs (6) - (8) shall be inserted, reading as follows: "(6) When posting the economic and financial operations, institutions shall also take into account the observance of the requirements of the substance over form principle, provided under item 79. (7) The classification of leasing contracts into financial leasing or operational leasing shall be made at the beginning of the contract. (8) The tangible assets whose supply is in progress, for which the risks and the related benefits were transferred, shall be posted in distinct analytical accounts." 75. After item 319, item 3191 shall be inserted, reading as follows: "3191. The movable and immovable assets which, as a result of the civil enforcement of receivables or termination of financial leasing contracts, come into the possession of the institution and are to be used in its own activity, posted in account 368 "Other sundry goods", shall be transferred into the appropriate non-current assets accounts, according to the provisions of item 1291." 76. Under item 320, paragraphs (10) and (15) shall be amended, reading as follows: "(10) The depreciation of the good covered by the contract shall be posted - in case of financial leasing - by the lessee/user and - in case of the operational leasing - by the lessor/lender. The purchases of movable and immovable goods, in case of the financial leasing, are treated as investments, and are subject to depreciation consistently with the normal depreciation policy for similar goods. In the case of operational leasing, goods are subject to depreciation by the lessor, consistently with the normal depreciation policy for the similar goods thereof. ............................................................................................................................... (15) A transaction related to the sale of a long-term asset and lease of the same asset in leasing (leaseback) shall be posted according to the clauses of the leasing contract as follows: a) if the transaction related to the sale and lease of the same asset results in a financial leasing, the transaction represents a means through which the Lessor grants a financing to the lessee, the asset playing the role of a security. The institution that gets the financing (the lessee) shall not disclose the asset sale operation in the accounting, as the income disclosure conditions are not met. The asset continues to remain registered according to the value existing before the leasing operation, with the related depreciation regime. The financing operation shall be registered by means of account "Debts from financial leasing operations ", and the payable interest (calculated and not due) corresponding to the debts from financial leasing operations shall be accounted by means of the "Attached debts" account accordingly, as against the expense account. In terms of the regime of the value added tax, two distinct operations take place, i.e. the delivery of the good, made by the lessee and the leasing operation, made by the lessor, for which the value added tax is registered according to law; b) if the transaction related to the sale and lease of the same asset results in an operational leasing, the selling institution shall account a sale transaction, subject to the registration of the de-registration of the asset and of the amounts collected or to collect and of the value added tax for the taxable operations, according to the legal provisions. The operation related to the lease of
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the asset in an operational leasing regime shall be accounted by the user according to these regulations. Consequently, the operation shall be reflected in the profit and loss account." 77. Item 321 shall be amended and shall read as follows: "(1) In case of the financial leasing receivables expressed in RON, whose settlement is made according to the exchange rate of a hard currency, the components of the collectible installments, respectively the value of the principal (share of the input value of the good) and of the interest shall be distinctly disclosed in the justifying documents (invoices), at the invoicing exchange rate provided in the financial leasing contract. The favourable/unfavourable differences occurring, as the case may be, between the invoicing exchange rate provided in the financial leasing contract and the exchange rate on the financing granting date or the exchange rate of the foreign currency market communicated by the National Bank of Romania for the last banking day of the previous month shall be distinctly mentioned in the invoice. (2) If the invoicing date or the last day of the month is a non-banking day, upon the calculation of such exchange rate differences, the exchange rate of the foreign currency market communicated by the National Bank of Romania in the last banking day preceding it shall be taken into account."
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Ct de flexibil poate fi o companie mare
?
AGER LEASING IFN S.A.
Calea Floreasca Nr. 212, sector 1, Bucureti, 014472 leasing@ager.ro, www.agerleasing.ro Telefon: +4 021 409 00 00, Fax: +4 021 409 00 20
vehicule | echipamente | utilaje | imobile
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IX.2. Law No. 288/2010

