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Antreprenoriat si profesia medicala

1. Koelewijn, Wout T, Matthijs de Rover, Michel Ehrenhard si Wim H Van Harten.
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dynamics in Dutch hospitals and specialty clinics”, Human Resouces for Health: 1228;
2. Kovalainen, Anne si Johanna Osterberg-Hogstedt.2013. „Entrepreneurship within
social and health care”, International Journal of Gender and Entrepreneurship 5 (1):

Mediul antreprenorial romanesc

1. Dumitrescu, Alina Ligia.2014.”Small and medium Sized Enterprises as the Driving
Force of Romanian Economic Growth”, Knowledge Horizons-Economics 6(2): 49-53;
2. Armeanu, D., Istudor, N. and Lache, L., 2015. The Role of SMEs in Assessing the
Contribution of Entrepreneurship to GDP in the Romanian Business Environment.
Amfiteatru Economic 17(38): 195-211;

Finantarea IMM-uri si activitatea de creditare

1. American Bankers Association, „The Business of Banking”
2. Asociatia Romana a Bancilor,, „Accesarea unui credit”
3. Asociatia Romana a Bancilor, , „Dictionar de termeni”
4. Asociatia Romana a Bancilor, , „Drepturi si obligatii
ale consumatorului”
5. Asociatia Romana a Bancilor, , „Cum sa-mi gesionez

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

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

Intrebari de verificare

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


Open Access

Physician’ entrepreneurship explained: a case
study of intra-organizational dynamics in Dutch
hospitals and specialty clinics
Wout T Koelewijn1*, Matthijs de Rover1, Michel L Ehrenhard2 and Wim H van Harten1

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

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

2010, while the total revenue of these clinics tripled to 315
million euros, equaling roughly 2.5% of the total hospital
budget [1]. These developments were supported by the
Dutch Healthcare Authority, which advocated more specialty clinics because of their substantially lower charges
compared to hospitals [1], while in addition, the Dutch
Health Care Inspectorate pointed at the positive developments with regard to the quality of care provided by specialty clinics [2,3]. In the media as well, specialty clinics
were being welcomed as efficient providers, providing fast
access to patient-oriented care [4-7].
Despite the positive perception of physicians’ entrepreneurship as a part of managed competition, it still remained
a relatively rare phenomenon as the vast majority of physicians continued to work in hospitals, leaving the start of

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

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

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

Page 2 of 12

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

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

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

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

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

Page 3 of 12

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

Data analysis

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

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

the management of the other mediumsized hospital B is more welcoming towards physicians’ initiatives as the executive manager takes a very open.human-resources-health. the medical specialists are more entrepreneurial than the managers. causing a higher level of power dependence compared to an independent relationship: In contrast. the executive manager of the largest hospital (hospital D) included in our sample created a parallel informal process next to the standard bureaucratic process to allow for more direct input by physicians: ‘Once every two years the entire Executive Board and directors and all the medical staff withdraw somewhere to brainstorm about a number of topics. hospital D) ‘As a rule. Hereby. In medium-sized hospital C. most of these physicians regard an employment relationship with the hospital as detrimental to their autonomy. you’re one month further and you think. in the Netherlands most physicians work in physicians’ partnerships within a hospital instead on an employment basis. That works much better than all that paperwork and it generates renewed dynamism. Bureaucracy and a lack of perceived influence in the decision-making processes of management are highly influential factors. we found differences depending on the size of the hospital in relation to the management Page 4 of 12 Table 1 Specialties and size of clinics included in sample Hospitals (beds) < 300 400 to 700 Cardiology Dermatology Clinics (number of physicians) 400 to 700 > 700 ≤ 10 > 10 2 1 2 2 1 1 Geriatrics 1 Gynecology 1 Internal medicine 1 1 Ophthalmology 1 1 1 1 Orthopedics 1 ENT 1 Pediatrics 1 Plastic surgery 1 1 1 1 Radiology 1 Surgery 1 Total 4 1 4 Power dependence We found that all physicians reported experiencing power dependencies and interest dissatisfaction with management or colleagues.’ (Executive. And that leads to conflicts and in the end the director says. In addition. resulting in a relatively high number of initiatives executed in partnership with the hospital: ‘I’ve seen several employment relationships go bad in the hospital because (…) the directors first said yes. These factors in turn are dependent on hospital and partnership size and the managerial style of the executive manager. pragmatic approach towards entrepreneurial initiatives by physicians. I’m the boss here. For example. hospital B) Summarizing.’ (Executive. hospital D) ‘I’ll suggest something and nothing gets done with it. oh I never heard anything more about that. but then no. Human Resources for Health 2014. In the three other hospitals. remember?’ (Physician. physicians’ interest dissatisfaction is relatively low.Koelewijn et al. using formal and sometimes bureaucratic decision-making processes. formal processes are perceived as dominating: 4 3 5 7 Finally. In fact. physicians working in the smallest hospital included in our sample mention the culture of facilitating physicians. 12:28 http://www. That makes it even more of an uphill struggle. the executive managers deal with matters differently. Managers think more in terms of limitations than physicians do. The perceived high level of bureaucracy and lack of influence on hospital policy is frequently mentioned as causing interest dissatisfaction with management.’ (Manager. But if that’s your attitude (…) you’re literally not able to start something until you have a project assignment. we mustn’t do this after all. As a result. With respect to this perceived level of involvement in decisionmaking. hospital C) This parallel policy-making process helps physicians fulfil their interests. all physicians in hospitals experienced power dependence to some extent. hang on a minute. .

In that sense they’re not being ordered around by a more openness by management and greater facilitation of physicians are seen as ways of diminishing physicians’ perceived power dependence. In addition. Human Resources for Health 2014. Interest dissatisfaction We found mixed results for the causes and extent of interest dissatisfaction among physicians.’ (Manager.rather than dependence on . as illustrated by one physician: With regard to physicians who were not involved in the entrepreneurial process of starting up the clinic and who are not included in the clinic’s small specialty clinics without much bureaucracy can be more flexible with regard to physicians’ interests due to a smaller span of control for the clinics’ management and a decision-making process that involves a single specialty.’ (Physician. internal competition with other specialties is limited or absent.human-resources-health. In contrast. For example. but the directors: people think they are too distant. As a result. Both physicians and managers are aware of their interdependence. clinic #4) Good facilitation by management. That makes you slightly more motivated to make sure things work out in your own outfit because it’s in your own interests. A manager of the largest clinic reports the downside of a large span of control: ‘People always complain a lot. Some managers frankly acknowledge this: ‘I often still need to work on creating the basic organization. perceived power dependence is reduced by the financial incentives provided by specialty clinics. 12:28 http://www. on the other hand. thereby aligning the interests of physicians and managers. respondents from smaller clinics experience more direct collaboration by being more centrally positioned within the organization. So they have an awful lot of say in how they can optimize their work and arrangements. clinic #3) However. This mutual interdependence is perceived as a positive and vital characteristic of their organization. But you never hear anything more about them. so you don’t even get round to entrepreneurial activities. As a physician explains: Page 5 of 12 involved in the startup phase and who are part of the governance structure of the specialty clinic perceive themselves to be more influential as well as seeing functional interdependence with . they’re the boss.Koelewijn et al. Moreover. hospital A) . hospital C) A physician in hospital C explains his experiences with management: ‘I’ve suggested a couple of really interesting opportunities to the hospital. A general manager of a specialty clinic explains his facilitation of physicians as follows: ‘We set up everything to make it as easy as possible for the physicians to do their job. hospital C) ‘We set up the clinic to give everyone a share in the profits. And the complaints are mainly about how remote the directors are . specific organizational characteristics of specialty clinics stimulate the development of shared interests and collaboration. Finally. thereby fostering a shared interest among physicians and managers alike.’ (Manager. Finally. clinic #2) In addition to organizational size. in clinics. (…) I can’t understand from a rational viewpoint why a hospital doesn’t seize those opportunities’ (Physician.’ (Physician. physicians who were ‘I would say the answer to the question why I don’t undertake entrepreneurial activities outside the hospital is that we basically have a good outpatient clinic and I’m satisfied with that. we found that physicians involved in the entrepreneurial process and having a position in the clinic’s governance perceive the facilitation provided by management as good.not me. Indeed. which produces a context where physicians are facilitated in practicing their medical profession as autonomously as possible. These incentives are related to the overall performance. you’re too busy managing. was found to limit interest dissatisfaction among physicians. physicians who have been involved in the founding of the clinic and who have a position in the clinic’s governance experience low levels of power dependence. The causes of interest dissatisfaction with hospital management are often related to the perceived degree of red tape in decision-making. the single focus in most clinics on one specialty improved the perceived influence on organizational decision-making. organizational size also appears to be positively related to power dependence as physicians working in larger clinics mention power dependence more frequently. our results indicate that they still perceive high power dependence on management. as a physician involved in the entrepreneurial process notes: Summarizing. This focused character contributes to a lower perceived power dependence. many specialty clinics offer shared financial incentives. For specialty clinics. an employment relationship between physicians and a hospital is regarded as causing greater power dependence. In contrast.’ (Manager.

If you do that just once. a personal business. And the facilities for that are what we’ve essentially organized. a focus on patients. A general manager described the importance of having shared interests: Page 6 of 12 ‘In fact. hospital A) For physicians embedded in the medical logic however. good facilitation decreases interest dissatisfaction. As one physician states: . clinic #7) Summarizing. Due to the problematic relationship. thereby creating similar tensions as in hospitals. clinic #3) It is noticeable. Especially. One physician who worked on an employment basis for a specialty clinic explains his difficult relationship with a manager: ‘There comes a point where the management tells you. physicians who were involved in the founding and governance of their specialty clinic reported being able to align their clinic with their own interests. these partners are very important. This results in a transformative oriented competitive value commitment.’ (Physician. I’m the doctor here. how you should be doing your (…) and then you gradually get into disagreements with management. they experience low levels of interest dissatisfaction.’ (Manager. not being constantly shunted from pillar to post. On the other hand. this resulted in interest dissatisfaction with his fellow group members rather than with management. clinic #4) The interests of physicians and managers in clinics are found to be highly aligned. 12:28 http://www. As most hospital-based physicians work in a partnership with other physicians. In clinics. “Good gracious. the doctor. the interests of managers and physicians start to diverge. high-quality service (…).’ (Physician. we also found an example of one physician with a high degree of perceived power dependence with regard to his colleagues. no Besides hospital management. Human Resources for Health 2014. Instead. I’ll just stay put. (…) then I’m not inclined either to say well. as explained by a physician who was in the process of starting his own clinic after having left the hospital: ‘If there comes a point that it’s blindingly obvious they want to get rid of you but don’t actually say so. Their decision to engage in entrepreneurship is based on a defensive oriented competitive value commitment aimed at upholding values derived from medical professionalism. If the interests aren’t aligned. Interest dissatisfaction of hospital-based physicians was related to the hospital’s bureaucracy and the resulting lack of opportunity exploration. however. you’ve lost your commitment for the next five years. Physicians’ interests are aligned with clinics’ overall performance through shared ownership or additional financial incentives. aiming to change the traditionally dominant logic of the own group. thereby preventing interest dissatisfaction and competing interests.’ (Manager. interest dissatisfaction may also be caused by colleagues. and the best possible care is realized through shared ownership or financial incentives to optimize the clinic’s overall performance. depending on the relative power dependence experienced with regard to either hospital management or other physicians. I can’t function if that kind of thing is going on. interest dissatisfaction is related to their perceived high power dependence on hospital management. physicians who participate in the founding and governance of the clinic are able to practice their medical profession while satisfying most of their interests. they will inevitably end up in a conflict. Difficulties in this relationship can easily lead to conflicts and may result in entrepreneurship by the departing physician. At the same time there are an awful lot of doctors with really unreasonable demands.’ (Physician hospital x) Summarizing. not too big. shared interests focus on achieving high patient satisfaction. as they were able to satisfy their interests and practice their medical profession while safeguarding their medical autonomy. Logics and value commitments Physicians embedded in the business-like logic or hybrid logic (containing elements from both the medical and business logic) experienced interest dissatisfaction with fellow physicians exhibiting prima donna behaviour rather than with hospital management. you need to make sure the interests of the doctors and the clinic are aligned.Koelewijn et al. ten out of twelve physicians said they were satisfied with the facilitation provided by their management.human-resources-health. A general manager describes how physicians’ interests are facilitated: ‘The physician-entrepreneurs want short lines of communication. fast. A physician embedded in a hybrid logic illustrates this: ‘I try to communicate in their (managers’) language and not retreat into my medical ivory tower (…). on the other hand. As clinics grow. however. what on earth are you thinking of?”. that as clinics grow. If someone like that cries out. Additionally. we found mixed results on the causes and origins of interest dissatisfaction. physicians and managers report experiencing a similar divergence of interests to managers and physicians working in hospitals.

As a physician describes it: ‘The management side has a tendency to make things more bureaucratic.Koelewijn et al. And at a certain point. the business logic of management becomes more dominant at the expense of the hybrid logic. who held a medical Page 7 of 12 ‘I didn’t want to have to say “no” to patients who needed a simple operation just because that operation didn’t fit in with the management’s ideas. potentially giving rise to a defensively oriented competitive value commitment. A physician embedded in the hybrid logic described his feelings about the growth of his clinic: ‘But you see that specialty clinics are getting bigger and bigger (…) and if they get big enough.’ (Physician. “Yes. we found a tendency for the development and maintenance of a shared hybrid logic held by both physicians and managers as part of the entrepreneurial process. One physician who did not participate in the entrepreneurial process and the governance of the clinic collided with the dominant hybrid logic.” Sorry. Second. And then I started thinking: well. Coming from an entrepreneurial family facilitates the transition. as the clinic expands. hospital B) ‘Just as managers need to learn to think a bit like a doctor .’ (Physician. their value commitment is directed towards maintaining this status quo. clinic #6) One physician. Finally. physicians embedded in the medical logic experience power dependencies and interest dissatisfaction with regard to management. the relatively small size of specialty clinics helps in building and maintaining a shared hybrid logic as communication can be quick and direct. The basic premise of this hybrid logic entails both groups adopting elements of the logic traditionally held by the other group. doctors need to be able to empathize with how managers think. clinic #4) Summarizing. However.human-resources-health. as explained by a manager: ‘We regularly discuss the set of instruments doctors need. so does the dominance of the business logic. 12:28 http://www. clinic #7) In addition. thereby developing a defensive oriented competitive value commitment. clinic #9) . Human Resources for Health 2014. as described by a physician embedded in the business logic: ‘I turned from being a doctor into an entrepreneur because it’s in my blood (…) it was just a question of acting according to your nature. physicians and managers are embedded in a shared hybrid logic. ‘I had an office manager there. In clinics. we found two ways in which intra-organizational dynamics in hospitals contribute to physicians’ entrepreneurship. physicians embedded in the business logic experience power dependencies and interest dissatisfaction with regard to other physicians.’ (Physician. hospital B) Another deciding factor for entrepreneurship is having an entrepreneurial nature. we could do that here in this hospital as well. it was something really simple.’ (Executive Manager. set up our own business and deliver care privately ourselves. we did not find examples of physicians embedded in the business-like health care logic whose decision to turn into an entrepreneur was induced solely by intraorganizational dynamics. the executive manager of hospital B comments on the dangers of the entrepreneurial entity becoming more bureaucratic: Summarizing for hospitals. we found other factors influencing physicians’ entrepreneurship. being embedded in the medical logic is associated with interest dissatisfaction with hospital the same way. as explained by a plastic surgeon embedded in the business logic: ‘Ever since I was a child I’ve been brought up in an entrepreneurial environment (…). you automatically get the same organizational problems in the specialty clinics as in the hospitals. which induces them to leave the hospital.’ (Physician. they add a layer of bureaucracy to the opportunity and if you do that thoroughly then you inevitably find the opportunity has gone again. Instead. clinic #5) Finally.’ (Physician. First. while being embedded in a hybrid or business logic is associated with interest dissatisfaction with fellow physicians.’ (Manager. Entrepreneurship Based on our research model. agreeing on communication with patients and how we should arrange procedures and protocols.they need to be able to empathize with how doctors think . I said that I wanted to arrange my consultation hours like this. at most of the specialty clinics included in our sample. (…) I said: you need to facilitate me. we found that as clinics grow. but if so then we have a misunderstanding. As physicians perceive their interests to be properly facilitated.’ (Physician-manager. but we don’t agree. hospital B) Likewise. did not participate in the entrepreneurial process of starting up the clinic and was not involved in the clinic’s governance collided with the hybrid logic and eventually left the specialty clinic.

clinic management. For physicians who are already dissatisfied. managerial attitude and actual initiatives Type Level of competition Managerial Entrepreneurship attitude towards (intra/extra) entrepreneurship Small hospital Low Conditional 1/0 Medium hospital High Positive (vehicle) 5/1 Medium hospital High Conditional 1/2 Large Hospital Low Conditional 1/1 large-scale competitor in the neighborhood to create an entrepreneurial vehicle as part of the hospital’s holding company structure. to assess whether the change to entrepreneurship was transformational or sedimented. growing bureaucratization is mentioned as a potential danger to this stable situation as this may induce growing dependence on the clinic’s management. thereby developing a hybrid logic shared . This vehicle was able to facilitate physicians attracted by the prospect of starting an entrepreneurial entity. this stance provides additional ‘evidence’ reinforcing this dissatisfaction.’ (Manager. we only encountered one physician who therefore experienced power dependencies and interest dissatisfaction with regard to management. as one physician explains: ‘I wasn’t interested in fitting in with a hospital hierarchy where ophthalmologists are somewhere near the bottom.’ (Manager. We found that physicians and managers who jointly started a specialty clinic developed a hybrid logic during the startup phase. often with a majority stake for the hospital. Human Resources for Health 2014. Examples of these conditions include the requirement that the new clinic be located at a minimum distance from the hospital. we analyzed intraorganizational dynamics in specialty clinics. But you need to be a genuine entrepreneur to actually be able to take that step. inducing him to leave the specialty clinic to start his own business. It was time for something different. Resulting type of change in clinics Next. creating an entrepreneurial vehicle as part of the hospital may facilitate physicians in carrying out their initiatives. 12:28 http://www. is no panacea preventing entrepreneurial physicians from leaving the hospital. we found most management teams de facto discourage physicians’ entrepreneurship by setting conditions. allowing physicians traditionally embedded in the logic of medical professionalism to adopt elements of the business-like health care Page 8 of 12 And as perceived by an executive hospital manager: ‘Dissatisfaction and criticisms of the senior management. This hybrid logic subsequently supports their collaboration as it becomes the dominant logic once the clinic is operational. The management of the fourth hospital included in our sample was prompted by a perceived threat from a new Table 2 Level of competition. In contrast. But what it has done is to send a message to the staff that (…) we also give them the freedom to be entrepreneurs. Interestingly. We neither found evidence for high levels of power dependencies and interest dissatisfaction with the clinic’s management among physicians who did partake in the entrepreneurial process and governance of the clinic.human-resources-health. hospital B) In sum.’ (Physician. it’s not that much at hospital B. hospital B) For physicians already working in entrepreneurial specialty clinics. This. This physician was embedded in the medical logic and did not participate in the entrepreneurial process or in the clinic’s governance. and shared ownership. nor did we encounter similar phenomena with respect to other physicians. Additional findings on hospitals An important factor influencing the form of physicians’ entrepreneurship in hospitals is management’s basic attitude towards physicians’ entrepreneurship and management’s willingness to facilitate entrepreneurial initiatives (see Table 2). Instead of adopting the dominant hybrid logic. and interest dissatisfaction with. the Executive Board. these physicians remain embedded in their traditional medical logic. confidence issues and all sorts of things . ‘If you see what the specialists do with this. hospital B) Indeed. As part of the arrangement. the facilitation provided for entrepreneurial initiatives has been no panacea preventing physicians from leaving this particular hospital. therefore resulting in interest dissatisfaction. thereby developing a defensive oriented competitive value commitment towards the hybrid logic. the hospital would hold a majority stake in every newly created entity. physicians who are not involved in either the startup or governance of the specialty clinic still report high perceived power dependence on. this increases their dissatisfaction with hospital management. What you also see is that some specialists are so entrepreneurial that they say: I’m just going to start up my own businesses.Koelewijn et al. This finding suggests that involvement in the startup phase and governance itself comprises a sedimentation process. The management of three of the hospitals included in our sample only allows physicians’ entrepreneurship under certain conditions. however. so I changed direction completely.that can be one of the reasons for starting entrepreneurial activities. Still. For physicians who are dissatisfied with the facilitation provided by hospital management.

who found entrepreneurship to be stimulated by conflicting logics. based on interviews of 15 physicians and 8 managers Entrepreneurship Hospital Beds Level of competition Perceived Power Interest Management’s Intrapreneurial Extrapreneurial involvement in dependence dissatisfaction attitude towards decision-making on management with management entrepreneurship A < 300 Low Medium Medium Low Negative 1 0 B 400 to 700 High Medium Medium Low Positive (Vehicle) 5 1 C 400 to 700 High Low High High Conditional 1 2 D > 700 Low Medium Medium Medium Negative 1 1 . we also found evidence that intra-group dynamics may result in radical change. and interest dissatisfaction with hospital management.38. A perceived high level of bureaucracy and the associated lack of opportunities for physicians to have a say on hospital policy were found to cause both perceived power dependence and interest dissatisfaction. the business logic increasingly becomes dominant. organizational members with a strong need for autonomy may leave the specialty clinic [42]. As illustrated by Mintzberg [40] and more recently by Marquis and Lounsbury [41]. Finally. we assessed whether the change whereby a physician turns into an entrepreneur is largely transformational or sedimented. Table 3 Characteristics of intra-organizational dynamics in hospitals. which takes the shape of entrepreneurship. In addition to the focus by Greenwood and Hinings (1996) on intra-organizational dynamics between functionally different groups leading to radical change.human-resources-health. In addition. thereby providing the conditions for an increasingly dominant business logic. The nature of intra-organizational dynamics in both hospitals and specialty clinics is summarized in Table 3. thereby resembling the very organizations entrepreneurial physicians left in the first place. sedimented change is temporary and can be reversed. As part of the medical logic. Simultaneously. If a hospital’s management explicitly discourages entrepreneurial initiatives. we conclude that our research model holds for physicians embedded in the logic of medical professionalism thereby developing a defensively oriented competitive value commitment. physicians are supposed to be centrally positioned in the organization allowing them to be both influential as well as autonomous [17]. As noted by Pinnington and Morris [29]. The initial embeddedness in a certain logic seems to determine physicians’ value commitment and related primary focus of perceived power dependence and interest dissatisfaction.Koelewijn et al.34-39]. but rather the outcome of a good fit with the medical logic in which the physician was formerly embedded and which prevailed during the entrepreneurial process. physicians’ satisfaction in specialty clinics is not a result of a newly created logic resulting from transformational change. Shared interests have been shown to positively affect organizational performance and collaboration [20. whereas transformational change is permanent. We found two indications for the change being sedimented rather than transformational. As a result. In sum. these incentives constitute additional cement to the sediment in which entrepreneurial values are ‘glued’ onto the central medical logic of physicians. 12:28 http://www. Discussion We explored the nature of intra-organizational dynamics between physicians and managers in both hospitals and specialty clinics. Human Resources for Health 2014. management’s attitudes to these types of initiatives by physicians influence how they will be implemented. small organizations tend to turn into bureaucracies as they grow. As organizational growth requires more coordination. intraorganizational dynamics constitute the main incentive for change. Physicians embedded in the traditional logic of medical professionalism perceive high levels of bureaucracy and related power dependence on. in specialty clinics physicians’ and managers’ interests are aligned by providing incentives. focused specialty clinics. As a result.37. physicians face no alternative than to execute their entrepreneurial initiative outside the hospital. resulting in a defensively oriented competitive value commitment. Moreover. We found this to be the case with respect to the hybrid logic of small. This is supported by a growing body of literature pointing to the added value of involving physicians in governance [19.43-46]. In fact. thereby inducing physicians to turn into entrepreneurs. This glue may also improve the fit between managers and physicians in other settings. like hospitals. Being involved in the startup process and governance of the specialty clinic and subsequently having direct influence on clinics’ policies not only diminishes the likelihood of interest dissatisfaction developing but also fits well with the initial medical logic in which most entrepreneurial physicians were initially embedded. physicians will prefer to collaborate with the hospital organization in the form of Page 9 of 12 with management. while if management is more facilitating. This confirms earlier findings of Marquis and Lounsbury [41].