of 28/12/2010 to approve Government Emergency Ordinance No. 50/2010 on consumer loan agreements The Parliament of Romania adopts this law. Article I. Government Emergency Ordinance No. 50 of June 9, 2010 on consumer loan agreements, published in Part I of Official Gazette of Romania No. 389 of June 11, 2010, is hereby approved, with the following amendments and additions: 1. Article 2 is amended and shall have the following content: "Article 2 This emergency ordinance applies to loan agreements, with the following exceptions: a) rental or leasing agreements, if the obligation to purchase the object of the agreement is not stipulated in the agreement or in a separate agreement; b) loan agreements in the form of overdraft facilities", under which the loan has to be repaid within one month; c) loan agreements under which the loan is granted without any interest or other costs, and loan agreements repayable within 3 months, for which only insignificant costs are paid. Insignificant costs shall mean costs up to 0.5% of the loan agreement value; d) loan agreements granted by an employer to its employees as ancillary, as a support granted to them, without any interest or with an effective annual interest lower than that charged on the market and which is not generally offered to the public; e) loan agreements concluded with investment companies, as defined under Article 2 (2) letters p) and x) of Regulations No. 32/2006 on financial investment services, approved by Order of the Romanian National Securities Commission No. 121/2006, as further amended, or with the credit institutions defined under Article 7(1) points 10, 11 and 13 of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law No. 227/2007, as further amended and supplemented, for the purpose of enabling an investor to perform a transaction related to one or several financial instruments as provided under Article 2 point 1 of Regulations No. 31/2006 on the addition of certain regulations of the Romanian National Securities Commission, with a view to implementing certain European directives provisions, approved by Order of the Romanian National Securities Commission No. 106/2006, when the investment company or the credit institution granting the loan is involved in such transaction; f) loan agreements resulting from a judgment passed by a court or other authority established according to the law; g) loan agreements concerning the deferral, free of charge, of the payment of an existing debt, other than restructuring, rescheduling agreements etc.; h) loan agreements upon the execution of which the consumer is required to provide a movable asset to the creditor, as security, the consumers legal liability being strictly limited to such movable asset offered as security. Such agreements shall not be loan agreements under which the asset offered as security is the financed asset itself; i) loan agreements concerning credits granted to a limited public, based on a legal provision of general interest, with interest rates lower than those normally charged on the market or without any interest, or under more favourable conditions for the consumer than those commonly offered on the market and with lower interest rates than those commonly charged on the market.
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2. The introductory part under Article 5 is amended and shall have the following content: "Article 5 Only the provisions of Articles 1-10, Articles 21-29, Articles 31-34, Article 45, Article 46 (1) letters a)-i) and letter m), Articles 48, 50, 51, Articles 54-57, Articles 66-78 and Articles 80-96 shall apply to the loan agreements concluded by an organization which satisfied the following conditions:". 3. Articles 11(2), letter b) is amended and shall have the following content: "b) as hardcopy or on other durable medium and drafted in writing, visibly and easy to read, using the font Times New Roman, minimum size 12 p. If the information is written on paper, the background colour of the paper on which the form is written has to contrast the colour of the font used". 4. A new paragraph, (21), is inserted under Article 11 after paragraph (2) and shall have the following content: "(21) The pre-contractual information has to be drafted such as not to mislead consumers, by using certain technical, legal or financial and banking specific phrases, by using abbreviations or acronyms of certain names, except for those provided by the law or for common language. Technical terms shall be explained at the consumers request, in writing, without any additional costs." 5. Article 14(1), letters o) and t) are amended and shall have the following content: "o) a warning regarding the consequences of the failure to pay. Such warning shall contain the terms of the reportings made to the Credit Office and the minimum term when the creditor may start the forced execution procedure; ............................................................................................................................... t) the consumers right to receive, free of charge, a copy of the draft loan agreement, in the case of credits secured by mortgage, by another comparable security or by a right in an immovable asset, and loan agreements whose purpose is to acquire or keep the title over an existing or designed immovable asset, or the renovation, planning, consolidation, rehabilitation, expansion or increasing the value of an immovable asset. In such case, point 5 regarding other important legal aspects, heading 5, in Annex No. 2, shall be reworded as follows: The right to receive the draft loan agreement. You have the right to receive one copy of the draft loan agreement. Such provision shall not apply if, at the time of the application, the creditor may not conclude the loan agreement with the consumer, in accordance with its internal rules". 6. Article 14(2), letter b) is hereby amended and shall have the following content: "b) estimated expenses related to the establishment of the mortgage and assessment of the securities."
7. Article 22(2), letter b) is amended and shall have the following content: "b) as hardcopy or on other durable media and drafted in writing, visibly and easy to read, the font used being Times New Roman, minimum size 12 p. If the information is written on paper, the background colour of the paper on which the form is written has to contrast the colour of the font used". 8. Article 28 is amended and shall have the following content:
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"Article 28 Without any prejudice to the exception provided under Article 2 letter b), in the case of loan agreements granted in the form of overdraft facilities and repayable within one month, the description of the main characteristics of the financial service shall include at least the elements provided under Article 25 letters c), e), f), g) and i)." 9. Article 30(1) is amended and shall have the following content: "Article 30 - (1) The creditor assesses the consumers creditworthiness based on a sufficient volume of information obtained, including from the consumer and, as the case may be, by consulting the relevant database before the conclusion of a loan agreement." 10. Article 30(3) is repealed. 11. Article 33 is amended and shall have the following content: "Article 33 - (1) Loan agreements shall be drafted in writing, visibly and easy to read, the font used being Times New Roman, minimum size 12 p, on paper or other durable media. If the agreement is drafted on paper, the background colour of the paper on which the agreement is drafted shall contrast that of the font used. (2) Loan agreements shall contain, clear and easy to understand information, in the Romanian language. Such information shall be detailed or additionally explained by the bank, at the consumers express request, before the execution of the agreement, in the form of a note attached to the agreement." 12. Article 34 is amended and shall have the following content: "Article 34 Upon the execution of the agreement, all contracting parties shall receive one original counterpart of the loan agreement, except for remote agreements." 13. Article 35(1), letters a) and b) are amended and shall have the following content: "a) it is forbidden to increase the level of bank commissions, rates and expenses, except for the costs provided by the law; b) it is forbidden to introduce and charge new commissions, rates or other bank expenses, except for those costs specific to certain additional products and services expressly requested by the consumer, not stipulated in the agreement or not offered to consumers upon its conclusion. Such unforeseen costs shall only be charged based on certain addenda accepted by the consumer. The costs provided by the law are an exception". 14. Two new letters, e) and f) are inserted after letter d) under Article 35(1), and shall have the following content: "e) it is forbidden to charge a commission, a rate, a bank expense or any other costs if the consumer wants to change the instalment maturity; f) it is forbidden to charge any commissions if the consumers request to change the securities, provided that the consumer should pay all costs related to the establishment and assessment of the new securities." 15. Article 36 is amended and shall have the following content: "Article 36 - (1) For the approved loan, the creditor may only charge: a file evaluation commission fee, a loan administration commission fee or current account administration commission fee, compensation in case of early repayment, insurance-related costs and, as the case may be, penalty interest, other costs charged by third parties, as well as a single commission fee for services provided at the consumers request.
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(2) The file evaluation commission and the single commission shall be in a flat amount, the same amount being charged to all consumers with the same type of loan within the same credit institution. (3) The administration commission shall be charged for monitoring/monitoring/performing operations by the creditor for the purpose of using/repaying the loan granted to the consumer. If such commission is calculated as a percentage, it shall be calculated against the current balance of the loan." 16. Letter a) under Article 37 is amended and shall have the following content: "a) the interest shall consist of an EURIBOR/ROBOR/LIBOR reference index for a certain period or the reference interest rate of the National Bank of Romania, depending on the loan currency, to which the creditor shall add a certain flat margin throughout the entire term of the agreement;". 17. Letter b) and Article 37 is repealed. 18. letters c)-e) under Article 37 are amended and shall have the following content: "c) in compliance with each credit institutions commercial policy, the creditor may reduce the margin and/or apply a lower level of the reference index, having the right, throughout the term of the agreement, to reinstate the margin value stipulated in the agreement upon its conclusion and/or the real level of the reference index; d) the interest calculation method shall be explicitly stated in the agreement, indicating the frequency and/or conditions for the adjustment of the variable interest rate, both in case of its increase, and of its decrease; e) the elements included in the calculation formula of the variable interest and the value thereof shall be posted on the websites and at all working points of the creditors." 19. A new article, 371, is inserted after Article 37 and shall have the following content: "Article 371 If the debtor requests loan refinancing at the same bank, provided that it proved to be a regular payer, the bank shall examine the request and, depending on its financial standing, it may grant the refinancing, complying with all the conditions of the new credit offer." 20. A new paragraph, (11), is inserted under Article 38 after paragraph (1) and shall have the following content: "(11) Loans may be repaid by two methods: by equal instalments (annuities) or by decreasing instalments. The consumer is entitled to choose the loan repayment method." 21. Paragraphs (2) and (3) under Article 38 are amended and shall have the following content: "(2) Penalty interest shall be calculated based on a flat percentage and shall apply against the outstanding amounts, in accordance with the loan agreement provisions, except for the amounts resulting from the interest calculation. (3) The interest rate applicable in the case of outstanding loans may not exceed by more than two points the interest rate applied when the loan is not outstanding, if the consumer or his/her spouse is in one of the following situations: unemployment, drastic salary decrease, death. Drastic salary decrease shall mean a minimum decrease of 15% of its value. Such interest shall be charged until the cessation of the event generating the income decrease, however not longer than 12 months. In case of death, such period shall not be less than 6 months."
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22. Article 39 is amended and shall have the following content: "Article 39 - In case of consumers impossibility to accept the interest increase, the creditor has no right to unilaterally cancel or terminate the agreement. The creditor shall transmit a written proposal for loan rescheduling or refinancing, depending on the consumers actual income." 23. Letter b) under Article 40(4) is amended and shall have the following content: "b) the creditor may declare the agreement mature or unilaterally cancel it or may charge penalties against the consumer if the creditors reputation is prejudiced;". 24. Two new letters, c) and d), are inserted after letter b) of Article 40(4) and shall have the following content: "c) the creditor may declare the early maturity of the loan, if the consumer failed to perform its obligations according to other loan agreements concluded with other creditors; d) the creditor shall require the consumer to conclude the insurance contract for the loans offered as security, with a company accepted by the bank." 25. Article 40(5) is amended and shall have the following content: "(5) Creditors have no right to refuse the collection of the loan instalments in the currency in which the loan was granted, except for the economic agents concluding leasing agreements." 25. Article 40(5) is amended and shall have the following content: "(5) Creditors have no right to refuse the collection of the loan instalments in the currency in which the loan was granted, except for the economic agents concluding leasing agreements." 26. Article 41(1) is amended and shall have the following content: "Article 41 - (1) Any notification regarding the modification of the content of the cost-related contract provisions shall be transmitted to consumers at least 30 days before the enforcement of such modifications, except when the consumer requests the agreement modification which implies cost adjustment, for example the extension of the credit term or the adjustment of the instalments." 27. Article 42 is amended and shall have the following content: "Article 42 Creditors have the obligation to receive and register consumers complaints, to take all necessary measures to respond to such complaints within a maximum of 30 days from their registration and to make all necessary efforts to repair any potential prejudice caused to consumers." 28. The introductory part of Article 43 is amended and shall have the following content: "Article 43 Upon the termination of the loan agreement, the creditor shall offer the consumer, free of charge and ex officio, a document either attesting to the extinguishment of all obligations between the parties resulting under the agreement, or stating the unperformed contract obligations. Also, the loan accounts are also closed, without the consumer filing any other request and without the payment of any additional costs, except for the following situations". 29. Letter f) under Article 46(1) is amended and shall have the following content: "f) the interest rate of the loan and its type, flat or variable;".
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30. Article 58(1) is amended and shall have the following content: "Article 58 - (1) The consumer shall have 14 calendar days to withdraw from the loan agreement without invoking any reasons. Such term shall not apply in the case of a linked loan agreement, granted exclusively for the purchase of goods or services, except as provided under Articles 63-65, and in the case of the leasing agreement." 31. Article 66 is amended and shall have the following content: "Article 66 - (1) The consumer is entitled, at any time, to release itself, in whole or in part, of its obligations under a loan agreement. In this case, the consumer is entitled to a reduction of the total cost of the loan, such reduction consisting of the interest and costs related to the period between the early repayment date and the date stipulated for the termination of the loan agreement. (2) The consumers right to early repayment may not be conditional upon the payment of a certain minimum amount or a certain number of instalments." 32. Article 71(1) is amended and shall have the following content: "Article 71 - (1) The consumer is informed on the assignment provided under Article 70." 33. Article 79(1) is amended and shall have the following content: "Article 79 - (1) Loan agreements may not concluded outside the work points organized for such purpose within commercial areas, according to the law." 34. Article 81 is amended and shall have the following content: "Article 81 Consumers shall benefit of the provisions of this emergency ordinance in case of all agreements providing for draws or operations within the scope hereof, irrespective of how the agreements are entitled or formulated or of their object." 35. Article 82 is amended and shall have the following content: "Article 82 If, under the same agreement, the consumer is provided both credit services, and payment services, financial service providers shall offer consumers the information and comply with their rights according the provisions of this ordinance and of Government Emergency Ordinance No. 113/2009 of payment services, approved with amendments by Law No. 197/2010." 36. A new paragraph, (21), is inserted after paragraph (2) under Article 88 and shall have the following content: "(21) Such limits may be exceeded in case of cumulated fines, applied for different complaints, up to the double of the initial fines." 37. Article 89 is amended and shall have the following content: "Article 89 - (1) When applying the contravention fine, the inspector may suggest one of the following complementary measures: a) suspension of the publicity campaign breaching the provisions of Articles 8 and 9, until the compliance with the law; b) making all similar agreements compliant with the legal provisions, within 30 days. (2) The complementary measure suggested to be applied according to paragraph (1) letters a) or b) shall be ordered by order issued by the head of the National Authority for Consumers Protection.
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(3) The order issued in the case provided under paragraph (1) letter b) may be contested at the administrative dispute court, according to Law No. 554/2004 on administrative disputes, as further amended and supplemented. (4) Creditors have the obligation to inform the National Bank of Romania, within two business days, on the sanctions applied against them by the National Authority for Consumers Protection for the violation of the provisions hereof. (5) The National Bank of Romania takes into consideration, in its activity of prudential supervision of creditors, the information received according to paragraph (4)." 38. Article 91 is amended and shall have the following content: "Article 91 Starting from the coming into force hereof, the provisions of Law No. 190/1999 on mortgage loan for real estate investments, as further amended and supplemented, shall only apply to the agreements concluded with legal persons, except for Article 1, Article 2 letters a)-g), Articles 3-5, 10-12, Article 13(2), Articles 16-25, 27-28 and 33-34, applying exclusively to the agreements concluded with natural person consumers." 39. Article 95 is amended and shall have the following content: "Article 95 The provisions of this Ordinance shall not apply to agreements in progress upon the effective date hereof, except for the provisions of Article 371, Articles 66-69 and, regarding loan agreements for an unlimited period of time existing upon the coming into force hereof, of Articles 50-55, Article 56(2), Article 57(1) and (2), and Articles 66-71." Article II. - (1) The addenda concluded and signed by the coming into force of this law to ensure the agreements' conformity with the provisions of Government Emergency Ordinance No. 50/2010 shall produce effects according to the terms of the agreement stipulated between the parties. (2) The addenda that were not signed by the consumers, deemed as tacitly accepted by the coming into force of this law, shall produce effects according to their terms, unless otherwise notified by the consumer or creditor to the other party, within 60 days from the coming into force of this law. This law was adopted by the Parliament of Romania, in compliance with the provisions of Article 75 and Article 76(2) of the Romanian Constitution, republished. p. PRESIDENT OF THE CHAMBER OF DEPUTIES IOAN OLTEAN PRESIDENT OF SENATE MIRCEA-DAN GEOANA
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IX.3. Regulation No. 2