future research may extend our knowledge on the hybridization process itself including the mechanisms by which actors adopt new behaviours and skills. Thereby. the physicians embedded in the dominant logic of business-like health care primarily reported interest dissatisfaction because of prima donna behaviour of fellow physicians embedded in the logic of medical professionalism unwilling to adapt to hospital policies. our findings show that physicians’ entrepreneurship demonstrates the existence of sedimented change in which a hybrid logic held by both managers and physicians allows for a collaborative health framework in specialty clinics. were mentioned as incentive necessary conditions for the entrepreneurship of these physicians. A follow-up longitudinal study should focus on this process of sedimentation and shed more clarity on the mechanisms involved. As organizations grow. Given our relatively limited sample. Our research however indicates that in the process of resisting hybridization. these layers may shift. We drew from the neo-institutional theory developed by Greenwood and Hinings (1996). However in order to be effective. budget cuts resulting from the enduring economic downturn in Western countries have provided an impetus for new and additional health care reforms relying heavily on the logic of business-like health care. professionals are linked to other groups holding different logics [47] calling for new boundary spanning knowledge and skills. transformative towards medical Page 10 of 12 Table 4 Intra-organizational dynamics in specialty clinics as compared with hospitals Logic Hospital Specialty clinic Physicians (n = 15) Physicians (n = 12) Medical (6) Hybrid (1) Medical (1) Business (8) Participated in startup Perceived power dependenciesa Prime subject of power dependencies Perceived interest dissatisfactiona Perceived value commitment Business (5) No In governance Hybrid (6) Yes No Yes High Medium High Low Management Fellow physicians/Management Management - High Medium High Low Competitive. layers from both the medical and business logic. instead entails a hybridization process by which elements of the ‘alien’ logic are adopted (Table 4). defensive towards business Competitive.human-resources-health. consisting of different. and sometimes conflicting. As part of this concept. Until now however. decentralized decision-making and common ground with stakeholders embedded in the medical logic is needed. 12:28 http://www. a large-scale quantitative follow-up study is needed to confirm our qualitative findings. Although we found that intra-organizational dynamics encouraged entrepreneurship to take place. a transformative oriented competitive value commitment is developed towards the traditionally dominant logic of physicians. Rather than representing transformational change. Yet. Finally. Surprisingly however. ‘medium’ when one or two examples are given. the deep involvement of physicians. and ‘high’ when more than two examples are given. Our findings have implications for policy-makers both at the national level and the hospital level. we found evidence that the entrepreneurial process aimed to prevent hybridization. Human Resources for Health 2014. It remains unclear how the entrepreneurial process actually induces physicians to adopt elements from the business logic and how management is induced to adopt elements from the medical logic. our finding that entrepreneurship represents sedimented rather than transformational change provides striking evidence for hybridized professionalism. thereby creating a hybrid logic. At the national level. . allowing for a hybrid logic to develop. in particular in the form of an entrepreneurial nature or nurture. thereby providing the impetus for a new cycle of change. Finally. Conclusion The main theoretical contribution of our paper lies in the conceptualization of our findings into a theory of entrepreneurial change in the health care sector. which assumed that organizations move to a coherent logic with a consistent set of structures and systems. personal factors. Study limitations and suggestions for further research Although this was a qualitative study exploring aspects of intra-institutional dynamics. hybridization was defined as professionals learning new behaviour to fit new and hybrid organizational forms [48]. new entrepreneurial entities can be found aimed to prevent hybridization by instead upholding values derived from the logic of medical professionalism. Our analysis demonstrates that the hybrid entrepreneurial logic can be partially overlapping.Koelewijn et al. defensive towards business Status quo a ‘Low’ when no example regarding perceived interest dissatisfaction or power dependencies is given. the responding selection of physicians and managers may have biased our findings.

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paid employment and entrepreneurship. the paper raises the contradiction of stereotypically “masculine” entrepreneurial goals and the stereotypically “female” ideology of care existing as tension within entrepreneurship in social and health care. International Journal of Gender and Entrepreneurship Vol. Finland. Social care. layered and overlapping. Gender. Vaasa. how entrepreneurial identity is constructed. Minna Canth Academy Professorship project funding. 17-35 q Emerald Group Publishing Limited 1756-6266 DOI 10. Frame analysis Paper type Research paper The authors acknowledge the financial support of the Academy of Finland. Intersectionality. Entrepreneurialism. We discuss whether professional identity and entrepreneurial identity can be separated. The methodology is based on re-reading and re-interpretation of both empirical studies and theoretical literature. we argue that identities are fluid. evolving. changing.1108/17566261311305193 . University of Turku. Turku. Research limitations/implications – The research limitations relate to the research design of not using ethnographical data. or can we see the emergence of a new kind of entrepreneurial identity with special features related to the complexity within the provision of services in social and health care? Design/methodology/approach – The materials from two previous studies by the authors are used in the article as empirical data to investigate the questions of identity and professionalism. School of Economics. Small businesss entrepreneurship. Professions. In addition. 5 No. Health care. but that they are malleable. Hanken School of Economics. gender and professionalism Anne Kovalainen Department of Management. 2013 pp. and second. Is the role of entrepreneurship limited in the context of health and social care professional Originality/value – The article has both originality in the settings and value in bringing different discussions together. and ¨ sterberg-Ho¨gstedt Johanna O Social and health care 17 Received 4 September 2011 Revised 20 November 2011 1 March 2012 Accepted 9 October 2012 Department of Management and Organisation.htm Entrepreneurship within social and health care A question of identity. interconnected. 1. Keywords Small businesses. and how meaningful that question is. Finland Abstract Purpose – This article aims to look first at how entrepreneurial identity fits into the picture we currently have of social and health care professionals who most often work in paid employment in the public sector.The current issue and full text archive of this journal is available at www. Findings – There are differences and different logics of work-related identity building among the entrepreneurial groups and among professional groups. Identity. As identities cannot be predetermined or classified according to economic earnings logic only. The results might have relevance to education. as well as in its ability to widen the theoretical discussions and empirical studies on identities. Social implications – The article has social implications in the ways the identities are discussed through various discourses in the societies. Practical implications – The article has no direct practical implications.emeraldinsight. and intertwined. Despite this and even if part of the research tradition emphasizes this difference and the separateness of these identities.

2006). The largest part of this change is taking place in public sector services. as there are several providers with different arrangements with the purchaser of the service (most often the state or a municipality) and the “consumer” of the service (the customer)[1]. the provision of care consists of a variety of arrangements with different providers. guaranteeing a just division. In a mosaic-type of service structure. ranging from the political to the ideological. What does it mean to change from paid employment to self-employment and entrepreneurship for a person who is educated in a profession that relies heavily on public sector employment and who has worked as a paid employee in the public sector? It is this professional person’s identity work that is of interest to us. “accountability” and “user choice” (Wistow et al. Simonen and Kovalainen. At the micro-level. In general. “effectiveness”. municipality. Lewis.. ranging from local authorities to companies and NGOs. at the level of the structuring and practical organisation of services. the third sector and private companies. The marketization trend. with key words such as “efficiency”. . This formal purchaser-provider structure includes several ongoing and even contradictory processes. Taking this bigger picture into account. of which entrepreneurialism is one element. and appeared somewhat earlier in other European countries.IJGE 5. instead of working as employees. professionalism and entrepreneurship interact in work identity constructions. 1996. began to emerge in the 1990s in the Nordic countries. 1996.. Managerialism in the public sector has become the ideological force bringing about the transformation of public services. 2010). including health and social services (OECD Statistics. Room. consisting of various contractors. 1998. while the providers of services widen beyond the State and municipalities. the State tends to remain the main purchaser of services. also known as New Public Management. the restructuring on the macro-level becomes much more blurred. 2006). ranging from self-employed sole providers of services to multinational companies (Room.1 18 Introduction How entrepreneurial identity is adopted and how it is constructed amongst female entrepreneurs in small businesses within social and health care in the Nordic context are both intriguing and extremely relevant questions. we argue that the remodelling of the service state has changed the professions profoundly. Social and health care entrepreneurialism is a new economic form that relates to the marketization trend of public sector services and the mosaic service structure. and it includes a notion of simple reorganisation and rerouting of services from one provider (state or municipality) to several different providers (state. Many service providers offer services to privately paying customers without State involvement. self-employed. The restructuring taking place at the national and international macro-level is about the formal purchaser-provider split. At the grass-roots level. the changes concern the provision of services within social and health care from the 1990s onwards towards various types of quasi-market models where services are provided by the public sector. In this article. How this is reflected in the identity work within the profession is a question we will analyse in this article. to individual professional persons who own companies and who have decided to contract out their services as self-employed or as business owners. third sector organisations. we focus on the managerial public service state at the micro-level and investigate the construction of “entrepreneurial identity” among those who work as professionals and as entrepreneurs in health and social services. etc. Lewis. 2009). 2006. In this paper we are interested in how gender.) (Wistow et al.

not least by the professions themselves (Witz. In the following sections. Lounsbury and Glynn. In that sense. 1992. related to individualism. 2005). business. on the other hand. The intersectionalities of gender. as it has neglected both the deeply ingrained identity work of education and the equally important work experience in work identity construction. such as professional knowledge when working as a business owner or entrepreneur. 2010). In research. The article concludes that while strong professionalism builds the core of the new entrepreneurship. where membership of a specific profession does not limit the possibilities of what one can perform (Carree and Thurik. The boundaries for professions are drawn by many. freedom and boundary-less possibilities. 2011. as action and as rhetoric. making sense of the intersectionalities. Businesses providing care – the intersectionalities of gender. and the shift from paid employment to entrepreneurship. and aim to fill the gap by discussing the possibilities of an entrepreneurial identity and position in an occupational group that is overwhelmingly both historically and presently embedded in paid employment patterns and practices. 1994) and the complex interplay between gender segregation that exists both in paid work and in entrepreneurship (Kovalainen. we will relate and discuss entrepreneurship and professionalism in gendered care work in health and social care context. The notion of belonging to a larger group holding similar kinds of skills is one key feature of professions. 2006. The intersectionality of gender. and this is followed by a discussion of the empirical findings from our studies. 1995). Professionalism in its mundane everyday meaning refers to skills and capabilities. identity and positions in professions and occupations will be discussed first. professions typically refer to concrete and Social and health care 19 . but more layered. Many of these notions of enhancing entrepreneurialism neglect issues of masculinization of businesses (Powell. Aldrich and Ruef. there are several strong tensions concerning how to organise the maintenance of professionalism. 2010). Often the educational or occupational background issues are neglected in the formation of the complexity of the identity in question. however. occupation and profession Contrasting entrepreneurialism and professionalism Entrepreneurialism is. and that study material is gathered from them (Navis and Glynn. Nancarrow and Borthwick. Anderson and Hughes. relates to specific occupational skills obtained through education and work experience. Professionalism. ranging from intrapreneurship to effectivization of public sector activities. Drawing on data from two studies – one nationwide survey and another focusing on interview materials – we demonstrate that identities are not stable or necessarily categorizable. identity. This type of research does not cross the line into true interdisciplinary work by taking into account the prior professional or occupational identity embedded not only in educational processes but also in work practices in employment. This article offers a contribution to this field. earlier research is to a certain degree misleading in terms of the identity construction of entrepreneurs. entrepreneurship and care work identities are discussed in relation to the public sector shifts.It is both theoretically and methodologically problematic that most of the entrepreneurial research analysing identity questions focuses on established entrepreneurs. 2001. Entrepreneurialism is often assumed to be a simple solution to many kinds of problems in working life and the economy.

2008. . profession refers to social closure. Sandall et al. have historically been considered as “naturally” feminine (Wrede. thus not worth being paid for. This equally concerns employees ranging from managers to cleaners: employment in either a large corporate organisation or the public sector is the most usual route to work. 2007. 2008). More precisely. 1995. 2001. Hughes. Gendering care work in the welfare context There are several reasons. and they are often also measured against other professional groups’ skills in occupational hierarchies (Ashcraft.. 1992) as a mere technical skill. Tillmar. 2003). Entrepreneurialism. such as nursing. 2010). has not been the most common route for any occupational group in health and social care services in any Western country. such as hospitals and health care units. The fact that women make up the majority of employees in care work and the overwhelming employee positions in care work are both visible in the statistics. 2003. 1997. neither entrepreneurialism nor strong professionalism has been self-evident in health care occupations. and aspects such as autonomy. they “rub against each other”. and the possibilities to exclude others from the occupation on the basis that they lack certain characteristics or crucial skills. why the social and health care sector is an especially interesting field for both SME research and entrepreneurship research. Being a salaried employee is the most common form of work in health care. 2009).IJGE 5. Hughes. 2003). and for that reason. Sundin. Many of the occupations within health care and social care. The characteristics or skills in question are most often skills and competencies acquired through education and work experience. Sundin and Holmquist. For very different reasons. most often because the work content is structured around relatively large units. Kovalainen and O and especially with regard to the kind of work where the majority of those in paid employment and in entrepreneurship roles are women. Kovalainen. One of the most neglected explanations offered in the research literature is that health care sector businesses are governed by many regulatory mechanisms that do not guard other kinds of businesses. 2006.1 20 historically developed occupations. Overwhelmingly. Deem. to an occupation and to a profession. b. Social closure refers to a set of skills counted as part of the occupation. especially in care-related occupations such as nursing. The struggle for recognition as strong professions has taken a longer route for most occupations labelled as female. Professional occupations are often hierarchically structured in work organizations. despite the growth in studies on the significant number of self-employed workers engaged in care work (Brush et al. Budig 2006a. 2010. not considered as real professions among other professions. Orhan and Scott. 2004. The intersectionality between care and gender is visible at many levels: the identification of care work with female nurturing is reinforced with rather low salary levels. where care has often equalled “naturalized” and gendered nurture (Anderson and Hughes. we can claim that becoming an entrepreneur does not “free” the work activity itself from the boundaries that are embedded into it and regulated through legislation. such as doctors and lawyers. most of those trained in health care service occupations are employed as paid employees in the public or in the private sector. In addition. 1989. We consider gender to be a pervasive element in terms of entrepreneurship (Eddleston and Powell. on the other hand. the tendency to make care work more like team work has strengthened. ¨ sterberg-Ho¨gstedt. including more attributes than simply an “occupation” (Witz. power and skills attached to and surrounding such occupations.. partly outlined above. Thus.

in what ways the division of responsibilities between the state. b. we are referring to the multi-producer model of organising care. usually basic forms (Lewis. irrespective of the country in question. 2006). Depending on the welfare state regime. as the regulatory practices are in place for all: the ability to work as a nurse or a doctor requires a certified license. (Anderson and Hughes. The shift in employment patterns reflects the bigger picture of marketization within welfare states. Folbre. embedded in strong professionalism in the public sector. c. such as in the Nordic countries (Kovalainen. Care seldom appears without notions of dependency. 2004). The strong gender segregation of occupations. how the social services at large. In the strongest form of the welfare state. By mosaic structure. where paid employment is still the dominant form of employment. A particularly interesting issue concerns what happens when social and health care sector professionals. that is the Nordic welfare state model. relevant and even lucrative opportunity for making one’s living for professionals within the sector. Occupations in health care and social care are overwhelmingly gendered. 1998). 2006). and who now need to set a price for the care they provide[2]. Here we make a distinction between those in paid employment in the public sector. etc. the state has provided for and paid for most of the care. with the state supporting the mosaic structure of social and health care services. and dependencies of different kinds. Furthermore. and many of these are in the health care domain. markets and families vary. organised and functioning as if in the markets. Being a private provider of care has become an accepted. the markets are regulated and controlled by the state. and the producers of care are diverse. Thus. Shifts to a mosaic structure mean that the state might be the entity purchasing the services. Focusing on intersectionality in research requires an embedded analysis of the business in context. which typically assigns caring jobs to women and Social and health care 21 . the domains of the state.irrespective of whether one is in paid employment or in self-employment. Therefore. NGOs and families take place – is often excluded from discussions on care businesses. where the chains of service production and sub-contracting models are related to the mosaic of service production (Kovalainen and O¨sterberg-Ho¨gstedt.e. the state provides some kind of care services. they are most often called quasi-markets (Wistow et al. 2008).. 1996). does not differentiate activities. The change in the care landscape has provided possibilities for care businesses to grow. The private providers of care are businesses. and the markets are partly related to the changing role of the state. 2010). are arranged in society. markets. a new kind of service structure. however. and thus identity in context. and those in self-employment or working as business owners (entrepreneurs) in the public sector. enables business ideas to grow in personal services. whether or not it is a business. 1995. Both entrepreneurship and paid employment within the sector are strongly segregated by gender. entrepreneurship within social and health care is growing. markets and families (Kovalainen. The importance of the welfare state regimes – i. municipalities. the business environment is heavily regulated. emerging businesses are mainly small. All these factors increase the novelty of the business environment. ranging from the state to private providers of care. and bring in factors that are outside the more traditional fields of SME and entrepreneurship research. state and services. shift from the public sector to private providers of care and become entrepreneurs and self-employed. largely due to shifts in the roles and responsibilities between the state. In most countries. 2005a. This growth of new private care is not so evident in countries where the state has not played such a dominant role in providing services. related to the growth of consumerist ideology in health care (Heffernan. In the global North.

1 22 technical jobs to men. 1997). Hochchild. but this difference is not stable or symmetrical. Doing gender refers to the ways the notion of gender is reproduced in particular settings. Discussing the explicit forms the work takes is not just a simple question of the shift in form (i. Entrepreneurial education has made its way into the health care professionals’ educational curriculum. relevant to ask whether they have simply and O changed their earnings logic. regulated quasi-markets of welfare societies. the construction of identity (Berger and Luckmann. and definitions are embedded in the prevailing culture and society. however. Analysis across the categories of gender. 2006. Williams. 2008. While some researchers perceive professionalism as a neutral phenomenon. therefore. Professional roles. along with caring and other related disciplinary knowledge. 1995/1966) and the construction of identity within entrepreneurship have all attracted considerable attention over the last decade (Cohen and Musson. Within segregation. Vesala et al. We do not. have remained the same. Gustavsson and Ro¨nnqvist. such as professional identity. 2003). while all other issues. Down and Warren. 2011).e. Lindgren and Wa˚hlin. Witz. but negotiable and changing. work identity and work ethics. hidden or unpaid forms. Differing constructions of care. The universal notions of work as well as entrepreneurship are gendered. writers from various feminist traditions have pointed out that men have set the standards through which work is defined (Davies. Nadin. but we do take gender more into account theoretically as a gender construct and system whereby both genders are integrated. 2001. 1994). Gender can also be an example of difference (Felski. 2007. where the variety of attributes are described in biological sex. Warren. Entrepreneurship in this field is often built on strong professionalism. 2007. 1986) that is renewed and renegotiated in social relations and social situation refers to changing perceptions. 2003. 2011. as in the case of migrant care workers. 2006. 2000). It is. Gender as a social category (Scott. and this is the case regardless of the biological gender of individuals. question the forms and ways of doing care work. nor do we support the kind of essentialism. such as informal. such as nursing. Identity as a theoretical framework The professions within social and health care have not only changed alongside changes in service provision and the birth of markets but have also reflected changes that have taken place in education within those fields. The identity of “professional” fields has been recognised as a field in its own right (Kerfoot. therefore. 2004). both vertical and horizontal segregation are gendered by nature.IJGE 5. The identities of these welfare workers are often left untouched in research. has been recognised as a major source of inequality worldwide. Beasley and Bacchi. 2004. Care itself is an essentially contested concept since its constituent features are – and have been – the subject of lively debate over time (Tronto. 2000. have gender value. The concept of identity (Hall. The gap we . 2007). 1996. entrepreneurship and paid work articulates the complexities in relation to profession and care work and raises new questions about the gendered nature of these businesses. 2001. rather we accept these as given. 1993. Sundin.. with most entrepreneurs being former employees within the same field of work (Kovalainen ¨ sterberg-Ho¨gstedt. paid/unpaid) but also of the content that is regulated. do not enter the world of the entrepreneur in the formal. 1999. We do not assume that gender would consist of a homogenous group of women or men when talking about women’s or men’s work or female/male-dominated sectors. Hytti.

1963). we argue that the concept needs to be understood through several contextual issues. The definition of entrepreneur has often been. most often municipalities. is of a person who wants to create new value. Despite the fact that all occupations within social and health care cannot be characterised as professions we have still chosen to use the term professional identity when talking about identity that is constructed through and with the help of the occupational status that is built on occupational skills and occupational and vocational education. and market opportunity of an entrepreneurial entity that gives meaning to questions of ‘who we are’ and ‘what we do’”[3]. 1959. p. such as identity formation. 44) which is based on various sources.. The regulatory framework for private institutions concerns the possibilities of the purchaser of the care and health services. In the specific case of social and health care. unnecessary to think of identity as a stable. we do not assume that identity can be extracted from survey questionnaires or from interviews with individuals in any direct way (Goffman. Entrepreneur is chosen even if all entrepreneurial activity within the field is not innovative or entrepreneurial in the sense that is often understood when using the term. For example. the entrepreneur is not in a paid employment relationship but works at her/his own risk. In its most basic form. 1995). Direct extracts from individuals’ words do not necessarily tell us about the authenticity of those words in relation to identity. even if the term “small business manager” or “self-employed person” might be more accurate in certain cases. is useful for the purposes of defining entrepreneur within social and health care. It is therefore. The term “entrepreneur” is used when discussing the different elements of identity. suggests. Rather than use a normative definition of entrepreneur. One example of such framing is the definition given by Navis and Glynn (2011). and builds up an organisation to manage those resources. be a more accurate one. one-dimensional or solipsistic concept. the term “professional identity” is used even if the term “occupational identity” might. to govern the quality (Wistow et al. Wickham’s definition of an entrepreneur (Wickham. as so often framed in the literature. Analysing issues and questions that relate to work preferences. determining whether the position is entrepreneurial or paid employment. 1996). the strong state model for organising care and the existing legislative regulations are crucial to understanding the different dimensions of entrepreneurship. with some justification. The idea of profession. a clear image of the possible work tasks. qualifications and competencies related to the occupation. When discussing the results of the analysis. in addition to capabilities. criticised as being overly masculine and one-dimensional (Kovalainen. 2001. etc. The well-known and established concepts of profession and professionalism are not discussed in this paper due to space limitations[4]. organization. as expressed in the data give us an understanding of the strategies individuals have adopted in work. at times. The open-ended questions in surveys and interviews can reflect the ways in which identities are performed and played out. employs others. the shift between employment positions and the possible changes in entrepreneurial identities and professional identities will be analysed in the next section. exploring satisfaction with one’s present position.highlighted earlier. Social and health care 23 . sees an opportunity. The control power of officials is high in relation to the quality and nature of care given in private enterprises. gathers resources in order to pursue that opportunity. this is the most commodified and outsider view of entrepreneurial identity. When considering work-related identities. who define entrepreneurial identity as “the constellation of claims around the founders. Of the existing definitions.

The idea of “measuring” or “revealing” identity through asking questions about it directly.IJGE 5. suggesting perhaps that only ethnographically oriented interviews should be used. The remainder of the article considers the findings of the study with respect to two interrelated themes.and medium-sized entrepreneurship within social and health care. critical reading and theoretical interpretation are the methods used in the analysis. interviews conducted in 1996 and 1998-1999 with entrepreneurs were analysed through close reading. All the companies that were not multinational or directly owned by a larger company or listed large companies were included in the sample as representative of SMEs within the field. Consequently. The large volume of empirical material helps us to integrate the concepts of identity. A nationwide weighted survey was conducted in order to find out more about small. we explore how entrepreneurial identity is constructed. In addition. 70 percent were entrepreneurs within the social sector and 30 percent were health care sector entrepreneurs. as well as the abilities to work her/his way through these work tasks. given the use of time. methods and analysis Set within the theoretical intersectional context briefly described above. The fact that most businesses in the social and health care sector are very small in size (Statistics. 2010). It can be justifiably questioned whether “data” on identities can actually be gathered and whether such data can be gathered through surveys. or through observing it in action. plans and ideas of future time use and preferences along the different available activities. Of those who responded. through contradictions and cliche´s. Nor do we aim to talk about the results in a categorical or generalizable way vis a´ vis the empirical data in question. The interviews were semi-structured. not only in Finland but also in other Nordic countries. our study draws on data from open survey questions gathered in 2005. Rather. and the interviewees could speak freely about different themes. These can reflect identity and may be interpreted as identity performances. and thus. with an effective response rate of 42 percent. Through the survey a total of 276 questionnaires from entrepreneurs within social and health care were collected. also places the discussion within the frameworks of small business research and the changing economy and welfare state. it explores the construction of identity in entrepreneurship within social and health care. . we have done neither. The open-ended questions ranged from very short answers to longer ones. is naive. the capabilities an individual possesses. and close reading is used in the interpretation of the empirical results[6]. Looking at small business entrepreneurship within this sector through survey and interview material. The majority of respondents were female (77 percent). and especially on qualitative interviews carried out in 1996 and in 1998-1999 with nine self-employed women as well as entrepreneurs within social and health care and services across Finland. profession and gender into the picture. we have adopted the idea that some proximity exists between the ways we have described the work and its importance in life. and second it considers how experience and skills work their way through professional and entrepreneurial identities. First.1 24 Materials. The data provides us with further insights into the ways in which business and one’s own company in the field of care can be used as a site for identity performance[5].