of May 5, 2011 for amending Regulation 3/2007 regarding the limitation of the credit risk to the credits destined to natural persons Pursuant to the provisions of Article 22, paragraph (11) of Emergency Government Ordinance No. 113/2009 regarding payment services, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, pursuant to the provisions of Article 62, paragraph (1) of Emergency Government Ordinance No. 113/2009, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, pursuant to the provisions of Article 186, paragraph (1) of Emergency Government Ordinance No. 113/2009, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, and of Article 48 of Law No. 312/2004 regarding the Statute of the National Bank of Romania, The National Bank of Romania issues this Regulation. Sole article NBR Regulation No. 3/2007 regarding the limitation of the credit risk to the credits for natural persons, published in the Official Gazette of Romania, Part I, No. 177 of March 14, 2007, as subsequently amended and supplemented, shall be amended as follows: 1. Under Article 1, paragraph (1) shall read as follows: "Article 1 - (1) This Regulation shall apply to credit institutions, Romanian legal persons, and to the branches of credit institutions of third states operating on Romanian territory, as well as to non-banking financial institutions, that are Romanian legal persons, and to the branches of foreign financial institutions, that are registered in the Special register, and to payment institutions that are Romanian legal persons and have a significant level of crediting business according to NBR Regulation No. 21/2009 regarding payment institutions, as subsequently amended and supplemented, entities subject to the supervision of the National Bank of Romania, hereinafter referred to as lenders, and regulate the minimum conditions that govern the granting and operating the credits that are granted to natural persons." 2. Article 5 shall read as follows: "Article 5 The failure to observe the provisions of this Regulation shall result in the application of the measures and/or sanctions provided, as the case may be, under Articles 226 and 229 of Emergency Government Ordinance No. 99/2006, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, under Articles 58 and 59 of Law No. 93/2009 regarding non-banking financial institutions, as subsequently amended and supplemented, and under Articles 66 and 68 of Emergency Government Ordinance No. 113/2009 regarding payment services, approved as amended through Law No. 197/2010, as subsequently amended and supplemented." President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu
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of 5 May 2011 amending and supplementing Regulation No. 3/2009 on the Classification of Credits and Investments, Regularization and Use of Specific Credit Risk Provisions Considering the provisions of Article 331, paragraph (1) of Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, pursuant to the provisions of Article 48 of Law No. 312/2004 on the Statute of the National Bank of Romania and of Article 186, paragraph (1) of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, The National Bank of Romania hereby issues this regulation. Sole Article The Regulation of the National Bank of Romania No. 3/2009 on the classification of credits and investments, as well as the establishment, regularization and use of specific credit risk provisions, published in Part I of Official Gazette of Romania No. 200 of 30 March 2009, as subsequently amended, shall be amended and supplemented as follows: 1. Paragraph (1) under Article 1 shall be amended and shall have the following content: "Article 1 - (1) This Regulation shall apply to credit institutions, Romanian legal entities and Romanian branches of credit institutions in third countries, non-banking financial institutions, Romanian legal entities and Romanian branches of foreign financial institutions, except for those falling under the provisions of Title I, Chapter IV, Section 2 Financial Institutions of Other Member States of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented, recorded in the General Registry opened with the National Bank of Romania, as well as the payment institutions which are Romanian legal entities granting payment service-related credits, and shall govern: a) in the case of credit institutions: - the classification of the credits granted to debtors which do not belong to the credit institutions sector; - the classification of the credits granted to other credit institutions and the investments established in those institutions; - the establishment of the necessary specific credit risk provisions related to classified credits/investments; - the establishment, regularization and use of specific credit risk provisions; b) in the case of non-banking financial institutions: - the classification of the credits granted to debtors which do not belong to the credit institutions sector; - the establishment of the necessary specific credit risk provisions related to classified credits; - the establishment, regularization and use of specific credit-risk provisions; c) in the case of payment institutions: - the classification of payment service related credits, granted to the debtors which do not belong to credit institutions sector; - the establishment of the necessary specific credit risk provisions related to classified credits; - the establishment, regularization and use of specific credit risk provisions."
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2. A new letter, letter b1), shall be inserted after letter b) under Article 2 and shall have the following content: "b1) payment institutions entities defined in accordance with Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and supplemented;". 3. Letter c) under Article 2 shall be amended and shall have the following content: "c) lenders credit institutions, non-banking financial institutions and payment institutions governed by this regulation;". 4. A new Article, Article 21, shall be inserted after Article 2 and shall have the following content: "Article 21 The payment institutions that grant credits related to payment services and do not manage their accounting activity according to the accounting regulations issued by the National Bank of Romania shall take into consideration the corresponding accounts included in the chart of accounts set forth by the accounting regulations applicable to such entities, where the items provided in annex No. 1 are recorded." 5. Paragraphs (4) and (5) under Article 3 shall be amended and shall have the following content: "(4) In the case of non-banking financial institutions, the internal rules provided under paragraph (1) shall be approved by their statutory bodies, and in the case of payment institutions, they shall be known by the persons in charge with the management and administration of the payment service supply activity, within the meaning of Article 15 paragraph (2) of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented. (5) The internal rules of non-banking financial institutions recorded in the Special Registry and of the payment institutions that have a significant level of the crediting activity within the meaning of Regulation No. 21/2009 on payment institutions, as subsequently amended and supplemented, shall be sent to the National Bank of Romania the Supervisory Directorate." 6. Letter b) under Article 18 item 1 sub-item 1.2, shall be amended and shall have the following content: "b) in the case of non-banking financial institutions and payment institutions: - the debt service; - the initiation of judicial proceedings. The correspondence between classification criteria and categories is provided in table No. 2 of annex No. 3". 7. A new paragraph, paragraph (21), shall be inserted after paragraph (2) under Article 26 and shall have the following content: "(21) In the case of payment institutions, the form and content of reporting forms, as well as the frequency and means of transmission of the statements provided under paragraph (1) shall be those established for non-banking financial institutions by the order provided under paragraph (2)." 8. Article 29 shall be amended and shall have the following content: "Article 29 The failure to observe this regulation shall entail the enforcement of measures and/or sanctions provided under Articles 226 and 229 of Government Emergency Ordinance No. 99/2006, approved as amended and supplemented by Law No. 227/2007, as subsequently amended and supplemented, under Articles 58 and 59 of Law No. 93/2009 on non-banking financial institutions, as subsequently amended and supplemented and under Articles 66 and 68 of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, as the case may be."
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9. The name of Table No. 2 under Annex No. 3 shall be amended and shall have the following content: "Table No. 2 Criteria for the assignment by classification categories for the credit exposures of non-banking financial institutions and payment institutions to the debtors that do not belong to the credit institutions sector". President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu
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of 5 May 2011 to amend and supplement the Regulation of the National Bank of Romania No. 21/2009 on Payment Institutions Considering the provisions of Article 22, paragraph ?, Article 28, paragraphs (1) and (3), Article 31, paragraph (1) and Article 36 of the Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, pursuant to the provisions of Article 186, paragraph (1) of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, and of Article 48 paragraph (1) of Law No. 312/2004 on the Statute of the National Bank of Romania, The National Bank of Romania hereby issues this regulation. Sole Article The regulation of the National Bank of Romania No. 21/2009 on payment institutions, published in the Official Gazette of Romania, Part I, No. 735 of 29 October 2009, shall be amended and supplemented as follows: 1. A new item (iii1) shall be inserted after item (iii) under Article 1 paragraph (2) and shall have the following content "(iii1) conditions regarding the performance of the crediting business ". 2. Letters b) and h) under Article 15 shall be amended and shall have the following content: "b) the business plan including the estimates of the financial statements over the first three years of activity, demonstrating that the applicant is capable of supplying the appropriate systems, resources and procedures, proportionally to the nature and scope of the intended activity, as the case may be, the last annual financial statement and the most recent financial statement, submitted to the competent bodies, as well as the estimates of the necessary own funds and the level of own funds established for the first 3 years of activity, known by the persons in charge with the management and administration of the payment service supply activity. The forecasted data shall be substantiated. The business plan shall rely on plausible data and also demonstrate the projects feasibility; ............................................................................................................................................. h) the list of important shareholders and the size of the stock held by each of them and, pursuant to Article 8 paragraph (2), the documentation provided under Article 18;". 3. Paragraph (3) under Article 36 shall be amended and shall have the following content: "(3) The necessary own funds of a payment institution, calculated according to the C method may not be lower than the value obtained by applying the algorithm indicated under paragraph (1) and 80% of the mere arithmetic mean calculated based on the necessary own funds related to the last 3 financial years, whichever is higher." 4. Paragraph (2) under Article 37 shall be amended and shall have the following content: "(2) If the payment institution does not have 3 full years in business, the arithmetic mean of the necessary own funds provided under Article 36 paragraph (3) shall be calculated relative to the full financial years." 5. A new chapter, i.e. IV1 "Conditions regarding the Performance of the Crediting business", including Articles 521 and 522 shall be inserted after chapter IV and shall have the following content:
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"CHAPTER IV1 Conditions regarding the Performance of the Crediting Business Art. 521 - (1) The payment institutions having a significant level of crediting business shall apply the regulations of the National Bank of Romania on the limitation of the credit risk to the credits for natural persons. (2) In the case of payment institutions which also perform the crediting business provided under Article 22, paragraph (2) of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, the level of the activity subject to the requirement under paragraph (1) shall be determined by adding the crediting business related to payment services to the activity carried out in accordance with Law No. 93/2009 on non-banking financial institutions, as subsequently amended and supplemented. Art. 522 - (1) Within the meaning of Article 521, paragraph (1), a significant level of crediting business shall mean the concurrent fulfillment of the limits related to the two criteria provided under paragraph (2) for three successive quarterly reporting periods. (2) The limits provided under paragraph (1) shall be the following: a) the aggregate level of equities and sources borrowed under loan/financing agreements existing in the balance is at least RON 50,000,000; b) the aggregate level of granted credits/funds and undertaken commitments existing in the balance, established in accordance with Article 521 paragraph (2) is at least RON 25,000,000. (3) Payment institutions are considered as no longer having a significant level of the crediting business if they no longer fulfill at least one of the limits related to the criteria provided under paragraph (2) for a period including 3 successive financial reports." 6. A new paragraph, i.e. paragraph (2) shall be inserted under Article 54 and shall have the following content "(2) Payment institutions may open accounts to protect funds according to paragraph (1) only with the credit institutions authorized to carry out an activity in a Member State." 7. Paragraph (2) under Article 84 shall be amended and shall have the following content: "(2) The payment institutions shall report the necessary own funds to the National Bank of Romania The Supervisory Directorate, within the deadline provided for submitting annual financial statements to the National Bank of Romania." 8. A new Article, Article 861, shall be inserted after Article 86 and shall have the following content "Art. 861. - (1) The payment institutions which carry out a crediting business shall report to the National Bank of Romania the Supervisory Directorate, on a quarterly basis, the statement on the crediting business, in line with the criteria provided under Article 522 paragraph (2), through the form provided under annex No. 51. (2) The payment institutions that carry out a crediting business and that are not obliged to organize and manage their accounting activity according to the accounting regulations issued by the National Bank of Romania shall take into consideration, when calculating and quarterly reporting to the National Bank of Romania the Supervisory Directorate , the corresponding accounts recording the equities and the sources borrowed under loan/financing agreements, as well as the granted credits/funds and the undertaken commitments included in the chart of accounts provided by the accounting regulations applicable to such entities." 9. Paragraph (1) under Article 87 shall be amended and shall have the following content: "Art. 87 - (1) For purposes of the implementation of Article 35 of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as subsequently amended and supplemented, the payment institutions shall annually report the accounting information which consists in balance-sheet and income statement items regarding payment
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services, within the deadline provided for filing annual financial statements with the National Bank of Romania." 10. Under Annex 5 "Form for the Calculation and Reporting of Own Funds ", the wording of theLegal References and Comments column on line #1.2.1.2 shall be amended and shall have the following content: "Article 43, paragraph (2), letter b) of the Regulation" 11. Under Annex No. 5 "Form for the Calculation and Reporting of Own Funds", the wording of the Legal References and Comments column under line #1.2.1.3 shall be amended and shall have the following content: "Article 43, paragraph (2), letter c) of the Regulation See Articles 45 and 47 of the regulation." 12. A new Annex, Annex No. 51, "Statement on the Crediting business", shall be inserted after Annex No. 5 and shall have the content provided in the annex forming an integral part of this regulation. 13. Under annex 6, Form 2 Income Statement, the wording of the "Name of Indicator" column, position code 020, shall be amended and shall have the following content: "- Interest income, whereof". 14. Under annex No. 6, Form 2 "Income Statement ", the wording of "Name of Indicator" column, position code 030, shall be amended and shall have the following content: "- Fee income, whereof".
President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu Bucharest, 5 May 2011. No. 4
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ANNEX (Annex No. 51 to Regulation No. 21/2009) County ...................... Name of payment institution: ........................................... Address: locality: ........................, sector ........................ Street ......................................................No. ............................ Telephone: .................../fax: ............................................. Number of registration with the Trade Registry............................................ Date: ................... Sole Registration Code: ..................... STATEMENT on the crediting business
- RON Balance at the end of the period* NAME OF INDICATORS A. TOTAL CREDITS/FUNDS GRANTED AND COMMITMENTS UNDERTAKEN (line 2 + line 3) Total credits granted (accounts 2011+2021+2031+2032+2041+2042+ 2051 + 2052+2061+2091+2311+2312+2411+2412+2731+2732+2751+2752+excerpt 2811+ excerpt 2821+30111+ excerpt 3811+ excerpt 3821+401+402+ 4711 + 4712+ excerpt 4811+ excerpt 4821) Total commitments undertaken (accounts 901+903+911+913+981) B. TOTAL EQUITY AND BORROWED SOURCES (line 5 + line 6) Total equity (accounts 501+502-503-508+511+512+513+514+516+ 519+581+591592) Total borrowed sources (accounts 2321+2322+2431+2432+2711(crediting balances)** +2741+2742 +2761+2762+30121+3251+3581+3582-excerpt.3741- excerpt 3742+4721+ 4722 +531+532) Line number 1 n2 n1 n
2 3
* n means quarterly and successive reporting periods. ** "Crediting balances" means the distinct disclosure of the amount of analytic crediting balances, which are components of the bi-functional synthetic account balance 2711 "Current Accounts with Credit Institutions ".
Authorized signature ................................ ................................ (name, forename and position)
Authorized signature ................................ ................................ (name, forename and position) Drafted ...................... (name, forename and telephone number)
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of May 26, 2011 regarding the capacity of payment institutions as persons reporting to the Central Banking Risks Office
Pursuant to the provisions of Article 631 of Emergency Government Ordinance No. 113/2009 regarding payment services, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, pursuant to the provisions of Article 186, paragraph (1) of Emergency Government Ordinance No. 113/2009, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, and of Article 48 of Law No. 312/2004 regarding the Statute of the National Bank of Romania, The National Bank of Romania hereby issues this Regulation. Article 1 - (1) The non-banking financial institutions that, on the date when the National Bank of Romania authorises them as payment institutions, are reporting institutions reporting to Central Banking Risks Office shall maintain such capacity in compliance with the provisions of NBR Regulation No. 4/2004 regarding the organization and functioning of the Central Banking Risks Office with the National Bank of Romania, as subsequently amended and supplemented. (2) If, after the expiry of 3 reporting periods as per Article 522 of NBR Regulation No. 21/2009 regarding payment institutions, as subsequently amended and supplemented, the National Bank of Romania establishes that the payment institutions shall not have performed a crediting business up to a significant level, they shall lose their capacity as institutions reporting to the Central Banking Risks Office. Article 2 The payment institutions, other than those described under Article 1, shall report to the Central Banking Risks Office within not more than 6 months from the date when the National Bank of Romania establishes that they register a significant crediting business level. Article 3 - This Regulation shall be published in Part I of the Official Gazette of Romania, and shall come into force on the date when published. President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu
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IX.7. Court Decision No. 738/2011