1996. free translation). The entrepreneurs in our survey (2005). To maintain limits. problems and financial questions. 2003a. Gustavsson and Ro¨nnqvist. 2006. Cohen and Musson. Warren. as the sector was not regarded as growing. When analysing how entrepreneurs in the early days of entrepreneurship within this sector talked about their work. The lack of supporting exceptions to the norm (Kovalainen and O structures became visible in a study where entrepreneurs were asked to explain the source of their business start-up advice. around the time of the economic recession in the 1990s. 2007. ¨ sterberg-Ho¨gstedt. 2004. Many of the entrepreneurs in the “early days” were indeed seen as ¨ sterberg. 2006) and later on when entrepreneurship within the field had O received a more established position as a complement to the public sector (Kovalainen and ¨ sterberg. 2003a. self-realisation and the possibility for personal development were mentioned as positive factors. we can identify two different discourses as ways of addressing the work and its meaning to oneself: one is the “happy entrepreneur” and the other is the “distressed entrepreneur” (O¨sterberg. The ideas expressed revolved around issues of being free. b. 1996). ¨ sterberg. the available flexibility around the work and ability to decide on the contents of the work in contrast to earlier. and can also delegate work and think from the employees’ perspective (Entrepreneur 5. The negative aspects were those typically found in entrepreneurial activities and business-related matters. the entrepreneurs we studied did discuss their work in entrepreneurial terms. the degree of responsibility and insecurity over continuation and contracts. time management. The taxation office was most often identified as the best source of information when setting up a business in the 1990s (Kovalainen et al. [E]very now and then it is very quiet and then when it comes it almost becomes too much. Some mentioned that Social and health care 25 . 2006. for example. Other positive factors were. Not seeing oneself as an entrepreneur first and foremost but viewing oneself more through the role of a professional has been found also in other research on entrepreneurship (Tillmar. not to take on too much. when entrepreneurship became a career possibility for those working within the field (Kovalainen et al. free translation). including heavy workload. The analysis of the answers provides us with a picture of entrepreneurial identification and its scope and limitations. female. the ability to decide one’s own working hours. 2004. The respondents did not seem to regret becoming entrepreneurs and saw the freedom of working for themselves and the challenges of the work as positive factors. paid employment conditions. but also issues of heavy workload. 2000). entrepreneurs did not represent themselves or talk about themselves as O entrepreneurs.The construction of identity in entrepreneurship within social and health care Contradictions and cliche´s In the early days of entrepreneurship within the social and health care sector in the Nordic countries.. 2006). and being enthusiastic. 2000)[7]. b.. female. In addition. were asked about those aspects they perceived as positive or negative features of being an entrepreneur. 2009): O Entrepreneurship suits a person who likes to develop their own work and make plans and take responsibility. 2002. but also to have enough work – balancing is difficult (Entrepreneur 6. in charge of one’s own work. when entrepreneurship within this field had gained a more established position. Despite the fact that respondents did not identify themselves as entrepreneurs in the traditional sense.

The negative aspects were related to those parts of work that did not directly deal with professional capabilities and abilities. 2004. such as in foucauldian inspired studies on entrepreneurial identities (Miller and Rose. even when “doing business”. where the questions of vulnerability and dependency are related to the specific care activity in question (Kovalainen. The comments about entrepreneurship within social and health care in terms of “being free” and “I am in charge of my own work” or comments about “the problems of everyday entrepreneurship” could also be seen as reflecting some of the commonly held cliche´s of entrepreneurship (Down and Warren. Building up one’s own entrepreneurial identity through the use of cliche´s about entrepreneurship might be a way of adjusting to the new situation of being an entrepreneur in one’s occupation in the reality of the everyday work to be done. One of the contradictions of entrepreneurship within social and health care is the strain between entrepreneurial activities and risk-taking compared to the soft values and ethics of care (Nadin. and others referred to financial issues or having little time off from work as negative factors. Down and Warren show that the use of entrepreneurial cliche´s makes it easier to build an entrepreneurial identity when the attachment is not so strong and also when the entrepreneurial identity might have to be abandoned if changes in the working context occur. For example. more collective. 2004). In order to avoid the contradiction of “masculine” entrepreneurial goals and the “female” ideology of care. but more with contextual matters. 2009) and entrepreneurial skills need to be mastered in order to manage the business. 2008) as work intensive but autonomous. Experience and skills “Adopting” the identity of an entrepreneur can fulfil different purposes. This duality in cooperation practices creates interesting patterns. “capabilities” and “self-fulfilment” discourses can easily hide other. in a different sense. 2007. Being an entrepreneur within social and health care also means that you offer your services in the same arena as the public sector and municipal authorities are most often the customers purchasing your services. there is a need to construct an identity that can combine these two in a morally acceptable way. According to our results. far from the glamorous image of the risk-taking hero entrepreneur. for entrepreneurs within social and health care. On the basis of our empirical material.IJGE 5. Sundin. When focusing on individual workers’ and entrepreneurs’ identities. Tillmar. one of the paradoxes of entrepreneurship is that it means both dependence and independence. For example. the entrepreneurial side of activities comes to the fore in the everyday work of running a business (O¨sterberg-Ho¨gstedt. and Sundin . negotiation skills and the concept of trust at the centre of the activities (Kovalainen and O¨sterberg-Ho¨gstedt. Hytti (2005) sees it as a possible way of keeping one’s professional status. Tillmar. and not part of their own identities. The business clearly enables them do to things that were important. 2009). the entrepreneurial identity – if that can be understood as separate and detached from professional identity – is not strong and they stress their professionalism as being their core identity. in entrepreneurship in social and health care services. This is especially true. 2008). According to Johannison (2005).1 26 being constantly involved with work was a negative factor. a strong emphasis on individuals’ ethos. 2008). and places contract-making abilities. critical or context bound interpretations. 1997. but their professional identity was not dependent on the business.

In particular. Shepherd and Haynie (2009) address the psychological need (O Social and health care 27 . If the entrepreneur sees herself/himself as lacking entrepreneurial skills and knowledge. rather than social definitions. Within some professions there are long traditions of becoming an entrepreneur. When it comes to entrepreneurship within social and health care. Such skills included marketing. when one becomes an entrepreneur within the previous occupational field. 2006. Tillmar. All this reveals the layered notion of business-related activities that need to be mastered “on top of” the profession. Within social and health care. 2009).. 2009). thus creating a gender image based on essentialist assumptions of biology. The role of entrepreneurship is to provide the framework for practising one’s occupation. 2006. and the business is based on their professional skills.. Gustavsson and Ro¨nnqvist. knowledge of legal issues and IT skills. The challenge and the attraction of being an entrepreneur in the social and health care sector are found in combining care. leadership. finance. of course. When asked about the (Vesala et al. When entrepreneurs within this field gain more experience of running a business. very often with the same employer.(2004) talks about entrepreneurship as a way of keeping the situation stable and not changing the way one works or the content of work. This. 2004). 2009). Tillmar. which are very often taken for granted. 2009). it might affect or slow down the process of identifying oneself as an entrepreneur ¨ sterberg-Ho¨gstedt. the ability to articulate and reflect the lacking skills relates to entrepreneurial identity more than to professional identity. but it does not have to grow at the expense of the ideology of care or the gender position. 2004). becoming an entrepreneur often means changing one’s occupational status from being employed within the same sector to becoming an entrepreneur. difficulties in gaining trust and credibility. O¨sterberg-Ho¨gstedt. 2007). the entrepreneurial identity is built on the professional identity (Gustavsson and Ro¨nnqvist. the need for entrepreneurial skills and skills for managing the business. 2006. and also insecurity in entrepreneurial skills (Kovalainen. 2007. the entrepreneurs in our survey listed. The crucial role of work experience has also been seen in other studies on entrepreneurs (Akola et al. 1995.. 2005. Our interpretation – based on our empirical material – is that the entrepreneur within social and health care first and foremost provides services in a flexible and professional way. Cranford et al. for example. female roles and entrepreneurship. in addition to constantly updating occupational skills and mastering several other skills. developing when experience in running a business grows (O According to our interpretation. the entrepreneurial identity grows (O¨sterberg-Ho¨gstedt. and when they succeed in establishing their position alongside public sector services. challenges the changing (Kovalainen and O identity of the work itself. Their professional identity is constructed out of their education and work experience. In entrepreneurship within social and health care. According to our results. and the different roles in a woman’s life (Nadin. 2009). with only the contract ¨ sterberg. entrepreneurial identity can be seen as ¨ sterberg-Ho¨gstedt. we are indeed analysing a very heterogeneous group of entrepreneurs with a wide range of professional statuses. professional identity is combined with the ideology of care (Tillmar. O kinds of skills they felt they would need more of in the future. and there are examples to follow in the entrepreneurial process. 2005. and entrepreneurial identity is seen in terms of the way in which one chooses to practise one’s occupation (O¨sterberg-Ho¨gstedt. HR. Sundin. 2006). 2009). 2009). Mattila. 2007. Problems for female entrepreneurs that can be connected to gender include. but within other occupations there are no traditions or patterns for entrepreneurial activity ¨ sterberg-Ho¨gstedt.

but it was present. professional identity provides the sense of belonging and being an entrepreneur would provide the sense of distinctiveness. contracting work. and an identity that succeeds in combining being female with entrepreneurship and the ideology of care. and are thus based on and built upon strong . The blurring boundaries and diversities intersecting with other features. an identity that retains professional skills and experience at the forefront. In line with their conclusions. thus seeping into the mindset and thought processes. This articulated distinction was not. Conclusion Through the ability to combine contradictions that occur in their everyday life experiences. we can also assume that when the gendered nature of the work comes into play. and with the help of cliche´s. One of their conclusions is that achieving a balance between the feeling of distinctiveness and the feeling of belonging through managing different micro-identities leads to psychological well-being for the entrepreneur. On the other hand. transforming the professional identity gradually with an overlapping entrepreneurial identity. This is understood through our empirical material. such as nursing or other care related occupations. medical doctors. in weaker professions and also among the different professions in the heterogeneous field of social and health care. paid employment. It seems that when being an entrepreneur. negotiation power and the ability to perform become mediated through “business talk” and articulations that relate more to the entrepreneurial activities than to waged work. than for strong professions such as lawyers and dentists. as a professional work status and part of the social tapestry of societies through welfare occupations (Witz. entrepreneurs within social and health care try to construct their own kind of entrepreneurial identity on their different paths towards entrepreneurship. however. 1994. such as the position of the public sector. the entrepreneurial activities in entrepreneurship within social and health care are built on and intersect with previous and perhaps deeper layers of professional skills. where those in strong professions (physicians. entrepreneurship). 1995) has taken decades. There is a stronger need to emphasise the business idea and package one’s own capabilities into a marketable format for semi-professions. Bubeck. Taking the gendered nature of professions into consideration. In strong professions within social and health care. very strong. According to our interpretation. However. the entrepreneurial identity might provide the sense of belonging. they are fluid and open to change. The transition of defining care as a complete profession instead of defining it as a woman’s “naturalized” labour of love. and how it relates to and results from segregated occupational structures. lawyers) find the core of their capacity existing and remaining the same despite the form of work contract they have (self-employment. It is as if efficiency is produced through one’s own labour. health and care are very much gendered in terms of who is doing the work. the professions within welfare. In so far as these gender roles in care are socially constructed. It is this distinction that raises new questions relating to the layers of identity work and the boundaries between knowledge claims. we can assume that achieving a balance between the micro-identities of being an entrepreneur.IJGE 5. the balance is disrupted. a professional within social and health care and a female could lead to a sense of balance between belonging and being distinctive. who is supposed to do it.1 28 to belong and the sense of distinctiveness as crucial elements of the identity management of the entrepreneur. the expenses and costs are more or less constantly calculated.

bringing forward the “entrepreneurial identity”. which is primarily displayed and performed as strictly professionalism-based care. being female and being an entrepreneur. female roles and entrepreneurship. finally. This only tells us that identity cannot be predetermined or classified according to Social and health care 29 . is provide services in a flexible and professional way. when we started to research the phenomena of marketization of publicly provided social care and health services. even if the ways of making a living have. and entrepreneurship has become the “business as usual” amongst those professions which were untouched by it in the 1990s. and. it also changes care giving. “running the business” seems to be the activity framework for the “work to be done”. The challenge and the attraction of entrepreneurship in the social and health care sector may lie in the combination of care. has provided an opportunity to track down an emerging new business field within the strong professional groups who had earlier experienced. Therefore. as the question touches several professional groups. in all Nordic countries. through work and its practices. but is illustrated through actions and activities. This can also mean deconstructing the prevailing entrepreneurial identity stereotypes. Gender has become immersed as part of this framework. The contradiction between the two remains. and had access to. we argue that very often these identities are fluid. Despite this. there is a need to construct an identity that combines both in socially acceptable ways. only paid employment positions. the education system for care professionals has integrated the idea of entrepreneurship into its curriculum. as well as private businesses within these fields. The current development of the changing welfare service system towards a market-based and mosaic-type structure. and the business is based on their professional skills. Through a delicate balancing act between these different micro-identities of being a professional within social and health care. There are undoubtedly differences and different logics of work-related identity building among both entrepreneurial and professional groups. This historical transformation also opens up the possibility to address the question of evolving entrepreneurial identity in a wider sense. but it is layered and subtle. The transformation of the welfare services has been rapid. changing and overlapping. the talk about the care or specialist field within health care and social care are not underlined or explicated. In talking about and reflecting on the business activities. this does not mean that professionalism has been eroded from the work activities and practices of an entrepreneur. and even if part of the research tradition emphasises the difference and the separateness of these identities. and in talking about the business. it changes the gender order in care arrangements. while entrepreneurship provides the framework for practising one’s occupation. In order to avoid the contradiction of stereotypically “masculine” entrepreneurial goals and the stereotypically “female” ideology of care. The ability to run the business rests firmly upon professional capability and identity. we see a unique form of entrepreneurial identity in social and health care evolving. Second. Often in the interviews the everyday language of the business precedes and bypasses the professionalism. What entrepreneurs in this field do. which is not articulated separately. During the last few years an increasing number of professional groups have settled into the possibility of the entrepreneurial option in their working careers. and services are presently mixed in production modes. first and foremost. It seems as if the “core” of the professionalism identity has not changed. and that professionalism also forms the “core” of the business.professional identity. The entrepreneurial identity comes to the fore in the everyday work of running a business.

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kovalainen@utu. Suomen virallinen tilasto. 13 No. Stakes (2007).ja terveydenhuollossa 2004. “Editorial”. Anne Kovalainen is the corresponding author and can be contacted at: anne. Finland. Sosiaaliturva. 35 To purchase reprints of this article please e-mail: reprints@emeraldinsight.emeraldinsight. A. Hanken School of Economics. Or visit our web site for further details: www. Finland. European Journal of Women’s Studies. 3. Vol. School of Economics. Yksityinen palveluntuotanto sosiaali. Social and health care About the authors Anne Kovalainen is an Academy Professor. nominated by the Academy of Johanna O¨sterberg-Ho¨gstedt is an Assistant Professor at the Department of Management and Organisation. . Yliopistopaino. (2006).Phoenix. at the University of Turku. Helsinki.

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No.M2. The remaining SMEs are distributed among services (34%). In terms of sector distribution. Value Added. non-financial sectors of approximately €5. Entrepreneurship. Considering the definition of SMEs in the EU. during the 2008-2009 crises. as compared with only 30% in the EU. which is produced as part of the SME Performance Review (SPR). they represent the vast majority of companies doing business in the EU. In conclusion.9 trillion. which suggests that the labour productivity of SMEs in Romania is lower. underlining the importance of the significant role of small and medium size enterprises in industrial Abstract The article focuses on enhancing the role of SMEs in Romania as a growth factor. to the detriment of micro-firms. In 2012. the SME sector contributes less to value added and equally to employment when compared to its European counterparts on average. 2. Department of Governance of European Integration. L26. Furthermore. European Commission underlines that this may be the partly due to the industrial structure of the Romanian economy. The paper pays special attention to the principles underlying the Small Business Act and to the importance of entrepreneurship development as a source of new jobs. Overall. Last. accounting for 42% of SMEs. in order to increase the contribution European industry makes to EU GDP from the current level of 15% to that of 20% by 2020. It examines the role of SMEs especially in increasing value added and labor productivity in EU. invest and grow. while ensuring that credit policy is focused on stimulating SME development. the European Commission has released a memo on SMEs: feedback on Green Action Plan. but not the least the top priority for developing SMEs as driving force of Romania economic growth is to promote SMEs internationalization. E-mail: alinaligia1@yahoo. This means ensuring financial market stability and strengthening banks. given that corporations/ large companies were more affected. Romania. Internationalization JEL Codes: L25. the trade sector dominates. A considerable contribution of European SMEs in 2012 was to the services and manufacturing sectors. the small and medium-sized businesses are comparatively more prevalent in Romania compared to EU as a whole. European SMEs make significant efforts on their way to recovery based on their ability to restructure more easily to the market needs and their mobility to adapt more quickly to the challenges of globalization. manufacturing (10%) and construction (13%). pp.M13 high-tech manufacturing and knowledge-intensive sectors. Romania's SME sector is characterized by a greater importance of small and medium-sized enterprises. Without SMEs access to adequate funding and no liquidity. no business can operate. The final annual report entitled "A recovery on the horizon?". the number one priority in Romania is to facilitate the finance access for SMEs.“Dimitrie Cantemir” Christian University Knowledge Horizons . Introduction According to European Commissions. Key words: Small and Medium Enterprises. Another top priority for the development of SMEs sector in Romania is to increase innovation and youth SMALL AND MEDIUM SIZED ENTERPRISES AS THE DRIVING FORCE OF ROMANIAN ECONOMIC GROWTH Alina Ligia DUMITRESCU Institute for World Economy of the Romanian Academy. The key sectors for restoring competitiveness of the European firms are the 2. there is as an important potential of economic growth and economic recovery by increasing value added and productivity of SME on one side and changing the distribution of the economic sectors in favour of increasing industry share.Economics Volume 6. E-ISSN: 2066-1061 © 2014 Pro Universitaria www. 49–53 P-ISSN: 2069-0932.4 trillion value added at current prices against a total value added produced by the private. 1. The Role of SME in European Union Economic Recovery SMEs acted as a driving force for the EU economy.ucdc. on 18 March 2014. According to the Small Business Act (SBA) Fact Sheets-2012 Romania.orizonturi.1% and value added 20. Productivity. the medium-sized enterprises in particular reveal above-average contributions to employment 21. 49 .6%. While the European economy is still struggling to overcome the financial and economic crisis. shows that SMEs accounted over €3. In Romania. funded by the European Commission.

in order to ensure sustainable growth and prosperity. and especially in the strategy “Europe 2020” which aims a competitive and innovative industry able to withstand global challenges. SMEs have produced 57. skills and lifelong learning. 3.5% of total employment in Europe in 2012. In this strategy. For example. communication and education. promote the products with high value added and the international trade.1 million enterprises operating in manufacturing and construction. 99.9 trillion of value added.Knowledge Horizons . SMEs represent 66. The recent publications of the European Commission.6% of gross value added generated by the private economy. The utilities (including electricity. information. which is the main financial instrument of the European Regional Development Fund and European Social Fund.000 enterprises.6 % are SMEs. The total of 20. pp. The EU total budget for the period 2014-2020 sums up 1082 billion euro. of which. namely: a) Create an environment in which entrepreneurs and family businesses can thrive and entrepreneurship is stimulated.35 million of the European SME plays an important role in increasing employment. of which 32% represents the EU Cohesion Policy funding. both at EU and Member States. Source: Author based on European Commission data Figure 1. gas. These principles are essential to produce more value added. two of the top priorities are improving energy efficiency and promoting renewable energy use by SMEs. 50 . 49–53. Thematic objectives include additional technology for research and innovation. © 2014 Pro Universitaria Both sectors combined employed 74 million people and produced €2. with 85% of all European SMEs working in these two sectors. water supply. non -financial EU during 2012. Issue 2.8 % are SMEs. The Cohesion Policy for 2014-2020 will focus on funding a smaller number of the strategy “Europe 2020” priorities and on increasing the competitiveness of SMEs as a part of these priorities. steam and air conditioning. mainly SMEs from the manufacturing sector are vested with significant powers both in stimulating growth and creating jobs. waste management and decontamination) and extractive industry sector accounted for a total of 149. sewerage. namely the “European Competitiveness Report 2013”and "Industrial Performance Scoreboard 2013" emphasizes the importance of industrial manufacturing sectors the EU economy and highlights how to stimulate innovation. It is underlined that of the estimated 5. 98.Economics Volume 6. all of which are relevant to the policies for SME development and are strongly oriented towards entrepreneurship. Small Business Act and Entrepreneurship The Commission Communication COM (2008) 394 entitled "Small Business Act for Europe" has launched 10 guiding principles for the implementation of the policies to stimulate economic activity of SMEs. to stimulate a fair competition for SMEs and not least to improve the legal and administrative framework across the EU. European Union: Value Added and Employment in 2012 The importance of the industrial manufacturing sector for employment and growth in the EU is highlighted in the recent industrial policy strategy.

the euro area (EA18) seasonally adjusted unemployment rate was 12. According with Eurostat data. key enabling technologies. On the other hand. or developing countries. h) Promote the upgrading of skills in SMEs and all forms of innovation. business support providers and/or consultants. entrepreneurship is particularly important for the rapid development of several sectors identified as growth promoters in the Commission Communication COM (2012) 582 on industrial policy. e) Adapt public policy tools to SME needs: facilitate SMEs' participation in public procurement and better use of the state aid to SMEs. there are the following opportunities: 1. Depending on the program. According with European Commission data. SMEs or other organizations can apply directly in these programs.0% in January 2014 and in the EU-28 unemployment rate was 10. compared with the United States the rate is greater 51%. g) Supporting SMEs to benefit more opportunities offered by the Single Market. In order the entrepreneurs in the EU to be able to produce economic growth. companies do not have an adequate support system. the initiatives to improve access to finance must include diverse and innovative measures. Generally consist of assistance to intermediary organizations and/or public authorities in the field of internationalization. sustainable industrial production. on presentation of sustainable. Typically. While three years ago. According with the “Community Support Programs for SMEs presentation of the main funding opportunities for European SMEs”. clean vehicles and smart grids. In Rübig’s (2014) opinion. construction and raw materials. In the Commission Communication COM (2012) 795. they grow more slowly in the EU than in the U. Thematic funding opportunities. Structural Funds Structural funds and the European Regional Development Fund and European Social Fund Community funding instruments are the largest funds dedicated to SMEs through various thematic programs and initiatives implemented at the regional level. research. From his point of view. Because of the fact that SMEs in the EU are diverse and heterogeneous.Economics Volume 6. Beneficiaries of structural funds receive a direct contribution to finance their projects. 3. Financial Instruments. Further. which may reduce substantially unemployment in the EU. pp. namely: "clean" advanced manufacturing technology. when new businesses are founded. which aims to support SMEs in their quest to penetrate markets outside the EU. approximately 50% of new SMEs fail in the first five years.8%. So.designed and implemented by various departments of the European Commission. 4. Support can be provided either directly or through programs managed at national or regional level. 49–53. transnational and value added. fiscal and logistical environment where entrepreneurship can flourish. associations of enterprises. Support for the internationalization of SMEs. This type of financing has specific thematic objectives environment.S. guarantees. © 2014 Pro Universitaria b) Supporting honest entrepreneurs that have faced bankruptcy to get a second chance to re-launch the business. 51 . No. taking into account the specific features of each category of SMEs. an efficient public policy requires an economic. in 2012 this percentage dropped to 37% in the EU. SMEs can benefit from a range of non-financial assistance measures in the form of programs and support services for businesses. but business entrepreneurship makes this possible. j) Enable SMEs to turn environmental challenges into business opportunities. (Rubig2014) The European Commission stresses that new enterprises. entitled "Entrepreneurship is a powerful driver of economic growth and job creation" shows that entrepreneurship is a powerful tool. Many of them are managed by the European Investment Fund. enabling them to prevent bankruptcy. applicants can also include industrial groups. opens new markets and stimulates the development of new skills and capacities. 2. are the most important source of new jobs: they create 4 million new jobs every year in the EU. especially SMEs. Entrepreneurship makes economies more competitive and innovative and is a key factor in achieving the objectives of EU economic policies. and respectively China 56%. 45% of Europeans were registered as freelancers (selfemployment) employment. education . they must allocate more assistance from state. Moreover. there is a potential for employment in SMEs. f) Facilitating SMEs' access to finance and develop legal and business support payments on time in all commercial transactions. in some cases. c) Design strategies according to the "Think Small First" principle d) Government determination to react promptly to the needs of SMEs.Knowledge Horizons . the European Union's Structural Funds. which leads to the creation of new businesses. k) Encourage and support SMEs to benefit from the growth of markets outside the EU. organic products. In the industry sectors. the objectives for the future policy development of SMEs should focus on improving access to finance and to the markets within the EU and globally and promoting entrepreneurship and entrepreneurial culture. Most financial instruments are available indirectly through financial intermediaries. Paul Rübig (2014) shows that politics does not create jobs. 2. loans and. Also. EU support for SMEs is available in different forms such as grants.

References 1.Knowledge Horizons . 49–53. responsibility and ability to repay the loan through an effective business plan. In currently only 13 % of SMEs do business across EU borders. Asia (China. about 60% of world growth will occur in emerging economies. © 2014 Pro Universitaria In the "Strategy for SME development". Israel) and the Russian Federation. Also. Peru. key enabling technologies (5%) and tourism (8%). The European Commission encourages Member States to modernize education systems in order to eliminate the lack of competences and to improve the supply of skills required in the labor market such as digital skills. European Commission (2008).000 euro). Another top priority for the development of SMEs sector in Romania is to increase innovation and youth entrepreneurship. 4. that can demonstrate commitment. and North Africa and the Middle East (Egypt. micro loans or providing guarantees are recommended to replace traditional lending schemes. no business can operate. but not the least top priority for developing SMEs as driving force of Romania economic growth is to promote SMEs internationalization. invest and grow really. information technology and the entrepreneurial skills. loan guarantee schemes are an effective way to facilitate young people's access to bank financing. limiting access to finance has been one of the major constraints on the growth and the development of entrepreneurship in the EU. gas and renewable energy sources (7%). All sectors of the economy are represented in these “missions for growth”. lack of venture capital instruments (early stage venture capital funds) and flexible hybrid financing instruments (mezzanine credit) for small amount (up to 200. Mexico. Entrepreneurial skills are also essential for young people looking for jobs and want to start their own business. the European Parliament. Small businesses are often launched with personal savings or family resources. According to experts the International Labor Organization. In his point of view. Daniel Calleja (2014) points out that the current priority for the EU is to promote the internationalization of SMEs to boost the existing potential for growth in markets outside the EU. There are more than 800 participants in the project. representing both large enterprises and SMEs. Without access to adequate funding and no liquidity. but in the opinion of Calleja (2014) there is potential to increase the number of these SMEs to 36%. namely: the Americas (United States. Vietnam and Thailand). while ensuring that credit policy is focused on stimulating SMEs development. Tunisia. In short. Especially. but may be promoted by the authorities by reducing administrative and regulatory costs related to young people to help implement business. the European Commission launched a successful program called "Missions for Growth". In order to give more chance to enterprises to do business. SMEs were based on bank lending and therefore existing bank credit constraints due to the global financial crisis have a disproportionate impact on the development of SMEs. this strategic approach is based on the estimate that by 2030.Economics Volume 6. especially construction. Providing loan schemes specific to young people. representing more than 570 companies and business associations from 26 member states. transport and real estate (10%). finance is one of the levers of growth for SMEs. Conclusions In conclusion. Providing practical entrepreneurial experiences for young people can strengthen links between the education system and the real economy to turn creative ideas of many young people in entrepreneurial actions. Brazil. Morocco. Chile. such as preferential loans. entrepreneurs have difficulties in obtaining financing in the early stages of their business. oil. the European Economic and Social Committee and the Committee of the Regions " Think 52 . the Romanian Government underlines that early stage/startup funding is problematic for most entrepreneurs due to lack of business networks with regional or national coverage. Uruguay). pp. According to a public consultation launched by the European Commission in July 2012. granting of loans with low interest rates and/or do not require collateral for young entrepreneurs. from the perspective of Member States this means ensuring financial market stability and strengthening banks. The European Commission has repeatedly stressed that SMEs can be a source of growth and jobs in the EU if their access to finance is improved. The "Missions for Growth” is underway in seventeen different countries. Colombia. Myanmar-Burma. while the government assumes the risk of lending to young entrepreneurs. In 2014. The last. Argentina. Issue 2. which often promote innovation and value added. Therefore. Romanian SME shave to increase competitiveness of their products on the international market by increasing productivity and the value added of their products and promoting high-tech manufacturing and knowledgeintensive sectors. several „mission growth" outside the EU are planned to create new business opportunities for SMEs in the EU and help them become more competitive both on the EU and internationally. the number one priority in Romania is to facilitate financing access for SMEs. Communication from the Commission to the Council. medical devices and pharmaceutical products (6%).

Michael Fritsch.. Klitou. 4. Gagliardi. European Commission. G. ISSN 1636-6085. COM (2012 ) 795 final Brussels. in Ulman. Caliandro. Avigdor.Knowledge Horizons . P. The European Files/ Les Dossiers Européens. COM (2008 ) 394 final . Brtkova.U. Romanian Ministry of Economy. Brussels. Communication from the Commission to the European Parliament. ISSN 1636-6085. D. Industrial strategy in Europe .. Competitiveness and Growth. 53 . (2013). Muller. "Government Strategy for SME development".europeanfiles.. E. COM (2011) 870 Final. N. Industrial strategy in Europe . Marzocchi. 7. The final annual report on SMEs 2012-2013 entitled "A recovery on the horizon?”. M.. „What Kind of European Policy for SME’s”.. 3... Trade and Business Environment. 8. An Action Plan to Improve Access to Finance for SMEs. 5. R. the European Economic and Social Committee and the Committee of the Regions Entrepreneurship Action Plan in 2020 . C. European Commission (2012). Laurent ( Edit) . Promoting Internationalization of European SMEs: Two Years of Missions for Growth. 2. www. G. 2. (2014). European Commission (2013). D. Community Support Programs for SMEs presentation of the main funding opportunities for European SMEs.. reigniting the Entrepreneurial spirit in Europe. 6. European Commission (2011).. P.europeanfiles. Brussels.Economics Volume 6. The European Files / Les Dossiers Européens. Brussels. RübiIg. C. Glossop. Laurent ( Edit) . in Ulman. Brussels. Brussels. © 2014 Pro Universitaria Small First " a " Small Business Act " for Europe. Bohn. pp.. D. Ramlogan. Bucharest. Competitiveness and Growth. (2014). 49–53. the Council. Brussels. No. General Department of Industrial Policy and Business Environment (2009).

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Dan Armeanu –– darmeanu@yahoo. 195-211 Abstract Given the negative effects of the economic crisis on the Romanian economy. The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment. As a distinctive and dynamic component of Romanian entrepreneurship. L. business environment. D. at the same time. This study aims at assessing the contribution of entrepreneurship. there is strong support in literature regarding the importance of SMEs in national economies due to the authorities' potential of intervention and their contribution to gross value added. Romania Please cite this article as: Armeanu.Fostering Entrepreneurship in a Changing Business Environment AE THE ROLE OF SMEs IN ASSESSING THE CONTRIBUTION OF ENTREPRENEURSHIP TO GDP IN THE ROMANIAN BUSINESS ENVIRONMENT Dan Armeanu1. as well as limited know-how compared to the large companies that control the Romanian market. the estimation of output gap at sectoral level. small and medium-sized enterprises. output gap. Amfiteatru Economic.. real GDP. 2015. Keywords: entrepreneurship. 17(38). potential GDP. thus filling a gap in entrepreneurship-related domestic literature. 17 • No. 38 • February 2015 195 . the SME segment has a significant contribution to GDP. Even though entrepreneurship does not equate to the small and medium-sized enterprises. Istudor. thus supporting economic growth and the narrowing of macroeconomic gaps which have been generated during the economic recession. Successful entrepreneurial initiative leads to sustainable businesses and ensures a smooth transition from business ideas to the creation of value added. The fluctuating evolution of the Romanian business environment has led to a high volatility of its contribution to GDP. pp. which is especially true in the case of SMEs due to their lack of technology and capital and difficult access to financing.. N. Nicolae Istudor2 and Leonard Lache3 1)2)3) Bucharest University of Economic Studies. through its SME segment. and Lache. production function JEL Classification: L26  Corresponding author. to Romania's GDP in the main economic sectors and. entrepreneurship represents one of the main pillars of economic recovery and the authorities need to act in support of private entrepreneurship Vol.

The authors demonstrate that entrepreneurial initiative in the Romanian economy has been relatively weak at creating value added and at orientation towards the customer and that deficiencies in human resources. tax benefits). All of these aspects have obviously affected the contribution of SMEs to GDP. Since multinational corporations dominate the Romanian economic landscape. counselling and assistance in EU funds absorption. both in Romania and internationally. The connection between entrepreneurship and SMEs in the Romanian business environment is well documented in literature – see. thus limiting their contribution to GDP. Public policy has obviously lacked a structured and coherent approach to sustaining the local entrepreneurship environment. using statistical data available for the Romanian economy over the 2000-2013 period. among others. the lack of management culture and entrepreneurial education*. 2009). the high number of bankruptcies and the lack of fiscal transparency) have far outweighed the traditional advantages of SMEs – the potential to generate value added. The model shall also be used to evaluate the output gap of the SME segment. as well as to determine the contribution of labour. labour and labour elasticity of output) by specific techniques. 196 Amfiteatru Economic . In many economic sectors. such as tax and administrative facilities. Lafuente and Driga (2008.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment Introduction Entrepreneurship initiative represents a cornerstone of market economy and its support by public authorities is a fundamental prerequisite of long-term economic welfare. as well as the inherent shortcomings of the local business environment (difficult access to financing for smaller companies. the adaptability to ever changing markets. the research methodology shall be described – the production function model. the rapid adoption of new technology and ability to produce managerial innovation. financing and the institutional framework have not allowed SMEs to fully unlock their growth potential. significant attention must be paid to the small and medium-sized enterprise sector. This is the case of Romania. Authorities have an array of tools available to support SMEs. as well as the main contributors to GDP. with limited potential for stimulative public intervention (i. Lafuente and Rabetino (2007). capital and total factor productivity to economic growth in Romania's top six value added-generating sectors. Such supportive measures are ever more important in the context of an economy in transition to a fully-fledged market-based system. See Lafuente and Driga (2007. 2009)..and SME-related literature.e. Given that domestic literature on the topic of entrepreneurship (and its SME sub-segment) is mainly focused on descriptive analysis and its qualitative dimension†. The paper is structured as follows: the ensuing section is dedicated to a review of the main results of entrepreneurship. applying the model and assessing its suitability given the peculiarities of the Romanian economy. which in turn has affected subsequent economic growth. Next. support towards human capital development etc. the objective of this study is to assess the capacity of entrepreneurship and SMEs to innovate and to generate value added. Marchiş (2011) and Ciucan-Rusu and Szabo (2013). SMEs are the main job creators. The specificity of the institutional framework. The proposed approach shall be based on the Cobb-Douglas production function with constant returns to scale and statistical filtering techniques and it shall estimate all of the model's inputs (capital. where the slow and unconvincing progress has been a chief result of the lack of a stable. The two following sections shall discuss model results and draw the necessary conclusions. * † See Lafuente and Rabetino (2007). estimating input variables. attractive and competitive business environment.

bureaucracy and institutional deficiencies discourage both entrepreneurial initiative and the internationalization of SMEs. among others. 2001. this requires significant effort towards a business environment with few barriers to entry and exit. due to the institutional and market inefficiencies they face. For example. 2001) argue that large corporations enjoy significant competitive advantage that enables them to benefit from important scale economies. However. the degree of openness exhibited by the economy. as well as an improved ability to respond to the challenges of a continuously evolving international business environment (Maksimovic and Phillips. pro-SME policies are subject to heavy criticism by authors who argue their efficiency. it is worth noting that many studies question the higher presumed efficiency and productivity of SMEs compared to large corporations. however. According to The World Bank (1994. Secondly. in spite of the growing interest towards fostering SME development at international level that has resulted in several multibillion dollar financial assistance programmes provided by The World Bank and EBRD. stimulating competition and entrepreneurship and thus promoting economic efficiency. the direction and efficiency of economic policy. nor are they more reliant on labor than large corporations. Other studies (Haltiwanger. as well as the contribution of SMEs to economic growth. The issues of SME efficiency and SME contribution to economic growth are ever more complicated in the case of emerging economies.Fostering Entrepreneurship in a Changing Business Environment AE Review of the scientific literature Small and medium-sized enterprises. the competitiveness of domestic products in international markets etc. pro-SME policies are based on three main pillars: first and foremost. Regarding entrepreneurship in Romania. Jarmin and Miranda. An interesting view is that of Ayyagari. some authors (see. who question the relationship between firm size and firm contribution to economic growth. 17 • No. and pro-SME policies can generate distortions at microeconomic level (Beck and Demirgüç-Kunt. Cressy and Tovainen. their progress is slowed down by limited access to financing and several institutional barriers. this relationship is heavily influenced by factors as natural resource endowment. Thirdly.. Ciucan-Rusu and Szabo (2013) identify an additional issue of the business environment and SMEs: the translation of already performed activities in the public sector into the SME segment. As discussed in Beck and Demirgüç-Kunt (2004). 2002. Ardic. Dietrich. as large corporations are comparatively less reliant on labour. As pointed out by Beck and Demirgüç-Kunt (2004. public intervention is necessary in order to sustain growth in the SME sector (Pîslaru and Modreanu. 2002). Mylenko and Saltane. and more generally entrepreneurship. thus leading to a Vol. 2012). 2010) indicate that. innovation and the effective use of resources. 2013). 38 • February 2015 197 . 2010) consider SMEs to be more productive than large firms. where the lack of appropriate management culture. 2004) and Beck and Demirgüç-Kunt (2004). SMEs are widely believed to have the best potential of job creation. are widely considered to be a fundamental engine of economic development at global level. an efficient institutional framework and a transparent and predictable legal system and public policy that fosters private economic initiative and stimulates competition. in the medium term. 2011. thus directly affecting their development (Volchek. economies that are relying on the export of products that incorporate substantial value added favour large corporations. as opposed to less open economies. for instance. However. 2006). Demirgüç-Kunt and Maksimovic (2011) and Beck and Demirgüç-Kunt (2006). SMEs are neither better job creators than large companies. Some studies (Pagano and Schivardi. 2004). As it turns out. which in turn allows them to make significant investment in R&D that ultimately leads to increased productivity.

while at the same time providing useful information about the drivers of equilibrium output. The same study underlines the weak involvement of education in acknowledging the importance of entrepreneurship and entrepreneurial culture. when labour input is at its potential level and α is the output elasticity of labour. 2011. α. Pîslaru and Modreanu. the following equation shall be used: L  N    1  NAIRU   T (2). 2012) contain descriptive analyses of entrepreneurship and SMEs and statistical information pertaining to SMEs. total factor productivity and the output elasticity of labour. L is potential labour input (the level of full employment). Marchiş. as highlighted in Denis. Research methodology The output model based on the Cobb-Douglas production function assumes the following equation of output:  Y  AL K 1 (1). 2009. Other studies (Lafuente and Driga. Estimating potential GDP on the basis of a production function approach involves the identification of potential levels of labour and capital. As we shall see shortly. 198 Amfiteatru Economic . As discussed in Konuki (2008). Grenouilleau. C in which U t is cyclical unemployment (driven by the current state of the economy). However. K is the potential capital stock.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment "nomenclature business" type of entrepreneurship. idea backed by Lafuente and Rabetino (2007). McMorrow and Roger (2006). which is out of reach for purely statistical methods. A formal derivation of this parameter in the particular case of the Romanian economy is discussed in the following sections. Such an endeavour is necessary as it permits correlations and simultaneous interpretations with similar analysis performed by the National Bank of Romanian and the European Commission at a macro level. where Y is potential GDP. the robustness and the reliability of this approach is only as good as its inputs. T is the trend average number of hours worked weekly in the economy. N is active population (15-64 years old). 2007. dominated by a large number of businesses with only one employee and with zero ability to innovate and create value for the client. without attempting a quantitative assessment of the contribution of SMEs to GDP or a modelling of the sectoral output of SMEs and the related output gap. if salaries reflect the marginal productivity of labour. where L is the equilibrium level of labour (used for purposes of estimating potential GDP). thus providing policy makers with a valuable instrument. The main advantage of this methodology is that it is backed by economic theory. estimating potential levels of labour and capital poses a significant challenge in the case of volatile economies. α shall be equal to the ratio of total labour earnings to gross domestic product. In order to assess the labour trend.  is the trend labour participation rate and the equilibrium unemployment rate (NAIRU) shall be determined based on the following equation (Ut is the actual unemployment rate): U t  NAIRU t  U tC (3).

This choice is motivated by the fact that the time series have exhibited not significant volatility over the relevant time frame. accounting for the proportion of SME employees in the total number of employees at economic sector level. estimated using a Hodrick-Prescott filter. Based on these equations of movement.  1t   2t  1 . where: LS is the labour trend at sectoral level (only SME). where the drift zt itself follows a random walk process: Estimating the cyclical component of unemployment poses some methodological challenges. shall be estimated by means of a standard Hodrick-Prescott filter instead of a consensus approach as suggested by Altăr. Due to the frequent structural breaks in time series pertaining to the Romanian economy and the resulting high volatility of macroeconomic variables and high sensitivity to phases of the economic cycle. 2012. and wS _ IMM equals the weight of employees in the economic sector S attributable to SMEs. which propose the simultaneous use of the HP and Kalman filters. 2006 for a thorough discussion).Fostering Entrepreneurship in a Changing Business Environment AE As regards the estimation of the parameters. statistical techniques for trend extraction can be used. The trend labour participation rate  and average time worked T . N EC is the labour trend at the whole economy level. which makes the HP filter an appropriate choice. for a detailed analysis of the alternative approaches to Vol. we quarterly NAIRU shall be estimated using an extended Kalman filter applied to the seasonally adjusted time series. Necula and Bobeică. but a smooth evolution. we find that a legitimate choice for the cyclical component of unemployment is a AR(2) model with time-varying coefficients: U tC   1tU tC1   2tU tC 2   tU with the associated stationarity condition C (5). The output elasticity of labour α can be estimated using a variety of approaches. the most popular being the Hodrick-Prescott and Kalman filters. dynamic models that explicitly incorporate macroeconomic drivers of NAIRU (such as inflation. 1994 and Denis. see Altăr. Grenouilleau. Necula and Bobeică (2010). In this paper we shall use the approach proposed by Ozbek and Ozlale (2005). For purposes of estimating NAIRU. 17 • No. Necula and Bobeică (2010). The estimation of the labour input at sectoral level is done based on the same reasoning as in (2). 38 • February 2015 199 . almost all based on some ratio of labour derived earnings to gross value added created in the economy (please see Guerriero. as discussed in Altăr. as follows: LS  N  NS  wS _ IMM    1  NAIRU   T N EC (6). 2010. Kuttner. with NAIRU being modelled using a random walk with drift model: NAIRU t  N AIRU t 1  z t   tNAIRU (4). two approaches can be used: on the one hand. also estimated using a HP filter. N S is the labour trend in the economic sector S. on the other hand. some clarification needs to be made. McMorrow and Roger.

The other approach starts with a predetermined level of the initial capital-to-output ratio and subsequently estimates the capital stock using the recursive relationship (9). The application of the permanent inventory method can be done in two ways. as discussed in Konuki (2008). According to this model. as follows: C S  MI EC  S  GVAS GVAEC (8). based on the permanent inventory method. GVAS Inherent in our approach is the assumption that the output elasticity of labour α is the same for both the economy as a whole and for the SME segment of the economy. t is the gross fixed capital formation (capital inflows) during period t. Necula and Bobeică (2010). Necula and Bobeică. with different assumptions yielding different results. both at economy level and at sectoral level:  C  MI GVA (7). using an estimation horizon between 1990 and 2006) and 0. the real capital stock at the end of year n is determined as follows (see Gălăţescu. where Kt is total capital at time t. which is not directly observable. One of them is to assume that the growth rate of capital is equal to the rate of growth of real GDP. dQ is the quarterly rate of depreciation of capital. and GFCFt – 1. 2007): Kn  GFCFn rA  d A (10). the following formula shall be used to estimate α. Estimating α at sectoral level poses some challenges. Rădulescu and Copaciu. where rA is the annual rate of growth of capital formation. For purposes of this study. 2012). A possible approach is proposed by Konuki (2008) and Altăr. which is the need to reliably estimate the annual growth rate of capital inflows. representing the proportion of gross operating surplus charged to entrepreneurial compensation and GVA is gross value added. the capital stock at tine t is given by: K t  K t 1 1  d Q   GFCFt 1.69-0. In this case.t (9). 2010). Estimates for the Romanian economy range from 0. with the link between the annual and quarterly rates of depreciation being given by d q  1  1  d A  1/ 4 . 200 Amfiteatru Economic . This is why we will make the assumption that mixed income is distributed at sectoral level directly proportional to the gross value added created in the respective sectors. MI equals mixed income. as mixed income is not available at economic sector level.70 (Guerriero.65 (Altăr. in which C is the employee compensation. The next important step in calibrating the production function is estimating the capital stock. to 0. This approach has one significant drawback.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment determining the parameter). consisting of salaries and other assimilated income.68 (European Commission.

0 in 1995. 17 • No. The annual depreciation rate is consistent with the studies of Altăr. The last step in model calibration is estimating total factor productivity (TFP). implied TFP shall be first determined using actual real GDP and trend labour and capital determined using the methodology previously described: Aimplied  Y L K 1  (12). replacing trend values of variables with the actual quarterly observations. Grenouilleau. In order to evaluate the capital stock in the SME segment of the economy at sectoral level. 2006). This value has been estimated using equation (9). For the trend input of labour. while trend capital is given by (17). Necula and Bobeică (2010) start with a capital-to-output ratio equal to 2.Fostering Entrepreneurship in a Changing Business Environment AE In their study. Altăr. there are solid arguments (Denis. McMorrow and Roger. Necula and Bobeică (2010) and Gălăţescu. where L and K represent actual inputs of capital and labour. the model's results allow for a better understanding of Romania's macroeconomic gaps (the overheating of the economy in 2004-2008 and the subsequent contraction) and. we shall start from the capital-to-gross value added ratio determined for year 2000. Once the series of implied TFP has been derived. S GVAEC .GVA. we shall have a clear image of the ability of local entrepreneurship to adapt to new economic conditions and contribute to economic growth through innovation and increased productivity. In this respect. S (11). By identifying the winners and the losers of the economic crisis.59% and annual depreciation rate of capital of 5% over the 2000-2013 horizon. formula (6) will be used. Results and discussion The first step in our research effort is to estimate the output elasticity of labour α. as well as output gap at sectoral level. As it shall be seen. The estimation of capital stock for subsequent periods is done based on the assumption that the capital stock of SMEs will grow at a quarterly rate equal to the growth rate of the total capital stock in the economy. 2000  GVASME . 2003 and 2012 etc.17 in 2000 is appropriate. which corresponds to a capital-to-gross value added ratio of 2. as follows: K SME .) regarding the use of the actual capital stock in the economy as a proxy for the trend stock of capital ( K T  K T ). the model's strength lies in the simultaneous identification of factor and productivity contributions to sectoral. S . Considering the capital obsolescence in the Romanian economy in the first years of transition to a market economy system (implying high depreciation rates). In our opinion. 2000  GVA2000  wK . 38 • February 2015 201 . SME-produced GDP. For purposes of modelling potential GDP. Konuki. 2008.3 in 1992. IMF.44 in the same year. The estimation has been performed for both the economy as a whole and for the six economic sectors taken into consideration based on their contribution to total gross value added Vol. this is not consistent with the IMF country report of 2003 which proposes a capital-to-output ratio of 1. at the same time. an appraisal of SME performance during the crisis and the ensuing economic recovery. Rădulescu and Copaciu (2007). considering an average annual growth rate of real GDP of 3. we consider that a capital-to-output ratio of 2. however. a Hodrick-Prescott filter shall be applied in order to estimate trend TFP.