of 2 June 2011 to reject the exception of unconstitutionality related to the provisions of Government Emergency Ordinance No. 50/2008 on the pollution tax charged on motor vehicles Augustin Zegrean presiding judge Aspazia Cojocaru - judge Petre Lazaroiu - judge Mircea Stefan Minea - judge Iulia Antoanella Motoc - judge Puskas Valentin Zoltan - judge Cristina Teodora Pop - assistant-magistrate Also attended by the representative of the Public Prosecutors Office, prosecutor Antonia Constantin. On the docket: the settlement of the exception of unconstitutionality related to the provisions of Government Emergency Ordinance No. 50/2008 on the pollution tax charged on motor vehicles, an exception raised by Arad Tribunal Section of Administrative and Fiscal Disputes, Labour and Social Security Litigations, ex officio, in File No. 3.083/108/2010. The court called the parties and ascertained the missing litigants, therefore it was established that the summoning procedure had been legally fulfilled in relation to such parties. As the case is pending, the presiding judge invites the Public Prosecutors Offices representative to plea. The representative of the Public Prosecutors Office pleas for the rejection of the exception as ungrounded, invoking, in this respect, the case law of the Constitutional Court. THE COURT, Taking into consideration the documents and papers attached to this case-file, establishes the following: The Arad Tribunal Section of Administrative and Fiscal Disputes, Labour and Social Security Litigations issued the Preliminary Ruling dated 21 July 2010 in connection to Case-file No. 3.083/108/2010 and notified the Constitutional Court about the exception of unconstitutionality related to the provisions of Government Emergency Ordinance No. 50/2008 on the pollution tax charged on motor vehicles, as subsequently amended and supplemented, an exception raised ex officio in a case file involving the cancellation of the administrative act and the repayment of the pollution tax. To substantiate the exception of unconstitutionality, it is pointed out that the criticized texts infringe the constitutional provisions of Article 11 International Law and Domestic Law and of Article 148, paragraph (2) regarding the accession to the European Union, and the provisions of Article 110 of the Treaty on the Functioning of the European Union. Thus, it is alleged that the provisions of Government Emergency Ordinance No. 50/2008 breach the constitutional rules invoked in connection to article 90 of the Treaty Establishing the European Community [which became article 110 of the Treaty on the Functioning of the European Union] which guarantees that internal taxation shall be established without consideration of the competition between domestic products and imported products since the
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pollution tax established by such emergency ordinance is meant to diminish the introduction in Romania of motor vehicles that were already registered in another Member State of the European Union, and fiscally determine purchasers to buy second-hand motor vehicles already registered in Romania or new motor vehicles manufactured in Romania. The presidents of the two Chambers of the Parliament, the Government and the Ombudsman did not communicate their standpoints on the exception of unconstitutionality. THE COURT, Having studied the report of the document instituting the legal proceedings, the report drafted by the rapporteur judge, the prosecutors conclusions, the criticized legal provisions, in relation to the provisions of the Constitution, as well as Law No. 47/1992, ascertains the following: The case was legally brought before the Constitutional Court who is competent to settle the exception of unconstitutionality, as provided by Article 146, letter d) of the Constitution, as well as Article 1, paragraph (2), Articles 2, 3, 10 and 29 of Law No. 47/1992. The object of the exception of unconstitutionality consists in the provisions of Government Emergency Ordinance No. 50/2008 on the establishment of the pollution tax for motor vehicles, published in Part I of Official Gazette of Romania No. 327 of 25 April 2008, as subsequently amended and supplemented. The exception of unconstitutionality is supported by invoking the constitutional provisions of Article 11 International Law and Domestic Law and of Article 148 paragraph (2) regarding the accession to the European Union, as well as the provisions of Article 110 of the Treaty on the Functioning of the European Union. Having examined the exception of unconstitutionality, the Court establishes the following: 1. As regards the fact that the provisions of Government Emergency Ordinance No. 50/2008 supposedly run counter Article 148, paragraph (2) of the Constitution, relative to the provisions of Article 110 of the Treaty on the Functioning of the European Union, the Court established in Court Decision No. 1596 of 26 November 2009, published in Part I of Official Gazette of Romania No. 37 of 18 January 2010, Court Decision No. 408 of 13 April 2010, published in Part I of Official Gazette of Romania No. 381 of 9 June 2010, Court Decision No. 1160 of 28 September 2010, published in Part I of Official Gazette of Romania No. 753 of 11 November 2010, that the Court does not have the competence to analyze the compliance of the national law provision with the text of the Treaty on the Functioning of the European Union in terms of Article 148 of the Constitution. Such a competence, i.e. the competence to establish whether the national law is any way inconsistent with the Treaty on the Functioning of the European Union falls to the court which may address a preliminary question within the meaning of Article 267 of the Treaty on the Functioning of the European Union to the EU Court of Justice in order to reach a correct and legal conclusion, ex officio or upon the partys request. If the Constitutional Court considered itself competent to issue a judgment on the compliance of the domestic law with the European law, that may result into a possible conflict of jurisdiction between the two courts, which is inadmissible at this level. 2. Further to the issuance of such judgments, the Court reminds that the EU Court of Justice issued on 7 April 2011 a preliminary judgment in Matter C-402/09 of Ioan Tatu versus Romania, further to a request by Sibiu Tribunal on 18 June 2009 that needed to have a preliminary judgment, the question sent being the following: "Do the provisions of Government Emergency Ordinance No. 50/2008, as subsequently amended and supplemented, run counter Article 90 EC; is this really a discriminatory measure?".
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In response to this question, the European court showed that "Article 110 of the Treaty on the Functioning of the European Union must be construed as precluding a Member State from introducing a pollution tax on motor vehicles on their first registration in that Member State if that tax is arranged in such a way that it discourages the legal use in that Member State of second-hand vehicles purchased in other Member States, without discouraging the purchase of second-hand vehicles of the same age and condition on the domestic market". It is worth noting that, in response to the preliminary question, the EU Court of Justice interpreted the provisions of article 110 of the Treaty on the Functioning of the European Union and did not check the compatibility between Government Emergency Ordinance No. 50/2008 and the provisions of the abovementioned article 110. [In this respect, you should also see paragraphs 29 and 30 of the same judgment, according to which "in order to give an answer which will be of use to the referring court, its question should therefore be understood as seeking to know whether article 90 EC precludes a system of taxation such as that introduced by the original version of OUG No. 50/2008", and, taking into consideration the object of the pollution tax, "the referring court is essentially asking whether Article 110 TFEU, whose wording is identical to that of article 90 EC, must be interpreted as precluding a Member State from introducing a pollution tax charged on motor vehicles on their first registration in that Member State."] As a matter of fact, The Court of Justice of the European Union is not competent to issue a ruling seeking to establish whether the domestic law is valid or not. The consequence of a certain interpretation given to the Treaty is that a provision of a domestic law may be incompatible with the European law. The effects of this preliminary ruling are those shown in the permanent case law of the Court of Justice of the European Union, i.e. "the interpretation which the Court, in the exercise of the jurisdiction conferred upon it by Article 177 [which became Article 267 of the Treaty on the Functioning of the European Union], gives to a rule of Community law, clarifies and defines, where necessary, the meaning and scope of that rule, as it must be or ought to have been understood and applied from the time of its coming into force" [Judgment of 27 March 1980, issued in Case 61/79, Denkavit italiana vs Amministrazione delle finanze dello Stato, paragraph 16; Judgment of 2 February 1988, issued in Case 24/86, Blaizot v University of Lige and others, paragraph 27, Judgment of 15 December 1995, issued in Case C-415/93, Bosman and others v Union royale belge des societes de football association and others, paragraph 141]. Since the Constitutional Court is neither a positive lawmaker, nor a court having the jurisdiction to interpret and apply the European law in the disputes regarding the citizens subjective rights and without reconsidering its case law mentioned above, the Court notices that the use of a European law rule within the constitutionality control as a rule interposed to the reference rule, involves, in accordance with article 148 paragraphs (2) and (4) of the Constitution of Romania, a cumulative conditionality: on the one hand, such a rule should be clear, precise and unequivocal enough by itself or its meaning should have been established clearly, precisely and unequivocally by the Court of Justice of the European Union and, on the other hand, the rule should belong to a certain level of constitutional relevance, so that its normative content supports the potential infringement, by the national law, of the Constitution the only direct reference rule within the constitutionality control. Considering this assumption, the action taken by the Constitutional Court is distinct from the mere implementation and interpretation of law, this competence belonging to courts and administrative authorities, or from the potential issues related to the legislative policy promoted by the Parliament or the Government, as the case may be. Considering the cumulative conditionality stated above, it is the Constitutionality Court that shall establish, at its discretion, the application, within the constitutionality control, of the
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judgments of the EU Court of Justice and the drafting of preliminary questions, by itself, in order to establish the content of the European rule. Such an attitude is related to the cooperation between the national constitutional court and the European court, and to the judicial dialogue among them, without taking into consideration aspects related to certain ranks established between these courts. In this case, although the meaning of the European rule was deciphered by the EU Court of Justice, the requirements resulting from such a decision have no constitutional relevance, being rather related to the lawmakers obligation to enact rules within the meaning of the judgments of the EU Court of Justice. Otherwise, Article 148, paragraph (2) of the Constitution of Romania should apply. For the abovementioned reasons, the Court establishes that the constitutional provisions of article 11 do not apply in this case, and therefore Romania did not infringe any obligations it has under the international treaties to which it is a party. For the abovementioned reasons, in accordance with article 146 letter d) and article 147 paragraph (4) of the Constitution, and Articles 1-3, Article 11 paragraph (1), letter A.d) and article 29 of Law No. 47/1992, THE CONSTITUTIONAL COURT Pursuant to law D E C I D E S: by majority vote To reject, as ungrounded, the exception of unconstitutionality related to the provisions of Government Emergency Ordinance No. 50/2008 establishing the pollution tax for motor vehicles, an exception raised by Arad Tribunal Section of Administrative and Fiscal Disputes, Labour and Social Security Litigations, ex officio, in File no . 3.083/108/2010. Final and binding. Issued in a public hearing on 2 June 2011.
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of July 6, 2011 for the amendment, supplementation and abrogation of normative documents Pursuant to the provisions of: - Article 22, paragraph (1) and Article 36, paragraph (1) of Law No. 127/2011 regarding the activity related to the issuance of electronic currency; - Article 8 letter b), Article 17, paragraph (1), letter a) and Article 22, paragraph (41) of Law No. 656/2002 governing the prevention and sanctioning of money laundering, and the implementation of certain measures to prevent and fight against the financing of terrorism acts, as subsequently amended and supplemented, and the recommendations issued by the Financial Action Task Force on Money Laundering; - Article 17, paragraphs (1) and (4) of Emergency Government Ordinance No. 202/2008 that governs the application of international sanctions, approved and amended under Law No. 217/2009, as subsequently amended and supplemented, the recommendations of the EU Council in document "EU best practices for the effective implementation of restrictive measures", the 2008 version, and the recommendations issued by the Financial Action Task Force on Money Laundering in the document titled "International best practices: freezing of terrorist assets", the 2009 version; - Article I, items 1-3, 5, 6, 10, 12 and 38 of Emergency Government Ordinance No. 26/2010 amending and supplementing Emergency Government Ordinance No. 99/2006 regarding credit institutions and capital adequacy and other normative documents, approved as amended through Law No. 231/2010, pursuant to the provisions of Article 61, paragraph (1) of Law No. 127/2011 regarding the activity related to the issuance of foreign currency, pursuant to the provisions of Article II, paragraph (5) of Emergency Government Ordinance No. 53/2008 regarding the amendment and supplementation of Law No. 656/2002 governing the prevention and sanctioning of money laundering, and establishing certain measures to prevent and fight against financing of terrorism acts, as subsequently amended, of Article 17 paragraph (6) and Article 18 paragraph (3) of Emergency Government Ordinance No. 202/2008, approved as amended through Law No. 217/2009, as subsequently amended, of Article II of Law No. 217/2009, of Article 107, paragraph (1) of Law No. 127/2011 and of Article 48 of Law No. 312/2004 governing the Statute of the National Bank of Romania, The National Bank of Romania hereby issues this Regulation. Article I. - NBR Regulation No. 3/2007 regarding the limitation of the credit risk to credits for natural persons, published in Part I of Official Gazette of Romania No. 177 of March 14, 2007, as subsequently amended and supplemented, shall be amended as follows: 1. Under Article 1, paragraph (1) shall read as follows: "Article 1 - (1) This Regulation shall apply to credit institutions, that are Romanian legal persons, and to the branches of the credit institutions based in third states and functioning on Romanian territory, to non-banking financial institutions, that are Romanian legal persons, and to the branches of foreign financial institutions registered in the Special Register, as well as to payment institutions, that are Romanian legal persons and that have a significant level of crediting business according to Regulation No. 21/2009 regarding payment institutions, as subsequently amended and supplemented, and to the institutions issuing electronic currency, that are Romanian legal persons and turn out a significant level of crediting business according to
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Regulation No. 8/2011 regarding the institutions issuing electronic currency that are entities subject to the supervision of the National Bank of Romania, hereinafter referred to as lenders, and regulates the minimum requirement that condition the grant and operation of credits for to natural persons." 2. Article 5 shall read as follows: "Article 5 The failure to observe the provisions hereof shall result in the application of the measures and/or sanctions provided, as the case may be, under Articles 226 and 229 of Emergency Government Ordinance No. 99/2006, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, under Articles 58 and 59 of Law No. 93/2009 governing non-banking financial institutions, as subsequently amended and supplemented, under Articles 66 and 68 of Emergency Government Ordinance No. 113/2009 regarding payment services, as subsequently amended, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, and under Articles 69 and 71 of Law No. 127/2011 governing the issuance of electronic currency." Article II. - Paragraphs (1) and (2) of Article 1 of NBR Regulation No. 9/2008 regarding the client knowledge for the purpose of preventing money laundering and terrorism financing, published in Part I of Official Gazette of Romania No. 527 of July 14, 2008, as subsequently amended, shall be amended as follows: "Article 1 - (1) This Regulation shall apply to credit institutions, that are Romanian legal persons, payment institutions, Romanian legal persons, the institutions issuing electronic currency, that are Romanian legal persons, and to non-banking financial institutions, that are Romanian legal persons, registered in the Special Register kept by the National Bank of Romania, and regulates the minimum standards that these institutions should comply with when drafting the client knowledge rules as an essential part of the management of the risk related to money laundering and terrorism financing and aspects related to their implementation. (2) This Regulation shall also apply accordingly for the purpose provided under paragraph (1), to the Romanian branches of the credit institutions, that are foreign legal persons, to the Romanian branches of payment institutions, that are foreign legal persons, to the Romanian branches of the institutions issuing electronic currency, that are foreign legal persons, and to the Romanian branches of financial institutions, that are foreign legal persons, registered in the Special Register kept by the National Bank of Romania." Article III. - Paragraphs (1) and (2) of Article 1 under Regulation No. 28/2009 regarding the supervision of the way in which international fund-blocking sanctions are applied, published in Part I of Official Gazette of Romania No. 891 of December 18, 2009, shall be amended as follows: "Article 1 - (1) This Regulation shall apply to credit institutions, that are Romanian legal persons, payment institutions, that are Romanian legal persons, the institutions issuing electronic currency, that are Romanian legal persons, and to non-banking financial institutions, also Romanian legal persons, registered in the Special Register kept by the National Bank of Romania, and regulates the minimum standards regarding the application of the international sanctions to block funds, according to the provisions of Emergency Government Ordinance No. 202/2008 regarding the application of international sanctions, approved as amended through Law No. 217/2009, as subsequently amended and supplemented. (2) This Regulation shall also apply accordingly, for the purpose provided under paragraph (1), to Romanian branches of credit institutions, that are Romanian legal persons, Romanian branches of payment institutions, that are foreign legal persons, the Romanian branches of the institutions issuing electronic currency, that are foreign legal persons, and to the Romanian
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branches of the financial institutions, foreign legal persons registered in the Special Register kept by the National Bank of Romania." Article IV. - NBR Regulation No. 3/2009 regarding the classification of credits and placements, and the establishment, regularization and use of specific credit risk provisions, published in Part I of Official Gazette of Romania No. 200 of March 30, 2009, as subsequently amended and supplemented, shall be amended and supplemented as follows: 1. Under Article 1, the introductory part of paragraph (1) shall be amended and shall have the following content: "Article 1 - (1) This Regulation shall apply to credit institutions, Romanian legal persons, and to the Romanian branches of the credit institutions of third states, to non-banking financial institutions, Romanian legal persons, and to the Romanian branches of foreign financial institutions, except for those which are according to the provisions of title I of Chapter IV, section 2 Financial institutions of other member states of Emergency Government Ordinance No. 99/2006 regarding credit institutions and capital adequacy, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, registered in the General Register opened with the National Bank of Romania, and to the institutions issuing electronic currency, Romanian legal persons, and to payment institutions, Romanian legal persons, granting credits related to payment services, and regulate:". 2. Under Article 1, paragraph (1), letter c) shall be amended and shall have the following content: "c) in case of payment institutions and institutions issuing electronic currency: - the classification of the credits related to payment services, granted to the debtors outside the credit institutions sector; - the determination of the necessary specific credit risk provisions related to the classified credits; - the establishment, regularization and use of specific credit risk provisions." 3. Under Article 2, a new letter shall be inserted after letter b1), letter b2), which shall have the following content: "b2) institutions issuing electronic currency entities defined according to Law No. 127/2011 regarding the activity related to the issuance of electronic currency;" 4. Under Article 2, letter c) shall be amended and shall have the following content: "c) borrowers credit institutions, non-banking financial institutions, payment institutions and the institutions issuing electronic currency to which this Regulation applies;". 5. Article 21 shall be amended and shall have the following content: "Article 21 The institutions issuing electronic currency and the payment institutions granting credits related to payment services and not keeping their accounting records according to the accounting regulations issued by the National Bank of Romania shall consider the corresponding accounts included in the chart of accounts provided by the accounting regulations applicable to such entities, in which the elements provided in annex No. 1 are registered." 6. Under Article 3, paragraph (4) shall be amended and shall have the following content: "(4) In the case of non-banking financial institutions, the internal rules provided under paragraph (1) shall be approved by their own statutory bodies. In the case of payment institutions, the internal rules shall be acknowledged by the persons in charge of the management and administration of the supply of payment services, for the purpose of Article 15, paragraph (2) of Emergency Government Ordinance No. 113/2009, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, and in case of the institutions issuing electronic currency shall be acknowledged by the persons in charge of the management and administration of the activity related to the issuance of electronic currency and
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supply of payment services, for the purpose of Article 11, paragraph (2), corroborated with Article 14 of Law No. 127/2011 that regulates the issuance of electronic currency." 7. Paragraph (5) of Article 3 shall be amended and shall have the following content: "(5) The internal rules of the non-banking financial institutions registered in the Special Register, of the payment institutions that turn out a significant level of the crediting business as defined under Regulation No. 21/2009 regarding payment institutions, as subsequently amended and supplemented, and of the institutions that issue electronic currency that have a significant level of the crediting business according to Regulation No. 8/2011 regarding the institutions issuing electronic currency shall be sent to the National Bank of Romania - the Supervision Division." 8. Under Article 18, item 1, letter b) of sub-item 1.2 shall be amended and shall have the following content: "b) in case of non-banking financial institutions, of payment institutions and of the institutions issuing electronic currency: - the debt service; - the initiation of judicial procedures. The correspondence between criteria and classification categories is provided in table No. 2 of annex No. 3;" 9. Under Article 26, paragraph (21) shall be amended and shall have the following content: "(21) In the case of payment institutions and of the institutions issuing electronic currency, the form and content of reporting forms and the frequency and modalities of transmission of the situations mentioned under paragraph (1) shall be those established for non-banking financial institutions through the order provided under paragraph (2)." 10. Article 29 shall be amended and shall have the following content: "Article 29 The failure to observe this regulation shall result in the application of the measures and/or sanctions provided, as the case may be, under Articles 226 and 229 of Emergency Government Ordinance No. 99/2006, approved as amended and supplemented through Law No. 227/2007, as subsequently amended and supplemented, under Articles 58 and 59 of Law No. 93/2009 regarding non-banking financial institutions, as subsequently amended and supplemented, under Articles 66 and 68 of Emergency Government Ordinance No. 113/2009 regarding payment services, as subsequently amended, approved as amended through Law No. 197/2010, as subsequently amended and supplemented, and under Articles 69 and 71 of Law No. 127/2011 regarding the activity related to the issuance of electronic currency." 11. Under annex No. 3, the name of table No. 2 shall be amended and shall have the following content: "Table No. 2 Criteria of qualification by classification categories for credit exposures, registered by non-banking financial institutions, payment institutions and institutions issuing electronic currency to the debtors outside the credit institutions sector" Article V. - NBR Regulation No. 11/2007 regarding the authorization of credit institutions, that are Romanian legal persons, and of the Romanian branches of credit institutions in third states, published in Part I of Official Gazette of Romania No. 837 of December 6, 2007, as subsequently amended and supplemented, shall be amended and supplemented as follows: 1. Under Article 23 paragraph (2), letter c) shall be amended and shall read as follows: "c) the description of the categories of activities to be made in the first 3 years of activity and, accordingly, of the supplied products and services and of the price/charging policy related thereto. For each of these categories of activities, the probable date on which they shall be introduced in the bank's offer shall also be indicated".
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2. Under Article 23, a new paragraph, paragraph (21) shall be inserted after paragraph (2), which shall have the following content: "(21) The description of activities, provided under paragraph (2) letter c), shall include, in the case of issuances of electronic currency, at least the following information: a) the currency in which the issuance is denominated; b) the territorial use area; c) the number of electronic payment instruments to be issued and the storage capacity of the electronic device; d) the validity period of such instrument; e) the distribution channels (at the counter, branches, by mail etc.); f) the description of the scheme for the issuance and use of the electronic currency and of the manner to settle the transactions with electronic currency; g) the estimation, over a duration of 3 years, of the income and expenses related to the electronic currency and the use thereof; h) the estimations regarding the total value of the financial obligations related to the issuance." 3. Chapter V "Authorization of the institutions issuing electronic currency, Romanian legal persons" shall be abrogated. 4. Article 64 shall be abrogated. Article VI. Upon the coming into force hereof, the following shall be abrogated: a) NBR Rule No. 14/2003 regarding the investments allowed to the institutions issuing electronic currency, published in Part I of Official Gazette of Romania No. 921 of December 22, 2003; b) the reference to institutions issuing electronic currency in Article 1, paragraph (1) of NBR Regulation No. 6/2008 regarding the starting of the activity and the changes in the situation of credit institutions, Romanian legal persons, and of the Romanian branches of the credit institutions in third states, published in Part I of Official Gazette of Romania No. 296 of April 16, 2008, as subsequently amended and supplemented. President of the Board of Directors of the National Bank of Romania, Mugur Constantin Isrescu
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Catalog Alb 2011