The results are given in table no.4 96.5 73. The subsequent figure no.9 14.6374 0.6 31.8 61.2 95.0 65. Year 08 09 10 11 12 Σ Table no. 2008-2012 Gross value added at factor prices.4 % SME 68.9 88. 202 Amfiteatru Economic .3 94.7 75.4 50.6 59.3 % SME 31.8 15. 1 below: Table no.6 Total 26. we shall briefly analyse the contribution of production factors to economic growth in Romania over the 2001-2013 time frame.9 79.7 59.2349 0.9 Total 6.8 Source: INSSE data. Before we proceed to the discussion of the estimation results in respect of potential GDP and output gap for the Romanian business environment.5 106.3 89.8 19.3 31. 2: The contribution of SMEs to total gross value added created in different sectors of the Romanian economy.1 62.7 33.9 50.8 27.0 Total 47 43 41 41 40 211 % SME 89. 1: Output elasticities of labour Economy Industry Trade IT&C Real Estate Construction Agriculture 0.8 5.8 88.4 428.5109 0.3 72.1 68.2 79.6932 0. For purposes of this study.7 80.6261 Source: authors’ calculations At this point.8 31.8 95.1 Total 15.181 % SME 49.8 14.2 % SME 68.8 30.346 1.6 Total 554 469 393 418 400 2.0 30.4348 0.8 14.543 1.7 95. 2 and 3: Year 08 09 10 11 12 Σ Table no.3 88.9 56.1 83. 1 exhibits the results.6 299. an important clarification must be made concerning the contribution of the SME segment to gross value added and the proportion of employees in the SME segment in the total number of employees in the Romanian economy.9 5.5 18.013 % SME 76.0 58.1 68.2 88. 3: Number of employees in the Romanian economy.2 50.2 76.4 87. 2008-2012 Number of employees (thousands persons) Industry Trade IT&C Real Estate Construction Total 1.0 5.9 % SME 30.9 19.5739 0.5 50.9 76.0 Source: INSSE data. a five-year average (2008-2012) has been considered with the exception of agriculture.1 77. The results are presented in table no.8 75.2 Total 1.9 59.330 1.2 63.7 75.362 1. As previously discussed. The estimation methodology has been described in the previous section and the data cover a 14-year time horizon (2000-2013).4 % SME 95. for which data are not available and a proportion of 90% has been considered for both gross value added and the number of employees for the SME segment.4 55.1 36.9 71. these are necessary in order to estimate the labour and capital inputs in equation (9).1 50.0 31.0 4.3 59. billion RON Industry Trade IT&C Real Estate Construction Total 85.4 70.4 Total 145 135 130 134 137 681 % SME 58.423 1.381 7.7 21.369 7.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment created in the economy.0 76.7 32.2 59.1 28.410 1.644 1.1 79.9 95.235 % SME 77.387 1. authors’ calculations.1 78.3 Total 65.1 64.

with the economy posting annual growth rates well in excess of its potential level. whose contribution to economic growth has varied only slightly over the time frame considered in our analysis. Returning to pre-crisis levels of growth depends on several factors. as Romania acquired technology and TFP and its competitiveness increased. which was to be expected given that recent growth has been significantly influenced by one-off events such as unexpected agricultural growth in 2011 and by internal demand and exports and 2012 and 2013. as well as the likely slowdown in Romania’s growth potential as result of the crisis. both at economy level and at sectoral level. where we shall analyse the first six sectors in order of contribution to total gross value added created in the economy – industry. The fluctuations of output gap in Vol. namely weak labour productivity. which requires immediate and significant investment and structural reform in education. which is logical if we consider the severe effect of the recession on Romania’s economic growth potential. significant absorption of EU funds and substantial inflows of foreign direct investment. which further reflects the entrepreneurs’ sceptic stance on future economic recovery. as well as foreign-financed acquisition of technology. It is only under these circumstances that human capital can actually contribute to economic growth and not hamper Romania’s economic development. It is also worth noting that the dynamics of potential GDP have been significantly tempered in the post-crisis period. construction and agriculture. such as accelerated implementation of structural reform. The economic recovery of 2011-2013 has been backed mainly by the capital stock in the economy. The negative contribution of labour to economic growth highlights a weak area of the Romanian business environment. In the first part of the previous decade (2000-2004). 4 gives a centralised image of output gap. TFP rapidly contracted in 2009 and 2010 and has never recovered since.Fostering Entrepreneurship in a Changing Business Environment AE Figure no. In this context. We now turn our attention to an analysis of the output gap. 2001-2013 Source: authors’ calculations. the closing of the output gap estimated for late 2013 is due to both solid growth in late 2012-2013. real estate transactions. With the onset of the crisis in 2008. The model yields results consistent with the evolution of the Romanian economy in 20002014. Romania’s high pre-crisis growth levels have been mostly due to significant improvement in TFP and recapitalization. information and communication. effective commitment to support the business environment. the output gap closed. at both economy and SME segment level. 17 • No. Table no. 38 • February 2015 203 . As we can see. 1: Romania – real GDP dynamics. trade and services.

01% 4. The financial crisis that started in late 2008 marked the collapse of the Romanian economy.54% SME Real Estate -2. with weak 204 Amfiteatru Economic .52% -2.54% 0.49% 0. with the economy growing from year to year and enjoying a comfortable increase in investment.15% 3.00% 6.28% 1.07% 0. During the recession. respectively). 2001-2013 Year 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Output Gap -1.31% -3.56% SME IT&C -1.57% -0. Eurostat.41% 0.02% 0.2% in 2010. Naturally. significant FDI inflow and total factor productivity. can be partly attributed to the change in monetary policy regime that took place in Romania in 2005. The resulting increase in funding costs has severely affected entrepreneurship initiative in Romania.46% -3. However.93% SME Trade 0.22% -7.39% 0.98% -1. 4: Output gap at economy and sectoral levels.33% -3.86% -0.71% -2.23% -11. the National Bank of Romania has been reluctant to cut the policy rate.57% -3. range in 2005-2006.19% 0. increased external competitiveness of the Romanian economy and reduction in unemployment.92% 1.26% 0.36% 0. authors’ calculations.44% 0. Table no. growing far above its potential growth level. Romania’s return to economic growth has been modest at first (2011 and 2012) and the surprises of 2013 and the first part of 2014 have brought actual GDP back on a consistent path to its potential level. accompanied by sustained economic growth.00% -2. as well as liquidity and financing issues and was thus unable to finance the economy.46% -5. this led to a negative output gap and to significantly lower potential GDP growth rates.48% 4.00% -3. as technology was transferred to Romania.69% -0.17% 2. output gap stood within a + / .06% 5. The pre-crisis growth in industry was due to both local entrepreneurship initiative and.46% 4.20% -10.1 p. 2).42% -1.91% -2.30% 0. increasing public debt and slow post-recession recovery of aggregate demand. AMECO.99% 1.6% in 2009 and 1.98% -5.99% -0.26% -3.91% 10. In this context.90% 3.90% 2.76% -1.75% 3.68% SME Industry -1. on the back of a hike total factor productivity and capacity utilization.53% 8. foreign investment fell drastically. as well as unprecedented expansion of local entrepreneurship.52% 20.67% 0.34% 0.90% -2.90% SME Construction 2.62% 4.56% -0.05% 2.23% -5.23% -5.14% -6.60% 4.72% -5.41% 2.16% 0.11% -6.00% 5.p.92% -0.40% -3.43% 0.92% 1.18% 1. with the National Bank switching to an inflation targeting regime based on a close correlation of policy rates with inflation expectations (and with expected GDP evolution in relation to its equilibrium level).41% -0.02% -1.31% 1.32% Source: INSSE data.58% 3.98% -1. Romania’s post-crisis growth rates are far from pre-crisis levels of growth as a result of the economy’s structural weakness that became evident during the recession. The industrial sector has closely followed the evolution of the Romanian economy over the relevant horizon (please refer to figure no. An important lesson of the 2001-2008 period is the negative contribution of labour to economic growth.94% SME Agriculture -2.41% -2.56% -6. Sustained economic growth continued in 2007-2008 when.10% 2.34% 1. which contracted in two consecutive years (by 6.50% 1.00% 3.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment 2005-2007. more importantly. the number of bankruptcies soared (and especially so within the SME segment) and the banking system faced the undesirable situation of a surge in non-performing loans. the output gap closed and the economy overheated.81% -2.43% -4.70% -1.67% -0.

trade and services had a high growth potential (in the range of 10% annually). as a result of a fast growing economy. as well as continuous innovation of local entrepreneurship. in 2007-2008. 38 • February 2015 205 . potential growth rates were near zero in industry during recession. it is important to emphasize the fact that a shrinking potential GDP in 2009-2013 was a key factor in the closing of the output gap in the trade and services sector. the main challenge in the near future is to increase productivity in the context of a positive contribution of labour. 2001-2013 Source: authors’ calculations. in which SMEs represent by far the largest job creators (over 76%). consumption fully contributed to the overheating of the economy and output gap in the trade sector peaked at 10% (please refer to figure no. while output gap was negative. As a result.Fostering Entrepreneurship in a Changing Business Environment AE levels of labour productivity even in expansionary periods. which could not be counterbalanced by capital contribution to economic growth anymore. Figure no. 2: Real GDP Evolution. this period ended in 2013. At the same time. internal demand contracted severely and output gap turned to negative once again in 2009-2011 and subsequently closing due to the rebound of aggregate demand. The recession that started in 2008 was accompanied by a severe reduction in TFP and still weak labour productivity. It this therefore imperative that the productivity rebound in order for the trade and services sector to get back on the healthy growth potential path. alongside investment and absorption of EU funds. a significant drawback the Romanian business environment in the industrial sector is weak labour productivity. with the crisis seriously impacting this sector. During the ensuing economic recession. Note: growth rates and output gap are plotted on the secondary axis. However. whereas TFP has never recovered to pre-crisis levels after significantly contributing to sectoral growth in the pre-recessionary period. The investment inflow in industry in 2011-2012 required a period of adjustment of productive capacity. A distinguishing characteristic of SMEs in the trade and services sector has been the vastly positive contribution of labour to economic growth (unlike industry). 17 • No. which makes human capital a major concern to entrepreneurs in this sector. 3). a period that was characterised by weak TFP and negative output gap. in the case of local businesses operating in the trade and services sector. The trade and services sector has exhibited greater volatility compared with the economy as a whole: during 2001-2005. when the industrial sector posted its highest post-crisis growth levels. SMEs in Industry. Vol. Therefore.

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

Necessary corrective measures (significant improvement in labour productivity and the need to adapt to the changing conditions of the business environment in Romania) are amplified by the fact that SMEs are the main employment providers in these sectors (creating 89% of jobs in real estate transactions and 79% of jobs in construction) and the main contributors to GVA (96% in the case of real estate transactions and 71% in the case of construction). with high pre-crisis growth rates followed by sharp contractions in 2009-2013 and negative output gaps during this period (please see figures no. Figure no. SMEs in Real Estate Transactions. Two obvious effects of the crisis have been (i) the deteriorating labour productivity in the real estate transactions sector. SMEs in Construction. Figure no. 5 and 6). Vol. 5: Real GDP Evolution. and (ii) the rapidly worsening TFP in the case of construction companies. Note: growth rates and output gap are plotted on the secondary axis.Fostering Entrepreneurship in a Changing Business Environment AE The real estate and construction sectors have been significantly affected by the economic crisis. as a result of very weak demand. both during the recession and afterwards. which in turn has led to significant adjustments in the number of employees in this sector. 17 • No. 2001-2013 Source: authors’ calculations. Note: growth rates and output gap are plotted on the secondary axis. 6: Real GDP Evolution. 38 • February 2015 207 . 2001-2013 Source: authors’ calculations.

as well as the acquisition of modern technology. 7.AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment The agricultural sector. Figure no. A note of caution is necessary. Conclusions Romania’s economy has exhibited significant volatility as a result of the long and complex transition process to a fully functional market economy and the accompanying structural and policy transformations. they faced a drastic reduction of TFP and worsening levels of labour productivity. however. the economic crisis had a significant impact on the growth potential of Romania. leading to a significant weakening of the Romanian business environment. as we have seen. 7% in year 2013). and also on total factor productivity fuelled by. Of even more concern is the fact that domestic agriculture has operated below its potential every year. The same is valid for industrial capacity utilization and structural unemployment which increased during the recession during to the hysteresis effect. with good periods immediately followed by weak ones. during 2009-2013. a significant reduction in foreign direct investment. which dropped far below pre-crisis levels. Firstly. such that the contribution of agriculture to economic growth is not of random character anymore. EU funds are a likely and welcome solution. Given the obsolete and underdeveloped agricultural infrastructure. the industrial and trade and services sectors have been Romania’s main engines of economic growth before the crisis. institutional progress is required in order to increase efficiency in EU funds absorption. 7: Real GDP Evolution. significant investment in the capital base is mandatory. among others. The recovery of these sectors 208 Amfiteatru Economic . Note: growth rates and output gap are plotted on the secondary axis. however. analysed in figure no. especially if we factor in the significant contribution of agriculture to GDP (approx. has fluctuated significantly over the relevant time horizon. 2001-2013 Source: authors’ calculations. weak productivity is to be expected and good years are likely due to external factors (such as favourable weather conditions). the model yields positive signals and suggests the closing of the output gap of Romania in 2013. By incorporating recent positive evolutions. In this context. As we have seen. the lack of investment in agriculture has a very high opportunity cost. as returning to pre-crisis growth levels depends on several factors. In order for SMEs in agriculture to achieve a sustainable yearly growth potential. SMEs in Agriculture.

Small and medium-size enterprises: Access to finance as a growth constraint. this highlights the competitive advantage that large companies that control the market have over SMEs..2931-2943. This is a direct result of the SMEs' low capacity to innovate. while in the construction sector the return to sound growth levels depends on the recovery of the overall economy. N. pp. Small vs. entrepreneurs in the SME segment need to increase their potential to innovate. Necula.. 17 • No. 3/2010. Beck. Young Firms Around the World – Contribution to Employment.. A. Vol. Estimating Potential GDP for the Romanian Economy. which is normal considering the recovery in aggregate demand). References Altăr. it is imperative that authorities act to promote competitiveness and the attractiveness of the Romanian business environment. An Eclectic Approach. The World Bank. In the real estate sector this led to a natural reduction in the number of employees. 2005. Policy Research Working Paper 5631. Mylenko. O. which had important contributions to pre-crisis economic> [Accessed 26 November 2014]. Ardic. 30. A. entrepreneurial education is also paramount.. pp.. The same can be said about the information and communication sector. Ayyagari. Romanian Journal of Economic Forecasting. As concerns the real estate transactions and construction sectors. It is worrisome that even after the end of the recession the SME segment is still operating below potential in almost all sectors (with the sole exception of trade. Policy Research Working Paper 5538. Journal of Banking and Finance.. C.Fostering Entrepreneurship in a Changing Business Environment AE to a healthy growth potential cannot happen in the absence of significant investment by the business environment (especially in the case of SMEs. The World Bank. their concentration in low value added-generating sectors.5-25. 2011. by means of institutional and legal reform and by increasing the transparency and stability of the fiscal system. as it has a direct impact on employed human capital. limited access to financing and weak management. M.. who contribute significantly to the creation of value added in these sectors) and in the absence of EU funds absorption. T. A. Demirgüç-Kunt. 2010.. however. and Maksimovic. Beck. M. V. V. 2011. Growth and Poverty. and Bobeică. 38 • February 2015 209 . and Demirgüç-Kunt. The model gives a clear message: Romanian entrepreneurship has been severely affected by the economic crisis and the productivity of SMEs in the six main economic sectors has significantly slowed down as a result. Job Creation and Growth. R. Considering that the output gap is expected to close in 2013/14. Available at: <http://www. which has allowed the former to better weather the economic crisis and to return to growth rates near pre-crisis levels. and Levine. SMEs. [online] NBER Working Paper 11224. 2006. The significant fluctuations in the agricultural sector are due to weak productivity and obsolete infrastructure and require significant investment in order to increase productivity and enter a sustainable growth path. In order to support entrepreneurship in Romania.nber. and Saltane. In order to achieve this. Small and Medium Enterprises – A CrossCountry Analysis with a New Data Set. they exhibited severe contraction during the recession due to worsening labour productivity and TFP. Demirgüç-Kunt. T. G.P.

imf. McMorrow. eds. Who Creates Jobs? Small vs. [pdf] IMF Country Report 03/12. and Roger. Lafuente. 2013. International Monetary Fund. European Commission Economic Papers. Explaining Loan Rate Differentials Between Small and Large Companies: Evidence from Switzerland. 2002. Available at: <http://www. 01. E.pdf> [Accessed 26 November 2014]. Estimating Potential Output as a Latent Variable. E. 247. and Miranda. and [pdf] Available at: <http://www. In: Ramadani. 2007. Haltiwanger. The Pyramid of Entrepreneurship in Romania: Towards New Approach. 02.kfacts.nber. J. 16300. Rădulescu.A revised production function approach. 2007.. O. Estimating Potential Output and the Output Gap in Slovakia. Entrepreneurship in the Balkans. 2012. Young..AE The Role of SMEs in Assessing the Contribution of Entrepreneurship to GDP in the Romanian Business Environment Ciucan-Rusu..bnr. 1st Report on Entrepreneurial Activities in Romania. and Szabo. M. DocumentInformation.. 2003. L. [pdf] NBER Working Paper..imf. Available at: <https://www. Jarmin. papers/w16300. Inequalities and Development: new challenges.ia. W.. International Monetary Fund. 12(3).pse.Estimates for the EU Member States and the US.pdf> [Accessed 26 November 2014].481494. Estimarea PIB Potenţial în România. 1994. Denis C. 215-238. Journal of Business and Economic Statistics.. M. Konuki. Guerriero. R. A. BNR.kfacts. K. Denis. and Driga.pdf> [Accessed 26 November 2014] Lafuente. 38(4). 12/291. pp. 2009. T.. and Schneider. and Tovainen.. [pdf] Available at: <http://www. 3(3). Available at: <http://www. [pdf] University of Bordeaux. Calculating potential growth rates and output gaps .. Production Function Approach to Calculating Potential Growth and Output Gaps .pdf> [Accessed 26 November 2014]. and Röger W.pdf> [Accessed 26 November 2014] 210 Amfiteatru Economic . 2nd Report on Entrepreneurial Activities in Romania: Executive Summary for the Year 2008. European Commission. Guerriero2012.pdf> [Accessed 26 November 2014]. Romania: Selected Issues. Evidence from a Panel Dataset..imf. Available at: < WP012007. O. A. C.aspx?idInfoClass=6786&idDocument=3710&directLink=1> [Accessed 26 November 2014]... 2012. pp. Small Business Economics.. D. Is there adverse selection in the credit market? Venture Capital: An International Journal of Entrepreneurial Finance. S. 2001. 20. Romania: Selected Issues and Statistical Appendix. new measurements?. 2010. [pdf] IMF WP. The Labour Share of Income around the 08275.N. Large vs.. 176..ens.. O.. [pdf] Caiete de Studii nr. Berlin Heidelberg: Springer-Verlag. 2008. pp. B.ia.> [Accessed 26 November 2014]. Available at: <http://www. Mc Morrow K. Available at: <http://www. Z. 2013. Kuttner. CEBR WP. CEBR WP. J. K. Economic Paper. Dietrich. Gălăţ ft/scr/2004/cr04220.361-368. C. 2010. [pdf] IMF Country Report. Grenouilleau. and Copaciu. 08/275.

2002. G.. I.pdf?sequence=2> [Accessed 26 November 2014] World Bank. E.kfacts. 2007. P. pp.doria. 2013. pp. 2005. Washington DC: World Bank. D. 38 • February 2015 211 . Do Conglomerate Firms Allocate Resources Inefficiently? Evidence from Plant-Level Data.. CEBR WP. Ozbek. D. Bucharest: Editura Economică. 2011. World Bank. 17 • No.721-767. Washington DC: World Bank. 2001. Internationalization of small and medium-sized enterprises and impact of institutions on international entrepreneurship in emerging economies: the case of Russia. Human Capital as a Determinant of Small Firms' Growth in Romania: A Quantile Approach. Study Regarding Romanian Entrepreneurship.. World Bank. Employing the extended Kalman filter in measuring the output gap. and Rabetino. 394. Review of Small Business Activities. 9529522655127. 57. Journal of Economic Dynamics and Control. 2004. 2002. 03. L. Pagano.ia.Fostering Entrepreneurship in a Changing Business Environment AE Lafuente. Beneficiar – Comisia Naţională de Prognoză. Pîslaru. [pdf] Available at: <http://www. U. 30(5)..1611-1622. R.pdf> [Accessed 26 November 2014] Maksimovic. Banca d’Italia Working Paper. Marchiş. Firm Size Distribution and Growth. Review of Small Business Activities. G. and Schivardi. EuroEconomica. Studiu – Contribuţia IMM-urilor la Creşterea Economică – Prezent şi Perspective. 1994. Can Intervention Work? The Role of Government in SME Success. and Modreanu. Journal of Finance. F. and Ozlale. Vol. Washington DC: World Bank. and Phillips. Volchek.. [pdf] Available at: <https://www.

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

BANKS PR O REG BS JO DE L NS OA Y ERIT P S SITS O P U L AT I O N NONBANKS Deposits Individuals. 16 Safeguarding savings 20 Building wealth 18 Access 22 Trusts and Estates The Business of Banking: What Every Policy Maker Needs to Know 15 . Customers benefit by having their funds safe and readily accessible. municipalities. easy way to pay bills by check or. nonprofits. through various forms of online payments. increasingly. They also receive access to a convenient. states and federal government entities all make deposits at banks. Additional bank services help customers build wealth. businesses.

Customers highly value the security of knowing their funds are protected. usually offer higher rates of interest than accounts with shorter terms or that offer on-demand access. “There are many positives to establishing a relationship with an insured financial institution.. Deposit account types include: • • • • Checking accounts Savings accounts Certificates of deposit (CDs) Money market deposit accounts (MMDAs) $10 Deposits ($ T) Martin Gruenberg. to the losses incurred when a bank fails. Access to an account at a federally insured institution provides households with the opportunity to conduct basic financial transactions. depending on the type of product.” Accounts that offer full access—such as checking or other transaction accounts— allow customers to make unlimited transactions. Since it is harder for banks to commit these funds to loans. No taxpayer funds are used. build wealth. little or no interest is paid to account holders.Safeguarding savings Banks and depositors are partners when it comes to savings. the accounts are often combined with free services. Banks pay depositors interest on savings at varying rates.. In fact. However.000 per depositor. save for emergency and longterm security needs. from paper clips and office supplies for its day-to-day operations. 16 American Bankers Association . All FDIC member banks pay the premiums that fund the Deposit Insurance Fund. Products with longer time frames. and access credit on fair and affordable terms. such as free checking (if the balance is maintained above a certain level). like basic savings or checking accounts. per federally insured institution. banks are solely responsible for all of the FDIC’s expenses. FDIC Chairman Strong Deposit Growth $12 $8 Recessions $6 $4 $2 $0 1985 1989 1993 1997 2001 2005 2009 2013 Source: Federal Deposit Insurance Corporation Customer confidence Banks Pay to Insure Depositors The Federal Deposit Insurance Corporation (FDIC) insures deposits up to $250. like multiyear certificates of deposit.

Dodd-Frank established a regulatory scheme for unregulated entities providing “advice” to municipalities with regard to “municipal financial products” related to securities.” including funds in deposit or cash management accounts or pension funds contributed by municipal employees. libraries. cash management. schools. hospitals and numerous boards and commissions. pension advisory services and much more. In addition. Banks. announcing waived fees for customers affected by flooding and power outages. are vital partners with businesses and governments. Special services and accounts that banks offer businesses and governments to manage cash include: • • • Lockboxes Sweep accounts Disbursement accounts • • • Bank drafts (bills of exchange) Remote deposit capture Business credit and debit cards Background Banks Work Closely with Municipalities Banks have long worked closely with their local municipal bodies—city governments. municipalities and state and federal government entities must have a reliable mechanism to manage their funds. many banks in flooded areas were open for business within 24 hours of the storm. For example. Because the SEC didn’t define “advice. Some banks may choose not to take on the new costs and liabilities that come with receiving the deposits of local communities or making loans to them. loans. in advance of Superstorm Sandy. Access is assumed—even in emergency situations. The Business of Banking: What Every Policy Maker Needs to Know 17 . helping them receive payments from customers. Customer confidence Reliable Access to Accounts Banks consistently deliver funds to customers when they request them. many banks deployed temporary ATMs and opened for business soon after the storm. after Hurricane Katrina.” this could mean that a teller that helps a local government employee open a government deposit account would have to be registered as a municipal advisor and be regulated by the SEC. A rule proposed by the Securities and Exchange Commission (SEC) would reach all “funds held by or on behalf of a municipal entity. despite damaged or destroyed branches. One unintended outcome of the Dodd-Frank Act may be to limit the services banks provide to municipalities. many bank employees serve their communities through appointments to or volunteering for local boards and commissions. The SEC’s proposal also would require bank employees that volunteer for local government boards and commissions to register. More recently. Banks provide a wide array of services. through the payments system. These municipalities need all of the banking services that individuals and businesses need: deposit accounts.Business and Government Transaction Accounts Businesses. facilitate payments to suppliers and manage the receipt of cash.

provide everyday convenience for making purchases that is enjoyed by individuals 24/7 around the world. Other Market Share of Consumer Payments Did you know? Cash Checks Credit Cards 80% 60% 40% 20% 0% 2005 2010 Source: The Nilson Report 2011 18 American Bankers Association Debit Cards 100% 2015 .5 trillion in 2012 transactions. which access both deposits (debit cards) and loans (credit cards). but electronic payment methods. as shown below. credit or prepaid card linked to the smartphone’s payment application. The funds are transferred immediately and settlement is final. as well as business-to-business payments. Transactions are often funded by a debit. Paper checks are familiar. or digital wallets. Here are some examples: The Automated Clearing House (ACH) system is used to execute bill pay and direct deposit transactions.900 transactions every second in 2012. Consumer Payments The payment processing system handled about 3. Wire transfers are accomplished through a direct connection between two banks. Payment cards. Banks have responded with many ways to make and receive payments. Bank customers expect and demand convenient fund access 24 hours a day and seven days a week around the world. Mobile payments. take advantage of advances in smartphone technology allowing individuals to use their phone to initiate payments instead of plastic cards. are more common. Person-to-person (P2P) transfers of funds via mobile devices is another payment mechanism that customers are exploring and banks are offering. Did you know? Payment cards are responsible for more than $3. The ACH system processes transactions in large batches daily through central clearinghouses.Access Convenient Access to Payments and Funds Did you know? Ancient cultures used instruments similar to checks.

banks take a layered approach. to which only they know the answer. Legislation designed to enhance this partnership could be helpful. Banks protect this constant availability with an intricate set of security measures. The Business of Banking: What Every Policy Maker Needs to Know 19 . … And Protect National Security Banks have first-hand experience with terrorist attacks and cyber attacks by organized criminals and protest groups. and PIN and password secured locks. security measures and physical controls.Protecting Customer Accounts Regardless of the method used by bank customers to access their funds. Interchange fees help to pay for these risks. banks expend considerable resources protecting customer accounts from unauthorized access and fraud. 2) to protect against any anticipated threats or hazards to the security or integrity of such information and 3) protect against unauthorized access to or use of customer information that could result in harm or inconvenience to any customer. particularly if conducted online. particularly when customers are not using their typical device Customer confidence Banks Pay for the Risk of Fraud Banks cover the significant risks and costs associated with providing electronic payments. such as locked perimeters and enclosures. To help protect bank customers from fraud. conveniences. The three main objectives in protecting customer account information are to: 1) ensure the security and confidentiality of customer information. Effective controls may include the following: • Determining if requests to access an account via any channel are from actual customers and being made by those customers. not others • Detecting fraud and monitoring transactions to determine if account activity is typical for the bank customer based on history and behavior • Verifying transactions. Banks have robust security programs in place to protect their systems. costs. but they also rely upon information sharing with federal agencies to help safeguard their critical systems. Banks have also been in the direct line of major natural disasters. such as through a text to a mobile device • Using questions that verify customers. but great care must taken to avoid excessive regulatory requirements that could actually undermine public-private partnership efforts. Security measures also include network controls. With the majority of bank customers accessing their accounts via the Internet—often through a mobile device—customers have become accustomed to having their funds available 24/7. which include physical controls. such as firewalls to prevent unauthorized or covert use of the network and intrusion detection systems to monitor network inquiries and activity. It is only through an active public-private partnership that our industry and government can ensure that all resources are working in concert to protect and defend our nation’s financial systems from cyber and other attacks. using security controls consistent with the level of risk of the transaction or to the bank customer’s account.

Many employers establish defined benefit plans (e. Savers often turn to the asset management and advisory services offered by bank trust departments and bank affiliates or subsidiaries. Individuals can open tax-advantaged accounts called individual retirement accounts (IRAs) in the bank in the form of a CD or other traditional. time horizon and risk preference. Perhaps the most familiar wealth-building activity for individuals is saving for retirement. Retirement Accounts Did you know? Customers trust banks and their affiliates with retirement accounts valued at about $10.Building Wealth Saving for the long term involves some amount of risk. 401(k) plans). FDIC-insured products. Where Consumers Keep Their Savings Pension Fund Reserves 29% Noncorporate Equities 13% Deposits 14% Bonds 8% Mutual Funds 10% Corporate Equities 21% Source: Federal Reserve Board 20 American Bankers Association Other 3% Life Insurance 2% .7 trillion.g.. Banks with fiduciary powers— legal duties that require them to act in the best interests of their client—serve as advisors to these plans and help to prudently manage the investments on behalf of the employers. Employers—both business and government—have more complex needs and work with banks to set up plans for the benefit of their employees. which help customers access products that meet the customers’ savings needs. traditional pension plans) and/ or defined contribution plans (e.. Banks also act as service providers to these plans in other nonfiduciary capacities such as record keeper or custodian.g.

The affiliates. taxes. See page 45 for the chapter on bank regulation. This advice may cover savings. as well as manage a portfolio of securities on behalf of the customer. Investment advisers can provide investment advice for a fee. it must be registered with the Securities and Exchange Commission as an investment adviser. Investment advisers can also provide financial planning services to help clients develop strategies or financial plans to meet their particular goals. If the broker-dealer offers advice or has investment discretion over the account. In these accounts. retirement. about 75 percent of banks are organized this way. governmental bodies and endowments. They can leave investment decisions up to the professionals in the bank or just ask for advice and do it themselves. A holding company is any company that owns one or more banks. including the following: • • • Stocks and bonds Financial derivatives Hedge funds • • • Real estate Mineral interests Art In addition to investment management accounts. among other things. Brokerage and Investment Adviser Accounts Some banks have broker-dealer affiliates (see below for more information on affiliates) that offer investment accounts to the public. business entities. individuals and businesses can direct the broker-dealer to purchase and sell securities on a commission. Holding companies can own more than just banks. This structure is a benefit to bank customers who want more financial products. Background Bank Structure: How Do Affiliates Work? Bank affiliates are sister companies under a bank or savings and loan holding company. broker-dealers and more. banks may manage and provide advice on various types of assets for their customers. They can own mortgage companies. Holding companies are supervised by the Federal Reserve to ensure the bank’s safety is not jeopardized by affiliate activities. insurance and estate planning. Because the holding company structure makes it easier to raise capital.Bank Investment Management Accounts Many banks provide investment management services for the portfolios or particular assets of individuals. Within these investment management accounts. banks can provide financial planning services to clients. Customers can work with a familiar company and people and access more than just deposit products. families and institutional investors such as insurance companies. are also regulated. The Business of Banking: What Every Policy Maker Needs to Know 21 . as appropriate. Customers have many options. all referred to as affiliates.

as well as making distributions and accepting contributions as needed. This makes a trust a very flexible tool for all kinds of users.g. family and charitable trusts. including revocable. These plans are most often established as a trust. retirement. such as: Individuals: Individuals often use trusts in estate planning to set up funding for loved ones. serving only the interests of the beneficiaries. Bank trust departments can act as trustee to these retirement plan trusts and assume the responsibility for holding. If something were to happen to the bank. the beneficiary. etc. Account ownership remains with the individuals or entities for whose benefit the bank is acting as fiduciary or custodian and can be transferred to another fiduciary or custodian at any time. creditors of the bank do not have access to these funds. In addition. some banks serve as a trustee for private foundations that make grants. stocks. Customer confidence How Bank Trust Departments Keep Assets Safe Banks Are Fiduciaries The trust departments of banks adhere to the highest fiduciary standards under state statutory and common law.. This fiduciary duty requires them to be loyal. 22 American Bankers Association . investment or custody account are completely segregated from the bank’s assets. bonds.) of a trust. Banks Separate Trust Assets The noncash assets (e. the trustee (bank) takes legal title to the trust property to manage it for the benefit of the trust beneficiaries. Employee Benefit Plans: Many employers offer their employees retirement benefit plans such as defined benefit and defined contribution plans. Bank trust departments are regularly examined in accordance with these and many other requirements.Trusts and Estates Customers have long relied upon banks for many kinds of trusts. real estate. Under a trust. Charitable organizations: Banks often serve as a trustee of charitable trusts that make financial contributions to one or more charitable entities. investing and keeping records on the assets in the plan. even when they have two beneficiaries with potentially competing interests. protecting both the interests of beneficiaries and the assets placed in the care of the trust department. It also requires them to be impartial. Trusts can be very specific and establish careful instructions for any party to the trust and typically outline both the responsibilities of the trustee and the benefits of the recipient. irrevocable.

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

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

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

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

Passing along a family farm or business to the next generation

Providing for the children from a previous marriage

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

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

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


Banks Are the Primary Source of Credit

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

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

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


American Bankers Association

$1.8 trillion
Banks hold this amount
in mortgage loans.











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








Funding for loans

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


and such long-term relationships are a key to a bank’s success. many nonbank competitors loosened underwriting standards and contributed to the housing boom—and bust. Residential Mortgage Lending Builds Relationships The biggest dream for many consumers is to purchase a home.. 26 American Bankers Association . The bank and customer work together to find a payment term—typically from 15 to 30 years.8 trillion in mortgages on their books. Customer confidence Banks and Customers Work Together to Find the Right Loan Banks work with their customers to find the type of loan that achieves their goals. A bank provides its customer with most of the funds to purchase a home and in exchange. It’s a Wonderful Life Did you know? Banks have about $1. which stretches the payment out over many years. Banks have a proud history of prudent lending to creditworthy households. too—limiting banks’ ability to lend. Since the home is collateral. the bank can take and sell off the property to recoup a portion of its losses. and a hundred others. banks find it harder to meet the increased demand from qualified borrowers for mortgages. cars and homes. accomplished through these sound underwriting practices. Macklin’s house. These new rules for mortgage lending programs and products limit banks’ ability to address consumer need. As if I had the money back in a safe. The mechanics of residential mortgage lending are simple. frustrating borrowers. such as purchasing furniture. The money’s not here. the customer promises to repay the bank and provides the home as collateral. Credit enables consumers to accomplish goals. the banking industry fully supports effective consumer protection. should the homebuyer someday be unable to repay the loan. and Mrs. banks and economic growth.Consumers “You’re thinking of this place all wrong.. Because it is central to banks to treat customers fairly. As a result. Leading up to the financial crisis. It is not surprising that mortgage loans account for 70 percent of all household debt. Your money’s in Joe’s house. New regulations mean less flexibility when underwriting mortgages and higher compliance costs. Banks help customers to understand the loan terms and how to pay it off.” George Bailey. Credit enables consumers to borrow the money they need to make a purchase now and pay it off over time. Most traditional banks stayed true to conventional standards but will still be required to comply with the increased regulatory requirements that have followed the housing meltdown. And in the Kennedy house.right next to yours. This partnership allows customers to develop long-term relationships with their banks. That collateral makes the loan less risky and keeps interest rates as low as possible. This dream can become a reality through a mortgage.

merchants. providing them with seamless access to funds at any time day or night. investors. 2014 Key Banking Issues for Congress Why They Matter to You and Your Constituents Credit Union Tax Exemption Bank Examination LEgisLation | community Bank rEguLatory rELiEf Emerging Payments Flood Insurance GSE Reform crEdit union tax ExEmption | cyBErsEcurity Because credit cards are so simple and convenient to use today. In fact. This system has evolved over decades at a significant cost and is the result of considerable effort and innovation. almost anywhere in the world. open-ended loans available to consumers who can continually access them over a long period of time. card networks and transaction processing equipment. receive significant increases in sales volume. it is easy to take for granted the decades of investment and innovation that were required to make this so. Today’s credit card business involves a vast electronic infrastructure that connects consumers. Bank Examination Legislation Cybersecurity EmErging paymEnts | farm crEdit systEm | fLood insurancE Community Bank Regulatory Relief gsE rEform | Qm/aBiLity to rEpay | intErchangE fEEs QM/Ability to Repay Interchange Fees Patent Reform Swaps patEnt rEform | swaps Farm Credit System Learn more about interchange fees at aba. despite the costs and the risks involved. It is no wonder. all at the customer’s Credit cards started in the 1950s as charge cards that had to be paid off in full each month. reduce fraud risk. banks. creating a more positive experience for customers. These transactions were processed on a manual carbon imprint machine.Credit Cards Benefit Consumers. companies began to allow customers to pay their balance over time and at any merchant. Businesses Credit cards have become an everyday tool for customers—and businesses—to make purchases and manage their finances. card issuers continue making unsecured. Remarkably. • Merchants who accept cards allow customers to speed through the checkout line. according to the Federal Reserve. nearly 78 percent of American families now have at least one bankissued credit card. Soon. Consumer Credit Other 3% Student Loan 9% Credit Card 6% Mortgage 70% Auto Loan 7% Home Equity Revolving 5% Source: Federal Reserve Bank of New York Consumer Credit Panel The Business of Banking: What Every Policy Maker Needs to Know 27 . The loans can be interest free (if paid back within 30 days) or with interest over time. considering the benefits cards provide: • Credit card customers receive the benefit of a secure and convenient purchasing experience. and guarantee payment.

The SBA guarantees loans made to qualified small businesses. By lending to small businesses. enabling businesses to hire and stimulate the economy. transferring some of the risk from bank lenders to the SBA. The presence of banks in communities throughout our nation is critical to meeting the unique needs of small businesses. Small Business Administration Loans “Community banks with assets of less than $1 billion account for a little more than 10 percent of the banking assets in our country. Small businesses receive 24 percent of all bank loans to businesses.Businesses Small Business Lending Spurs the Economy Did you know? Banks have provided $652 billion in outstanding loans to small businesses and farmers. These loans can be used to finance the start up. Martin Gruenberg. Did you know? Bank lending to all businesses has increased 190 percent within the past 20 years. operations or expansion of a business. grow and thereby create jobs and economic development.” One way that bankers partner with small businesses is by offering loans through the Small Business Administration (SBA) program. Credit cards provide unique benefits for business owners. banks help them to expand. the community and the bank. FDIC Chairman 28 American Bankers Association . but provide nearly 40 percent of all the small loans that insured financial institutions make to businesses and farms. It’s a partnership that works for the business owner. according to the Small Business and Entrepreneurship Council. Credit Cards for Small Businesses Traditional business loans are only one way that small businesses access credit. These benefits include: • • • • • • Facilitating market expansion Guaranteeing payments Enabling businesses to weather economic difficulties Enhancing efficiency Eliminating the cost of setting up and maintaining in-house credit and billing systems Reducing or eliminating employee theft A recent study shows that small business use of credit cards is a strong contributor to growth. create jobs and spur economic growth. SBAguaranteed loans through banks have helped thousands of small businesses become established. Bankers know that the future of their communities and regions depends on their support for small business. SBA loans are designed to make credit available to small businesses that cannot get credit on reasonable terms elsewhere. Many businesses get started—and continue to operate—through the use of credit cards.

local community banks get to know their business customers personally. many of which provide critical support for large companies. which increases loan demand. and to the retail stores where those employees shop.” An example of a need that only a large bank could fill is intraday lines of credit. The recovery in loan volume following the most recent recession has been robust for business loans. you need scale. This allows the business to use its cash to create jobs and expand operations rather than holding it idle in an account for when it might be needed. This recovery is even more remarkable given that loan demand has not fully recovered. because you need a solid funding base to commit large amounts of capital for clients. Demand for loans from businesses also decline.Banks of All Sizes Serve Businesses of All Sizes Different sizes of banks serve the unique financial needs of diverse businesses. allowing banks to continue to increase lending. Smaller. both consumers and businesses become more confident. Larger banks provide the financing and specialized services that large businesses and multinational corporations demand. As the economy improves.200 40% Stronger $ Billions 20% 0% $800 Neutral -20% -40% $400 Weaker -60% $0 1985 1989 1993 • 1997 2001 Source: Federal Reserve 2005 2009 2013 -80% 1992 Recessions 1996 2000 2004 2008 2012 Source: Senior Loan Officer Opinion Survey The Business of Banking: What Every Policy Maker Needs to Know 29 . Banks of all sizes provide loans to the employees who work in small and large businesses alike. Background Lending in Economic Cycles When the economy hits difficult conditions. and the relationships sometimes span generations. Large multinational businesses need large amounts of cash on a short-term basis for business operations. This was particularly the case in late 2008 when borrowing increased by $54. $1. Daniel Pinto. as businesses are hesitant to expand and take on more debt that might be hard to repay in difficult economic conditions. Large banks provide these companies with billions of dollars of “working capital” credit. “You need size. told Financial Times. businesses often draw on lines of credit to ensure they have enough cash on hand for payrolls and inventory.8 billion from 2007 to 2008. At the beginning of a downturn. so the funds are there when the business needs them for payroll and other purposes. some borrowers default and banks are forced to write off bad loans that had been made during better economic conditions. Smaller banks supply the credit needed by smaller businesses.600 Banks Increase Business Lending 8 of the Last 10 Years Stronger Business Loan Demand Net Percentage Reporting Stronger Business Loan Demand from Small Firms 60% Recessions $1. JPMorgan Investment and Corporate Bank Co-Chief Executive.

A letter of credit is a guarantee issued to a seller that the purchaser will pay for the good or service purchased. Banks Help Meet State & Local Governments’ Borrowing Needs $400 Municipal Securities & Loans Held by Depository Institutions Recessions $ Billions $300 $200 $100 $0 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 • Source: Federal Reserve Letters of Credit Allow Large Purchases Banks also serve governments by offering letters of credit. Banking institutions support this market both as major investors and by standing ready to buy and sell municipal bonds. One unique type of loan that a bank offers municipalities is a tax anticipation loan. courthouses.Governments Banks help state and local governments finance their operational needs with loans. For example. This service allows governments to pay for their purchases at some point in the future. Such loans are often similar to business loans. banks might finance the government purchase of additional police cars. just as banks do for their commercial customers. better managing cash flows. This helps governments to bridge the temporary gap between expenditures and revenue. water treatment plants and roads. 30 American Bankers Association . where municipalities borrow against revenues they expect to receive in the near future. Banks Support the Municipal Bond Market Municipal bonds serve as a funding source for municipal infrastructure projects such as schools. fire engines or equipment to build roads.

Funding for Loans The main funding source for banks is deposits—customer deposits make up 68 percent of bank funding. Banks issue debt in different maturities to match the timeframes of the types of loans they make. Banks also access other resources so that they can make more loans. Investments from those holding companies provide 15 percent of bank funding. many banks are organized as subsidiaries of bank holding companies. Banks also routinely lend to each other. Bonds are not insured by the FDIC. which makes up 2 percent of funding. state or county governments may work with banks to finance the construction of a hospital. Banks go to the capital markets for about 7 percent of their funding by issuing bonds and other credit market instruments. Loan subsidies and guarantees enable banks to make loans to those who otherwise could not afford them. This compensates investors for the additional risk. For example.Banks and Government Work Together Banks and governments work together to promote important social and economic objectives through government-sponsored loan programs. For starters. The remaining sources of funds are spread out over a number of categories. Bank Funding Holding Company Investment 15% Small Time and Savings Deposits 56% Net Interbank Liabilities 2% Other 8% Credit Market Instruments 7% Checkable Deposits 12% Source: Federal Reserve The Business of Banking: What Every Policy Maker Needs to Know 31 . so they pay a higher rate of interest than an insured deposit. these sources can also be used to fund loans.

$ B $1. The Federal Home Loan Banks are cooperatives that were created by Congress as a response to the Great Depression of the 1930s. Interbank funding at that time was challenged. Banks become members of one of the FHLBs by buying stock in it. to Fannie Mae and Freddie Mac). The FHLBs help to ensure that community banks have funds to lend to customers in all market conditions. but FHLBs continued to provide lendable funds to their member banks.000 Recessions $800 $600 $400 $200 $0 1992 1995 1998 2001 2004 2007 Source: Federal Deposit Insurance Corporation 32 American Bankers Association 2010 2013 . The FHLBs have been particularly beneficial for portfolio mortgage lenders—those that hold rather than sell loans in the secondary market (e. These assets generally consist of home mortgage loans. Banks are then eligible to borrow funds (called advances) from the FHLB. particularly during the early stages of the recent financial crisis.Federal Home Loan Bank Advances Supplement Funding Another major source of funding for bank lending is to become a member of the Federal Home Loan Bank (FHLB) System. even as other credit markets around the world froze. Member banks use these advances to extend new home loans or other consumer loans to customers. although some other assets such as farm and small business loans are also allowed. Federal Home Loan Banks Step Up During Financial Crisis Federal Home Loan Advances. The FHLB system has worked very well over the past 80 years. in return for pledging specific assets on each member bank’s books.g..

banks can lend more money. Moreover. allowing banks to originate more mortgages. Treasury. Fannie Mae and Freddie Mac. with the pool of loans as collateral. credit card accounts. funded by Treasury. these loans are typically at lower interest rates. creating a security. including automobile loans. For example. because the risk is spread across the many investors of the securities. many believed that they would be supported in the event of a major downturn. The Business of Banking: What Every Policy Maker Needs to Know 33 . Did you know? The Federal Reserve has purchased $1. Together. and home equity loans. The market dominance of the GSEs has remained particularly high in recent years as a result of the financial crisis and the reluctance of the private market to reenter mortgage finance until the market shows greater stability. which nearly all agree must rely more heavily on private capital. Freddie Mac was chartered to carry out a similar purpose. The two GSEs. The buyer of the loans pools loans with similar attributes together. Securities are then sold to investors. Congressional action is necessary for the GSEs to exit conservatorship and determine the long-term structure of the housing finance system. After Fannie Mae was made into a private institution in 1968.Banks Expand Lending Through Securitization Another way that a bank can expand lending is to sell its loans. which is exactly what happened when both Fannie Mae and Freddie Mac were put into conservatorship in 2008 to avoid insolvency. FHFA has the authority to manage the GSEs while they are in conservatorship. similar mortgage loans might be pooled together. they currently purchase or guarantee about 65 percent of new mortgage originations in 2011.6 trillion in mortgage backed securities. the private securitization market for mortgages has been almost nonexistent. Following the financial crisis. Background Government-Sponsored Enterprises and Mortgage Securitization Two government-sponsored enterprises (GSEs). Banks in this way rely on the secondary market to ensure borrowers have adequate access to the money they need. The interest and principal payments collected from the loans over time pay back the investors. were able to continue securitizing residential mortgages. were put in place by Congress to support the housing and mortgage markets and to expand opportunities for homeownership and affordable rental housing.S. When the bank receives payment for the loans. Securitization has been used extensively to securitize home mortgages. When the secondary markets and securitization work well. Fannie Mae and Freddie Mac have been able to borrow in international markets at low rates. called mortgage-backed securities (MBS) and also for other types of loans. Under the conservatorship of the Federal Housing Finance Agency and with financial support provided by the U. Although both of these evolved into private corporations without an explicit guarantee by the federal government. Fannie Mae was chartered during the Great Depression and was tasked with providing local banks with federal money for financing home mortgages by providing a guarantee on the securitization. This process is known as securitization. it can increase lending to new borrowers.