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Catalog Alb 2011

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Piaa Instituiilor Financiare Nebancare din Romnia - 2011

The Non-Banking Financial Institutions Market in Romania

Cuvnt nainte ......................................... pag. 7

Antoaneta Curteanu Preedinte ALB Romnia

Capitolul I Sinteze macroeconomice Semestrul I 2011 Produsul intern brut n Romnia

Chapter I A summary report on macroeconomics Semester 1 of 2011 GDP in Romania

Variaie procentual n comparaie cu anul precedent

Sursa: http://epp.eurostat.ec.europa.eu / Source: http://epp.eurostat.ec.europa.eu

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Exports and imports

Sursa: Institutul Naional de Statistic / Source: National Statistics Institute

TOTAL importuri CIF / TOTAL CIF imports 92,033 mln. lei

Ma ini i echipamente de transport / Machinery and transportation equipment 42.1%

Sursa: Institutul Naional de Statistic / Source: National Statistics Institute

Apr-11 Mai-11 Iun-11 Iul-11 Aug-11

Apr-11 May-11 Jun-11 Jul-11 Aug-11

0.1 -1.8 -2 -2.4 -3.1

6.5 4.7 4.2 6.7 -1.2

-44.5 -42.6 -40.7 -44.8 -40

2.2 1 3.3 4.2 2.8

-27.4 -23.8 -23.1 -18.8 -21.7

94.0 93.1 93.7 93.6 92.3

Apr-11 Mai-11 Iun-11 Iul-11 Aug-11

Apr-11 May-11 Jun-11 Jul-11 Aug-11

5.2 3.5 2.9 0.1 -2.5

7.3 7.8 6.6 6.3 -1.2

-13.9 -10.7 -10.9 -12.4 -16.8

-3.5 -2.6 -2.4 -5.1 -10.9

-26.2 -25.9 -26.1 -25 -26

105.1 105.4 104.6 102.3 97.3

Sursa: Banca Naional a Romniei/Source: National Bank of Romania

omajul n Europa i Romnia

Figura 1: Rata omajului n UE n Iunie 2011/ EU unemployment rate in June 2011

Sursa: Institutul Naional de Statistic / Source: National Statistics Institute

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Piaa forei de munca n Romnia

The labour market in Romania

Sursa: Institutul National de Statistica / Source: National Statistics Institute

- Mii persoane / Thousand persons POPULAIA TOTAL / TOTAL POPULATION*) (21414)

POPULAIA DE 15 ANI I PESTE / POPULATION OF 15+ YEARS (18175)

POPULAIA ACTIV / ACTIVE POPULATION (9921)

EMPLOYED POPULATION **) (9210) SALARIAI/ EMPLOYEES **) (6187)

OMERI BIM / UNEMPLOYED ACC. TO INTERNATIONAL LABOUR BUREAU (711)

Figure 2: Livrri de autoturisme autohtone (APIA) / Domestic vehicles delivered (APIA)

Figure 3: Livrri de autoturisme import (APIA) / Imported vehicles delivered (APIA)

Alte ramuri Other industries Comer/servicii Trade/services

Agricultura Agriculture Industrie Industrial business

Construcii Construction business

Sursa: Institutul National de Statistica / Source: National Statistics Institute

Emilian Vasilescu Statistician

Adriana Ahciarliu Secretar General ALB Romnia

Capitolul II Tendine n piaa instituiilor financiare nebancare II.1. Conjunctura local

II.2. Ce presupune procedura de infringement?

II.2. What does the infringement procedure mean?

II.3. Explicarea procedurii de non-conformitate cu legislaia Uniunii Europene

II.3. Explanation of procedure for non-compliance with European Union law

II.4. Volum nou finanat n leasingul financiar

II.4. New financed volume in the financial leasing

II.5. Industria creditului de consum volum nou finanat

II.5. Consumer Credit Industry New Financed Volume

EMPLOYED POPULATION ) (9210) SALARIAI/ EMPLOYEES ) (6187)