ACCESAREA UNUI CREDIT Solicitarea și contractarea unei facilități de creditare Pasul 0. De aceea.). Provocarile economice din anii trecuți au constituit pentru multi dintre noi o încercare din punct de vedere financiar și ne-au adus tuturor în atenție importanța unei decizii bine chibzuite. primul pas recomandat este o analiză serioasă a nevoii de a contracta acel produs. articol vestimentar etc. de consum. înainte de a solicita sau utiliza o facilitate de creditare. Cât de sigure sunt acestea în anul urmator? Sau peste 3 ani? Sau 10 ani? . ) absolut necesară acum? Foarte important: analizează cu sinceritate certitudinea veniturilor actuale. Este acest credit necesar? Înainte de a solicita orice fel de facilitate de creditare (fie că vorbim de un credit ipotecar. răspundeți la următoarea întrebare: Este această achiziție (casă. card de credit etc. mașină.

care nu fac obiectul finanțării. datorat FNGCIMM: 0. aplicat la 50% din soldul creditului la data prevăzută în legislație  -credite Ipotecare .conform reglementarilor în vigoare destinate achiziției/construirii unei locuințe (pentru cei ce nu îndeplinesc condițiile Programului Prima Casă sau nu doresc achiziționarea/ construirea unei locuințe prin intermediul Programului)  se acordă pe maxim 35 ani  avans minim de 15% pentru credite în RON și 25% pentru credite în EUR (sau în alt procent în funcție de situațiile prevăzute în legislație)  imobilul achiziționat/ construit garantează creditul contractat  -credite Imobiliare similar creditului ipotecar. .conform reglementărilor existente în luna martie 2015 destinate achiziției/ construirii primei locuințe (plus alte situații.49% pe an. Ce produs de finanțare mi se potrivește? Vom clasifica creditele în funcție de destinația acestora. Credite de consum 2a. însa nu este necesar ca imobilul achiziționat prin intermediul creditului să garanteze creditul.Pasul 1. 2. Credite pentru achiziția/ construirea unei locuințe  . întrucât la acest moment deja știi pentru ce îți dorești să soliciți facilitatea de creditare: 1. sunt utilizate alte ipoteci imobiliare.5%  comision de garantare. conform legislației de la data solicitării creditului)  se acordă pe maxim 30 ani  avansul minim este de 5%  garanția Statului Român pentru 50% din valoarea creditului  dobânda maximă garantată prin legislație: ROBOR 3M+2. facilități de creditare pentru nevoi personale ne-nominalizate: nu necesită justificarea destinației față de finanțator.credite Prima Casă .

5% din suma împrumutată). mai avantajoasă decât în cazul unui card de credit sau în cazul unui descoperit de cont. dobânda este mai mare decât cea în cazul unui credit de nevoi personale (află de la început DAE aplicabil.  în cele mai multe cazuri.  -credite pentru nevoi personale fără ipotecă util pentru cheltuieli mai consistente ce se pot rambursa pe o perioadă de timp mai îndelungată (până la 5 ani)  se achită în rate lunare  dobânda este. cel puțin 2. în general. programe de recompense). pe care să o rambursezi pe o perioadă de timp mai îndelungată (până la 5 ani)  se achită în rate lunare .  -credite pentru nevoi personale cu ipotecă util în cazul în care vrei să împrumuți o sumă mai mare. plătite cu cardul la comerciant (retragerile de numerar sunt comisionate și nu se acordă perioadă de grație de la perceperea de dobanda)  mod de funcționare: ciclu de tranzacționare (aproximativ 30 de zile în care efectuezi cumpărăturile).  unii finanțatori oferă opțiunea mai multor rate fixe fără dobândă. prezintă beneficii suplimentare (asigurări de călătorie. cât și celelalte taxe și comisioane aplicabile). urmate de o perioadă de grație (până la aproximativ 30 de zile. reduceri la diferiți comercianți. -descoperit de cont util pentru achitarea cheltuielilor neprevăzute sau în lunile în care cheltuielile depășesc veniturile la dispoziție  anexat contului de încasare a salariului/ pensiei  dobânda se aplică doar sumelor utilizate din descoperit. în care să rambursezi suma cheltuită sau suma minimă de rambursat)  eficient în cazul rambursării integrale a sumei împrumutate în cursul fiecărui ciclu de finanțare până la scadența lunară (dobândă 0%).  chiar și în cazul nerambursării integrale. necesită rambursarea lunară a unui procent a sumei împrumutate (în general. pentru perioada în care sunt utilizate  -card de credit util pentru cheltuieli frecvente de valoare mică.  atenție! în cazul nerambursării integrale până la scadență.

suma maximă pe care o poți achita lunar va fi determinată de reprezentantul bancar.). -credite pentru scopuri medicale. de obicei prin plata direct către furnizor. -credite pentru studii. Ce sumă aș putea împrumuta? Chiar independent de decizia de a solicita un credit. Pasul 2. pentru a identifica posibilitatea reducerii cheltuielilor și de a economisi din timp pentru evenimente neprevăzute sau pentru etapa pensionării.etc. pe care le vom discuta într-un material dedicat. a căror utilizare se face pe baza documentelor justificative (facturi etc. mai avantajoasă decât în cazul unui credit pentru nevoie personale fără ipotecă. creditele care se rambursează din subvenții. necesită ipotecarea bunurilor mobile achiziționate (exemplu: creditele pentru achiziție autoturisme). îți recomandăm să determini realist posibilitatea de a achita lunar obligația de plată suplimentară. se garantează și cu ipoteca constituită în favoarea Băncii asupra unuia sau mai multor imobile aflate în proprietatea ta sau a unor terți. e important ca fiecare dintre noi să autoevaluăm periodic cu sinceritate nivelul veniturilor și cheltuielilor. -credite pentru achiziție autoturisme. credite pentru nevoi personale specifice/nominalizate: credite acordate pentru scopuri specifice.  dobânda este. În unele cazuri. pe baza informațiilor și documentelor pe . O altă categorie de credite sunt creditele acordate pentru refinanțarea unor facilități contractate anterior. -creditele garantate pe întreaga perioadă de derulare. înainte de a solicita un credit. Cu atât mai mult. Desigur. cu garanție de tip depozit colateral. în general. la momentul prezentării la Bancă. -credite pentru achiziționare sisteme de încălzire. 2b.

care le furnizezi și a normelor de creditare proprii.  comision de analiza dosar.000 lei pe o perioada de 30 de ani. Cum decid care produs din piață este cel mai avantajos pentru mine? Precum în cazul oricărei achiziții. în care introduci pentru fiecare produs toate costurile identificate și determini valoarea DAE aferentă sumei și perioadei de finanțare dorite. Consultă cu atenție ofertele cât mai multor finanțatori. utilizează un calculator DAE pus la dispoziție de pagini de internet independente de comparație sau chiar pe paginile de internet ale băncilor. este foarte important să fii bine informat(ă). Tipurile de costuri incluse în DAE pe care un finanțator le poate percepe. este foarte important ca acest indicator să fie calculat pentru aceeași sumă împrumutată și același termen de rambursare și aceeași modalitate de rambursare la nivelul tuturor ofertelor comparate. Pentru a corela corect DAE în compararea creditelor.  comision de administrare credit sau comision de administrare cont curent. în conformitate cu prevederile OUG 50/2010:  dobânda. cu respectarea legislației în vigoare. Pentru a fi sigur(ă) că obții o comparație relevantă.000 lei. o diferență de DAE de doar 0.1%) poate crește suma pe care trebuie să o rambursezi pe toată perioada de creditare cu peste 3. comisionul de analiză și comisionul de administrare credit). DAE reprezintă costul total al creditului calculat sub forma unui procent anual în care sunt incluse atât dobânda. pentru a o identifica pe cea mai potrivită pentru tine.1% (de la 4% la 4. . Pentru un credit de 150. Pasul 3. Când compari costurile. cât și comisioanele aferente acestuia (respectiv. e indicat să ai în vedere compararea DAE (Dobânzii Anuale Efective).

Ia în considerare și ceilalți factori (termenul de acordare. perioada de finanțare și nivelul ratei lunare.În situația în care banca nu cunoaște anumite costuri care sunt percepute de către terți. Banca poate percepe și un comision unic pentru servicii prestate la cererea ta în legatură cu derularea creditului (acesta nu este inclus în DAE. acestea nu intră în calculul DAE. Ce documente trebuie să prezint Băncii? . însă și acestea trebuie avute în vedere (costurile legate de asigurări sau garanții):  costuri pentru evaluarea/verificarea rapoartelor de evaluare a bunurilor imobile/mobile admise în garanție. Consultă informațiile disponibile pe paginile de internet ale băncilor și solicită informațiile necesare prin Call Center-ul fiecărei instituții sau printr-o vizită la sediile acestora. Pe baza informațiilor furnizate de tine. întrucât se percepe numai daca soliciți anumite servicii în mod expres pe parcursul derulării creditului).).  primele de asigurare aferente polițelor de asigurare. veniturile acceptate etc. Ca element suplimentar. din ce în ce mai multe bănci oferă costuri mai avantajoase clienților care încasează venituri în conturi deschise la respectiva instituție de credit. perioada de grație. în cazul în care decizi să rambursezi anticipat un credit cu dobândă fixă. Banca poate efectua o pre-analiză și poți afla cu titlu orientativ valoarea creditului pe care îl poți accesa. Pasul 4. deci și acesta este un factor pe care îl poți lua în considerare. garanțiile solicitate. Banca poate solicita plata unui comision de rambursare anticipată.  costurile notariale etc De asemenea.

o copie a acestuia fiind depusă la Bancă. document justificativ al veniturilor încasate în anul anterior sau alte documente care certifică nivelul veniturilor tale și consecvența în timp a acestora. Când primesc un răspuns și care sunt pașii următori? . In general.Pe baza informațiilor primite la pasul anterior. De aceea. documentația solicitată de Bănci cuprinde. vei completa și semna:  cererea de credit.  În funcție de reglementările interne ale fiecărui finanțator și de tipul creditului solicitat. prelucrare și consultare a informațiilor de risc la Biroul de Credit. pot fi solicitate și alte documente sau unele dintre cele de mai sus pot să nu fie solicitate. emisă și completată corect de Angajatorul tău (și al celorlalți codebitori. cărora să te adresezi cu o documentație completă. îți recomandăm o discuție cu un reprezentant al Băncii pentru lista completă a documentației. daca este cazul). nu mai veche de 30 de zile (în funcție de creditul solicitat și de politica fiecărui finanțator. Adițional. Pe lângă aceste documente.  un document (factura de utilități sau un alt document) din care să rezulte domiciliul înscris în actul tău de identitate sau reședința. se pot solicita și copii ale contractelor individuale de muncă înregistrate la Inspectoratul Teritorial de Muncă. Pasul 5.  acordul de consultare la Centrala Riscului de Credit și de transmitere. în special dacă venitul tău înregistrează fluctuații). dar fără a se limita la acestea:  actul de identitate în original.  adeverința de salariu tip furnizată de Bancă. în vederea primirii unei oferte ferme. în cazul creditelor cu garanții imobiliare:  acte de proprietate asupra bunurilor aduse în garanție și extrasul din Cartea Funciară în termen de valabilitate aferente bunului adus în garanție. poți să identifici unul sau mai mulți finanțatori cu care dorești să continui procesul de creditare.

Vei primi din partea Băncii formularul Informații standard la nivel european privind creditul pentru consumatori. Oricum. In cazul creditelor cu dobândă variabilă. valoarea dobânzii poate varia în funcție de indicele de referință în maniera precizată în contractul de credit. aceasta va fi formalizată printr-un contract de credit. Pastrează-l și asigură-te că plătești la termen fiecare rată. eligibilitatea ta pentru un credit și îți poate furniza o ofertă de credit. cardurile se împart în trei categorii:  carduri de debit. deci parcurge-l cu atenție și semnează-l doar odata ce ai certitudinea că ai înteles clauzele incluse în acesta. Ce este un card și ce tipuri de carduri există? Cardul este un instrument modern de plată. conform contractului semnat. In cazul în care ai neclarități. SIM pentru telefon. Acest formular conține toate informațiile necesare pentru o decizie bine informată și este foarte important să îl parcurgi cu atenție. unde fondurile sunt ale posesorului dar există și o limită de creditare pusă la dispoziție de bancă . Banca determină. etc. Odată ce ai decis să accepți oferta unei Bănci. breloc.Pe baza documentelor solicitate și depuse. Vei primi și graficul de rambursare al creditului (în cazul creditelor cu rambursare în rate). alături de contracte accesorii pentru ipoteci (dacă este cazul). unde fondurile sunt ale posesorului acestuia  carduri de debit cu overdraft (sau descoperit de cont). banca te va informa la momentul în care dobânda se va modifica. solicită informații suplimentare. în special cele care vizează costurile și obligațiile. în cel mult 30 de zile. materializat în principal sub forma unui «dreptunghi de plastic » dar care a început să fie produs și sub forme din ce în ce mai avangardiste: ceas. Contractul de credit va guverna relația contractuală până la rambursarea integrală a creditului. Din punct de vedere al fondurilor utilizate. așa încât urmărește evoluția acestuia astfel încât să știi în orice moment valoarea actualizată a ratei lunare în funcție de valoarea acestui indice.

ANAF. Clienților le sunt solicitate informații despre carduri: numărul de card.  plăți la comercianți.  data de expirare (evidențiată pe fața cardului)  PIN-ul (cod secret. utilizat în efectuarea anumitor operațiuni fără prezența cardului.  Care sunt elementele importante ale unui card? numărul cardului (evidențiat pe fața cardului). necesar în validarea operațiunilor care necesită o astfel de validare). DNA).  schimbare cod PIN.  miniextras cont. comunicat de bancă. inclusiv la cei on-line. DIICOT. unde fondurile sunt puse la dispoziție de către bancă Atenție la modalitățile de fraudă! Comunitatea bancară îți recomandă să fii vigilent la modalitățile de fraudă care pot afecta posesorii de carduri și să urmezi sfaturile noastre pentru a preveni situațiile neplăcute. În unele situații. . codul de securitate.  parola 3D Secure (parola cunoscută numai de către posesor pentru efectuarea operațiunilor pe internet în maximă siguranță)  Ce putem face cu un card? retrageri numerar (de la ATM-uri sau de la ghișeele băncilor). clienți ai băncilor posesori de carduri sunt sunați de către persoane care pretind a fi de la diverse instituții (Brigada Antifraudă.  plăți facturi pentru orice fel de utilități. Ulterior sunt efectuate tranzacții pe Internet.  interogare sold. utilizând informațiile obținute prin telefon. cum ar fi rezervările la hotel. etc). etc. carduri de credit. data expirării.  codul de securitate (trei cifre evidențiate pe verso card.

 Avantajele utilizării unui card acces 24/24 la disponibilități  siguranța în utilizare  costuri reduse pentru plăți la comercianți  posibilitatea utilizării atât în țara cât și în străinătate  evidența facilă a operațiunilor efectuate     Ce trebuie să știm despre siguranța cardului? datele confidențiale (PIN.  alimentare cu numerar a contului. etc) nu trebuie comunicate nimănui. În cazul în care posesorul cardului dorește să acorde acces la cont unui alte persoane poate solicita emiterea unui card de utilizator autorizat (card suplimentar). iar dacă sunt identificate operațiuni nerecunoscute. din punct de vedere al costurilor cel mai indicat este să utilizezi ATM-urile băncii care a emis cardul  în cazul în care posesorul cardului se află în strainătate și cardul i-a fost furat sau l-a pierdut. Ce informații importante ar trebui cunoscute? plătește cu cardul la comercianți pentru eficiența costurilor  dacă ai nevoie să retragi bani.în anumite condiții  băncile dispun de un Call Center cu program 24/24 care poate fi apelat în cazul în care sunt întâmpinate probleme la utilizarea cardurilor  banca setează limite de utilizare a cardurilor pe care clienții trebuie să le cunoască la achiziția unui card  pentru unele tranzacții nu este nevoie de validare cu cod PIN (tranzacții contactless). nici chiar membrilor familiei. poate apela la serviciile de urgență oferite de către organizațiile de carduri și anume: eliberare card în regim de urgență sau eliberare numerar în regim de urgență . trebuie anunțată de urgență banca în vederea blocării cardului și efectuării unor demersuri specifice. parola 3D. plata rate credit. cardul nu trebuie instrăinat nimănui. extrasul de cont trebuie verificat periodic.  transferuri între conturi. Câteva sfaturi adresate posesorilor de carduri: .

codul din 3 cifre de securitate aflat pe spatele cardului .  să se asigure că în timpul tranzacţiilor bancare efectuate cu folosirea PIN-ului.  să nu tasteze PIN-ul pe site-uri de Internet.  să se asigure că în timpul tranzacţiilor bancare cardul rămâne sub atenta sa supraveghere. aceștia trebuie să raporteze evenimentul imediat la 112. sfătuim clientii a înrola cardul în serviciul 3D Secure. codul CVV2/CVC2 şi parola 3D-Secure altor persoane. direct sau indirect.1. precum numărul cardului. Să ia toate măsurile necesare şi suficiente pentru a menţine confidentialitatea PINului. 2. după ce a memorat PIN-ul.  să distrugă plicul cu codul PIN primit de la banca emitentă a cardului.  să nu înscrie niciodată PIN-ul pe card. acesta nu este dezvăluit (voluntar sau involuntar) altor persoane. Înrolarea în acest serviciu oferă o siguranţă sporită în efectuarea tranzacţiilor prin Internet. Pentru asigurarea securităţii tranzacţiilor efecuate prin Internet. Daca există clienți care au fost victime ale unui astfel de fraude. prin intermediul unui . Să nu ofere informații despre carduri. PIN-ul. codului CVV2/CVC2 şi a parolei 3D-Secure şi să protejeze integritatea acestora prin:  să nu dezvăluie.CVV2/CVC2 prin intermediul telefonului – Banca / Poliția / Procuratura nu cer niciodată astfel de informații prin telefon.  să nu dezvăluie niciodată PIN-ul altor persoane.  să nu împrumute cardul altor persoane. 3. chiar dacă acestea sunt sau se prezintă drept angajaţi ai băncii. data expirării. precum și la banca emitentă a cardul DICȚIONAR DE TERMENI A ATM Automat bancar utilizat de către consumatori.

conform autorizaţiei acordate acesteia de catre Banca Naţională a României. care oferă posibilitatea de a retrage sau depune numerar în orice moment şi care se constituie pe o perioadă nedeterminată. etc. pentru diverse operaţiuni (retragere de numerar. emiterea de garanţii şi asumarea de angajamente. Card de credit Instrument de plată ce permite posesorului să utilizeze linia de credit aprobată de bancă în limita unui plafon stabilit. modernizării. emitere şi administrare mijloace de plată etc. consolidării ori extinderii unei construcţii sau pentru viabilizarea unui teren sau în scopul refinanţării unui astfel de credit.). informare privind situaţia contului. cu plata anumitor costuri menţionate în contract. Cont curent Cont prin intermediul căruia se pot face operaţiuni curente de încasări și plăţi. Cont de economii Produs de economisire. Credit de Orice alt credit în afara creditului pentru investiţii imobiliare . acordat în scopul dobândirii ori menţinerii drepturilor de proprietate asupra unui imobil sau în scopul reabilitării. efectuare plăţi. Biroul de Credit Instituţie care colectează. tranzacţionarea în cont propriu şi/sau pe cont propriu în condiţiile legii. schimbare cod PIN. acordarea de credite. Credit pentru investiţii imobiliare Credit garantat cu ipotecă imobiliară. C Comision Remuneraţie (procentuală sau fixă) percepută de bancă pentru serviciile prestate.A card. prelucrează şi furnizează informaţii băncilor şi societăţilor financiare referitoare la comportamentul de plată al consumatorilor care beneficiază sau au beneficiat de credite. remunerat cu o dobândă. Card de debit Instrument de plată ce permite posesorului un mijloc de acces la disponibilităţile din contul ataşat cardului. B Bancă Instituţie financiară a cărei activitate constă în principal în atragerea de depozite sau de alte fonduri de la public. servicii de plăţi. Credit Operaţiune reglementată printr-un contract prin care banca pune la dispoziţia consumatorului o anumită sumă de bani în schimbul unui preţ (dobânda).

Consumator Persoana fizică ce acţionează în scopuri care se află în afara activităţii sale comerciale sau profesionale. Costul total al creditului Toate costurile. inclusiv dobânda. Debitare directă Serviciu ce presupune plata automată a anumitor sume dintr-un cont curent conform unui acord prealabil încheiat între consumator şi bancă (exemplu: plăţi facturi utilităţi. auto. Contract cadru Contract de servicii de plată în baza căruia se vor executa în viitor operaţiuni de plată. etc) . Codebitor (coplătitor) Persoana care participă sau nu cu venitul net la stabilirea venitului total net luat în considerare pentru acordarea unui credit şi care se obligă împreună cu debitorul principal la plata tuturor obligaţiilor derivate din contract. poate fi garantat sau negarantat. exprimat ca procent anual din valoarea totală a creditului. cu excepţia taxelor notariale. Dobânda anuală servește ca termen de comparaţie între diversele oferte de credit existente pe piaţă. studii. costurile pentru serviciile accesorii aferente contractului de credit. D Dobanda anuală efectivă (DAE) Costul total al creditului pentru consumator. taxele şi orice alt tip de costuri pe care trebuie să le suporte consumatorul în legătură cu contractul de credit şi care sunt cunoscute de către bancă. în special primele de asigurare. comisioanele. comportamentul de plată al consumatorilor care beneficiază sau au beneficiat de credite. plăţi prime de asigurare. în concordanţă cu clauzele şi condiţiile prezentate. Debitor (împrumutat) Persoana care contractează un credit în nume propriu. stocarea şi centralizarea informaţiilor privind expunerea fiecărei persoane declarante. etc). ce include costurile suportate de consumator în cazul contractării unui credit (dobânda şi comisioane). participă cu venitul net la stabilirea venitului total net luat în considerare pentru acordarea unui credit şi care se obligă la îndeplinirea tuturor obligaţiilor derivate din contract.A consum (exemple: credite de nevoi personale. precum şi a informaţiilor referitoare la fraudele cu carduri produse de către posesori. Centrala Riscului de Credit (CRC) Instituţie specializată în colectarea. servicii medicale. sunt incluse dacă încheierea contractului de servicii este obligatorie pentru obţinerea creditului însuşi sau pentru obţinerea acestuia.

Grad de îndatorare Raportul dintre totalul ratelor lunare aferente creditelor contractate şi venitul disponibil. G Garant/Girant Proprietarul imobilului adus în garanţie sau persoana care garantează creditul. . într-o anumită perioadă.A . cu veniturile pe care le încasează sau cu alte bunuri. E Extras de cont Document care prezintă operaţiunile efectuate într-un cont. a termenelor şi a condiţiilor de plată aferente. Grafic de rambursare Situaţia ratelor datorate. Dobânda Suma de bani pe care consumatorul o încasează în cazul unor produse de economisire/de cont curent sau pe care o plăteşte în cazul unui contract de credit. în limita unui plafon stabilit. Descoperit de cont (Overdraft) Facilitate de creditare acordată consumatorilor care constă în posibilitatea retragerii din cont a unei sume mai mari decât cea existentă. Depozit bancar Sumă de bani depusă în cont bancar pe o perioadă prestabilită remunerată cu dobânda. IBAN Cod unic utilizat pe plan internaţional pentru a identifica contul unui consumator deschis la bancă. proprietatea garantului. precum şi a rambursării valorii totale a creditului. exprimat sub forma procentuală. EURIBOR Indice de referinţă verificabil. Dobânda penalizatoare Document care prezintă operaţiunile efectuate într-un cont. într-o anumită perioadă. reprezentând preţul banilor. a plăţii dobânzilor şi a eventualelor costuri suplimentare. ce reprezintă ratele de dobânzi pentru împrumuturile în EURO la care băncile participante în zona monetară UE îşi acordă reciproc împrumuturi. I Ipotecă Garanţie reală ce serveşte la garantarea obligaţiilor consumatorului faţă de banca printr-un bun mobil sau imobil.

utilizat în principal pentru creditele în USD. Plafon de garantare a depozitelor la bănci Nivel maxim garantat de stat per deponent garantat şi per bancă. POS Dispozitiv ce permite. ce reprezintă ratele de dobânzi pentru împrumuturile acordate băncilor pe piaţa londoneză. L LIBOR Indice de referinţă verificabil. M Marja băncii Parte componentă a dobânzii. Rata dobânzii Rata dobânzii utilizată pentru principalele operaţiuni de piaţă . P PIN – Personal Identification Number Cod personal de identificare al posesorului de card. acesta este de 100. CHF. prin mijloace electronice. În prezent. Rata dobânzii variabile la credite Rata anuală a dobânzii exprimată procentual.A Internet banking Serviciu bazat pe tehnologia Internet care permite consumatorului accesul de la distanţă pentru realizarea de operaţiuni bancare. O Ordin de plată Dispoziţie de plată folosită de consumator pentru transferul unei sume de bani către un beneficiar. ce se stabileşte în valoare procentuală fixă pe toată perioada derulării contractului. preluarea.000 de euro în echivalent lei. stocarea şi transmiterea de informaţii privind plata prin card. R Rambursare Orice plată efectuată în vederea restituirii creditului. compusă din indicele de referinţă de tipul ROBOR/EURIBOR/LIBOR şi marja fixă a băncii. Rata dobanzii fixe la credite Rata dobânzii ce rămâne nemodificată pe perioada creditului sau pe anumite intervale de timp determinate conform contractului.

S Scadenţa Data la care consumatorul sau banca trebuie să-şi respecte obligaţia de plata conform contractului. în cazul modificărilor contractuale propuse de bancă. . DREPTURILE SI OBLIGATIILE CONSUMATORULUI OBLIGAŢIILE CONSUMATORULUI CONFORM LEGISLAŢIEI ÎN VIGOARE  de a se informa cu privire la toate caracteristicile unui produs financiar înainte de a lua decizia de contractare. veniturile titularului de contract/codebitor/garant. ROBOR Indice de referinţă verificabil reprezentând rata medie a dobânzii pentru creditele în lei acordate pe piaţa interbancară naţională.A de referinţă a BNR monetară ale BNR. locul de muncă.  de a notifica banca imediat ce au survenit modificări cu privire la adresă. V Valoarea totală plătibilă de către consumator Suma compusă din valoarea totală a creditului şi costul total al creditului.  de a comunica imediat băncii opţiunea sa de acceptare sau de neacceptare a noilor condiţii. Valoarea totală a creditului Sumele totale puse la dispoziţie consumatorului în baza unui contract de credit.

 de a rambursa ratele sale lunare.  de a lua toate măsurile rezonabile pentru a păstra elementele de securitate personalizate ale instrumentelor de plată în siguranţă. .  DREPTURILE CONSUMATORILOR CONFORM LEGISLAŢIEI ÎN VIGOARE A. înainte de a se adresa instituţiilor competente să rezolve respectivele litigii.  de a lua toate măsurile rezonabile pentru protejarea împotriva furtului/pierderii/folosirii neautorizate a cardului/cardului de credit. decât în anumite situaţii determinate. care dă naştere unei plângeri. inclusiv comisioanele. în cazul ipotecării unei construcţii. necesare pentru acordarea/derularea creditului solicitat.  de a nu contramanda un ordin pe care l-a dat prin intermediul instrumentului de plată electronic.  de a anunţa banca în legatură cu orice eroare sau neregulă apărută în urma gestionării contului/ conturilor sale.  de a utiliza creditul în scopul pentru care a fost solicitat.  de a notifica banca cu privire la exercitarea dreptului de retragere din contractul de credit şi de a plăti băncii creditul sau partea de credit trasă şi dobânda aferentă de la data la care creditul sau partea respectivă din credit a fost trasă până la data la care creditul sau partea respectivă din credit a fost rambursată. contractul de asigurare va fi încheiat şi reînnoit astfel încât să acopere întreaga durată de valabilitate a creditului. un contract de asigurare acoperind toate riscurile aferente acesteia. conform prevederilor contractuale.  de a semnala fără întârziere nejustificată prestatorului său de servicii de plată.  de a încheia.  de a pune la dispoziţia băncii toate documentele şi informaţiile solicitate. conform prevederilor contractuale. de a sesiza banca în legătură cu nemulţumirile apărute pe perioada derulării contractului. dar nu mai târziu de 13 luni de la data debitării. Drepturi generale de a fi informat complet.  de a pastra integritatea garanţiilor constituite la garantarea creditului pe toată perioada de valabilitate a contractului de credit. faptul că a constatat o operaţiune de plată neautorizată sau executată incorect. corect şi precis asupra caracteristicilor esenţiale ale produselor şi serviciilor oferite de bănci şi asupra tuturor condiţiilor contractuale.

alte costuri. inclusiv costurile aferente contului curent ataşat contului de depozit.  de a sesiza asociaţiile pentru protecţia consumatorilor şi organele administraţiei publice asupra eventualelor încălcări ale drepturilor şi intereselor lui legitime. în prealabil.  de a nu i se modifica unilateral clauzele contractuale fără încheierea unui act adiţional (cu excepţia serviciilor de plăţi). pe hârtie sau pe alt suport durabil. Drepturi aferente produselor de creditare de a primi.  de a avea garantate depozitele deţinute la instituţiile de credit participante la Fondul de Garantare a Depozitelor în Sistemul Bancar.  de a beneficia de o redactare clară şi precisă a clauzelor contractuale.  de a fi exoneraţi de plata produselor şi serviciilor pe care nu le-au solicitat. a condiţiilor de garanţie. conform prevederilor contractuale. . în cazul contractelor de depozite. costurile creditului.  la cerere şi gratuit un exemplar al proiectului contractului de credit. după caz. alte aspecte juridice importante şi.  de a fi informat prin formularul Informaţiile standard la nivel european despre:  identitatea şi datele de contact ale băncii/ intermediarului de credit. la solicitarea unei oferte de credit:  informaţiile standard la nivel european (informaţii precontractuale asupra condiţiilor de creditare).  de a opta pentru rambursarea creditului în rate egale (anuităţi) sau rate descrescătoare.  un grafic de rambursare ori alt document care să menţioneze costurile totale ce vor fi suportate de consumator.  B.  de a rambursa anticipat creditul.  descrierea principalelor caracteristici ale produselor de creditare.  de a obţine extras de cont. de a primi un exemplar al contractului încheiat cu banca. în condiţiile şi în limita maximă stabilită prin lege. integral sau parţial. informaţii suplimentare cu referire la serviciile la distanţă. în orice moment. indicarea preţurilor şi tarifelor şi. contract care să cuprindă toate costurile aferente produsului achiziţionat. de a apela la instanţă sau de a recurge la proceduri extrajudiciare pentru a soluţiona eventualele diferende. fără ca în cazul creditelor cu dobândă variabilă să îi fie perceput vreun comision.  de a sesiza ANPC.

de a primi un răspuns din partea băncii la sesizările depuse în termen de maxim 30
de zile de la înregistrarea acestora;

de a primi în mod gratuit, la încetarea contractului de credit, un document care fie
atestă faptul că au fost stinse toate obligaţiile dintre părţi decurgând din contractul
respectiv, fie indică obligaţiile contractuale neîndeplinite;

de a fi informat imediat şi în mod gratuit, în scris sau la solicitarea expresă a
acestuia, în forma aleasă de acesta şi agreată de bancă, în cazul în care respingerea
cererii de creditare se bazează pe consultarea unei baze de date, în legătură cu
rezultatul acestei consultări şi cu identitatea bazei de date consultate;

de a se retrage din contractul de credit, fără a invoca motive, într-un termen de 14
zile de la încheierea contractului;

de a îşi exprima acordul în scris, la data depunerii cererii de credit, cu privire la
transmiterea datelor sale către sistemele de evidenţă de tipul birourilor de credit;

de a solicita înlocuirea garanţiei imobiliare iniţiale cu altă garanţie;

de a i se aplica, în cazul în care înregistrează restanţe, o rată a dobânzii
penalizatoare ce nu poate depăşi cu mai mult de 2 puncte procentuale rata dobânzii
aplicabilă atunci când creditul nu înregistrează restanţă şi de la momentul prezentării
documentelor doveditoare, în cazul în care consumatorul sau soţul/soţia se
regaseşte într-una din următoarele situaţii: somaj, reducerea cu minim 15% a
salariului, deces;

de a primi o propunere de reeşalonare/refinanţare a creditului în cazul imposibilităţii
acestuia de a accepta majorarea dobânzii;

de a i se răspunde în scris sau, la solicitarea consumatorului, în altă formă, cu privire
la acordarea sau neacordarea creditului, în termen de 30 de zile de la depunerea
dosarului de credit, dar nu mai mult de 60 de zile de la depunerea cererii de solicitare
a creditului;

de a fi informat cu privire la cesiunea drepturilor creditorului în temeiul unui contract
de credit către un terţ si de a invoca împotriva cesionarului orice mijloc de apărare la
care putea recurge împotriva creditorului iniţial, inclusiv dreptul la compensare în
cazurile în care drepturile creditorului în temeiul unui contract de credit se cesionează
unui terţ.

C. Drepturi aferente serviciilor de plată
de a primi o descriere a condiţiilor de efectuare a operaţiunilor de plată sau un
exemplar al propunerii de contract cadru care să cuprindă informaţiile necesare, cu

minim 15 zile înainte de data la care devine parte în contract sau oferta, perioada ce
se poate reduce cu acordul său expres;

de a fi informat despre modificarea clauzelor contractului cadru, cu două luni înainte
de data propusă pentru aplicarea acestora (neprimirea unui răspuns este considerată
acceptare tacită) ;

de a opta pentru încetarea contractului cadru referitor la serviciile de plată, oricând,
dacă în cadrul acestuia s-a convenit o perioadă de notificare care să nu depăşească
30 zile;

de a denunţa unilateral contractul cadru referitor la serviciile de plată, încheiat pe o
durată determinată mai mare de 12 luni sau pe o durată nedeterminată după
expirarea a 12 luni, în mod gratuit;

D. Drepturi aferente legislaţiei privind prelucrarea datelor personale
de a fi informat, de a avea acces la datele cu caracter personal, de intervenţie asupra
acestora, de opoziţie de a nu fi supus unei decizii individuale, de a se adresa justiţiei
sau Autorităţii Naţionale de Supraveghere a Prelucrării Datelor cu Caracter Personal;

de a fi înştiinţat cu 15 zile în prealabil, în scris, telefonic, prin SMS sau e-mail cu
privire la întârzierea la plată şi transmiterea datelor negative către sistemele de
evidenţă de tipul birourilor de credit;

de a fi notificaţi în prealabil în scris cu privire la transmiterea datelor pozitive,
referitoare la inadvertenţe şi la fraude către sistemele de evidenţă de tipul birourilor
de credit;

de a-şi modifica opţiunea de acord pentru prelucrarea datelor cu caracter personal
prin înregistrarea la operator a unei cereri în scris în acest sens.

E. Alte drepturi conferite de reglementările specifice emise de BNR:
de a i se păstra confidenţialitatea asupra faptelor, datelor, informaţiilor referitoare la
activitatea desfaşurată inclusiv informaţii referitoare la conturile sau la contractele
acestuia, aflate la dispoziţia băncii, cu excepţia cazurilor prevăzute de lege;
F. *valabil numai pentru băncile care încheie contracte de economisire creditare Drepturi aferente încheierii contractelor de economisire şi creditare în
domeniul locativ:
de a beneficia de o primă de stat pentru depunerile anuale efectuate în baza unui
contract de economisire - creditare încheiat cu o bancă de economisire şi creditare în
domeniul locativ.


Unii dintre noi sunt studenți, matematicieni, unii construiesc clădiri, alții le echipează,
medicii ne tratează. Avem specializări diferite, dar cu toții avem ceva în comun.
Suntem proprii manageri ai bugetului nostru. Educația financiară este o necesitate,
chiar dacă alegi să utilizezi sau nu produse și servicii bancare.
Dacă cheltuiești tot ce câștigi, un buget personal te va ajuta să observi cum ai putea
să reduci din cheltuieli sau chiar să economisești. Trece pe o hârtie într-o parte
veniturile și în cealaltă parte toate cheltuielile efectuate în ultima lună sau în ultimele
două luni. Acest pas te va ajuta să înțelegi pe ce se duc banii și să stabilești cum săți gestionezi cheltuielile.

Împarte cheltuielile tale în trei categorii:
cheltuieli fixe care trebuie plătite pentru a evita penalizările și aici incluzi rata la credit,
întreținerea, lumina, telefonul, cablul, etc

cheltuieli flexibile și aici intră bugetul pentru mâncare, mesele cu prietenii, hainele,
produsele pentru uzul personal, vacanțele, etc

cheltuielile cu impozitul la casă, cu asigurările la casă și mașină. Acestea trebuie
plătite de regulă anual sau trimestrial, dar trebuie incluse în buget.

În momentul în care l-ai semnat ești responsabil de obligațiile din contract! .  Mai bine depune banii într-un depozit! Reziști tentației de a cheltui și îi protejezi și de evenimente neplăcute.  Înainte să decizi plata în avans a creditului solicită băncii un calcul al sumei totale de plată.  Verifică câți bani mai ai disponibili în numerar sau soldul contului tău prin ATM sau internet banking. Depozitele și certificatele de depozit sunt garantate de Fondul de Garantare a Depozitelor în Sistemul Bancar până la 100. Este obligația ta să citești contractul înainte să-l semnezi. pentru fiecare deponent garantat per bancă.Ce te sfătuim?  Ca să economisești bani pentru plata anticipată a creditului sau pentru o mașină nouă. rezistă tentației de a cumpăra lucruri care nu-ți folosesc!  Dacă primești bonusuri pune din bani deoparte. analizează-ți situația financiară să vezi dacă îți poți permite un credit și până la ce valoare  Citește cu atenție în contractul de credit termenii și condițiile de acordare a împrumutului. inclusiv a costurilor aferente acestei operațiuni.000 de euro. echivalent în lei.  Dacă vrei un împrumut.

dar trebuie să ai în vedere riscurile! Dacă creditul este cu dobândă variabilă există riscul de dobândă. este în avantajul bugetului tău  Dacă ai nevoie să retragi bani. . atunci așteaptă-te ca rata să-ți crească dacă aceștia evoluează în creștere  Dacă ai o indisponibilitate financiară. În cazul în care nu utilizezi imediat creditul. Poți avea acces la un credit. Când faci bugetul ia în calcul că rata ta poate să crească. adresează-te imediat băncii pentru a căuta soluții  Renunță într-o măsură cât mai mare la plățile în numerar și utilizează mijloacele moderne de plată  Plătește cu cardul la comercianți.  Dacă ai luat credit când indicii Euribor sau Robor din contractul tău cu dobândă variabilă erau la minim istoric. iar dacă este în euro. dolari sau fraci elvețieni și tu ești plătit în lei atunci există și riscul valutar. din punct de vedere al costurilor cel mai indicat este să utilizezi ATM-urile băncii care a emis cardul  Află avantajele și evită toate riscurile documentându-te! RISCUL UNUI CREDIT Derularea unui credit si riscurile Ce se întamplă după contractarea unui credit? Odată semnată documentația contractuală și prezentate documentele justificative ( dacă este cazul). verifică să nu depășești data maximă de utilizare/tragere a acestuia. poți utiliza finanțarea obținută în vederea realizării proiectelor personale.

să le pui într-un loc știut și să îți faci copii după ele. urmărește să rambursezi cel puțin suma minimă de plată.  În cazul creditelor cu rate. urmărește pe graficul de rambursare rata lunară de plată și asigură-te că depui la timp suma necesară pentru acoperirea ratei de plată.Important! Contractul de credit și cel de asigurare sunt documente foarte importante.  În cazul descoperitului de cont. acum începe și perioada de rambursare. pentru a diminua treptat nivelul descoperitului de cont.  În cazul cardurilor de credit. În cazul în care ai împrumutat peste nivelul salariului tău. Chiar dacă nu achiți integral. încearcă să identifici modalități de a reduce cheltuielile lunare. el se acoperă automat prin încasarea drepturilor salariale/ de pensii în contul de salariu. este recomandat să plătești lunar suma consumată în ciclul de tranzacționare precedent. Totodată. pentru a nu plăti dobânda. pentru a nu ți se aplica penalități. În cazul . Este esențial să le păstrezi cu grijă.

Banca te va notifica cu cel puțin 15 zile înainte de transmiterea informațiilor privind restanța înregistrată la Biroul de Credit. noua rată lunară de plată o poți afla oricând de la reprezentanții Băncii (inclusiv prin Call Center sau Internet Banking. a cărui rată lunară constituie o parte semnificativă a veniturilor lunare. Care sunt riscurile ce se pot materializa în decursul perioadei de finanțare? Un credit poate fi acordat pe o durată de până la 35 de ani. Referindune la Romania. De aceea. cursul de schimb al leului reprezintă prețul leului în raport cu alte monede. Vom detalia în cele ce urmează principalele riscuri pe care este bine să le cunoști și să le anticipezi pe durata unui credit: Riscul de curs de schimb Cursul de schimb reprezintă prețul la care o monedă se schimbă cu alta. asigură-te că declari adresa corectă și completă și numarul de telefon la Bancă. Ca orice alt preț. Este important să achiți la timp obligațiile lunare de plată. cursul de schimb este determinat de raportul cerere-oferta. Pentru a primi notificarile transmise de Bancă pe parcursul duratei de finanțare. de fiecare dată când intervin modificări. o perioadă în care mulți dintre factorii luați în considerare la momentul inițial pot suferi modificări. vei plăti penalizari și poți ajunge chiar în situația executării silite a bunurilor mobile și imobile. reducându-ți șansele de a obține o nouă facilitate. majoritatea finanțatorilor vor lua în considerare acest factor la analiza unor viitoare solicitări de credit. uneori chiar peste posibilitatea de rambursare. este important să iei în calcul aceste posibile fluctuații inainte de a decide să soliciți un credit de valoare mare. Mai mult. în cazul unor finanțatori). . cu impact în creșterea obligației lunare de plată. Atenție! Odată ce vei fi înregistrat(ă) la Biroul de Credit cu informații negative.în care ai accesat un credit cu dobândă variabilă în funcție de un indice de referință publică (EURIBOR/ROBOR/LIBOR) care se modifică la fiecare 3/6 luni. În cazul în care înregistrezi restanțe la creditul contractat.

fiind imposibil de anticipat. pe o durată de creditare mare (20 sau 30 de ani) acești indici pot relua tendința de creștere. www. cu implicații directe în creșterea ratei creditului. În situația în care creditul este contractat în altă monedă decât cea în care se realizează veniturile. expunându-te astfel la dificultăți în rambursarea ratelor lunare. Cu unele excepții. În funcție de diverși factori macroeconomici. cu actualizare trimestrială/semestrială. în mod similar. creșterea indicelui de dobândă poate duce la creșterea ratei de plată. Astfel. Să luăm exemplul indicelui ROBOR: acesta reprezintă rata medie a dobânzii pentru creditele în lei acordate pe piață interbancară și este publicat de Banca Națională a Româ în cazul creditelor cu dobândă variabilă. apare riscul valutar. Pentru consultarea cursului de schimb. este recomandată contractarea creditelor în moneda în care realizezi veniturile. Evenimentele care pot interveni asupra cursului de schimb valutar în cazul unui credit contractat pe o durată de creditare mare (20 sau 30 de ani) sunt foarte diferite. însă. Riscul ratei de dobandă Similar. Din acest motiv. cu atât necunoscutele ce pot influența cursul de schimb cresc. Un element de asemenea important în decizia privind asumarea sau nu a riscului valutar este reprezentat de durata pe care este acordat creditul. Cu cât durata creditului este mai mare. aceștia au înregistrat scăderi consecvente și consistente în ultimii ani.bnro. se poate accesa pagina de Internet a Băncii Naționale a României. Indicii cei mai utilizați de bănci pentru stabilirea nivelului dobânzilor variabile sunt ROBOR 3M și ROBOR 6M. se poate aprecia că riscul valutar este proporțional cu durata de creditare. Concretizarea acestui risc va genera o creștere a valorii ratei lunare și implicit a costului total al creditului.fiind publicat zilnic de către Banca Națională a României. . aceștia pot varia considerabil.

Ce opțiuni am odată cu materializarea riscurilor? În primul rând. . indicat să asiguri împotriva unor posibile evenimente neprevăzute atât propria persoană (accident/deces/șomaj). fii sincer și colaborează cu finanțatorul pentru a agrea împreună cea mai bună soluție. Foarte probabil. concomitent cu o mai bună gestiune a cheltuielilor. adresează-te Băncii. cu reducerea obligației de plată ca urmare a distribuirii ei pe o durată mai mare etc. Vei descoperi uneori că Banca deja a pregătit o soluție pentru tine. Este important. În unele cazuri. Banca poate identifica inaintea ta unele semnale de alarma si te poate contacta din timp pentru a identifica o soluție de diminuare a riscurilor. Dar există și posibilitatea unor evenimente macroeconomice sau individuale ce iți pot afecta temporar sau permanent veniturile..Riscul diminuării sau pierderii veniturilor În special în cazul creditelor pe o durata mai mare. un nou membru al familiei). în timp. Sau poți fi confruntat cu noi cheltuieli (de ex.  prelungirea duratei creditului. de asemenea. pe cât posibil. până când veniturile tale revin la nivelul anterior. cât și bunurile achiziționate prin credit sau aduse în garanție. nu ești primul(ă) și nici singurul(ă) în această situație. Există posibilitatea ca. Este. astfel încat tu și cei dragi să nu fiți impactați suplimentar în cazul unui eveniment nedorit. prin deprinderea de noi cunoștințe și abilități. În aceste cazuri. să prevezi astfel de evenimente și să discuți din timp cu finanțatorul pentru a găsi soluția cea mai bună pentru situația ta specifică. probabilitatea ca veniturile și cheltuielile de la momentul solicitării creditului să rămână constante pe toată durata creditului este redusă. venitul tău să crescă. Printre posibilele soluții la care poți apela în aceste cazuri sunt:  perioada de grație la plata dobânzilor și/sau a capitalului. analizând evoluția intrărilor și iesirilor de numerar in conturile tale.

nu vei mai avea grija mai multor rate scadente și date de maturitate. conform clauzelor contractuale. chiar până să ajungi la o situație de neplată. respectiv sumelor totale de rambursat pentru creditele deja accesate. doar dacă obligația lunară de plată și suma totală de rambursat sunt inferioare valorii cumulate a ratelor curente. .  De asemenea. prin intermediul unui credit de refinanțare. Un credit de refinanțare se justifică. poâi analiza posibilitatea consolidării acestora. Exemplu: dacă. caz în care asiguratorul poate plăti pentru o perioadă de timp rata lunară de plată. Interesează-te posibilitatea de a beneficia de asigurările atașate creditelor și de riscurile acoperite. În acest fel. printr-o întamplare nedorită. te afli în șomaj. în cazul în care ai mai multe credite. verifică în contractul de credit dacă beneficiezi deja de o asigurare de șomaj. însă.

1.4. drepturi sau obligatii rezultând din Contractele specifice (inclusiv din Contractele de facilitate/Documentele de finantare). Raporturile juridice dintre Banca si Client vor fi guvernate de prezentele CGB.4.2. Prevederi Introductive 1. raporturilor juridice dintre Banca si Client li se vor aplica actele normative in vigoare.1. reglementarile Bancii Nationale a României. Introducere. inclusiv cele din contractele de facilitate de credit si/sau Documentele de finantare. 1. Orice referire facuta la Client in cuprinsul prezentului document include si categoria de Codebitor si/sau Garant. 1.2.1. reprezentanta) care are deschis un cont la Banca sau beneficiaza de un serviciu/ produs al Bancii.3. 7. Prezentele CGB completeaza documentele contractuale specifice produselor/ serviciilor bancare. 8. normele Bancii. cu exceptia oricarei terte persoane care. 5. 1. persoane juridice sau entitati fara personalitate juridica.1. versiunea in limba româna va prevala. sucursala.1. Orice referire facuta la Clientul – persoana juridica in cuprinsul prezentului document va fi considerata a fi facuta si la oricare din succesorii si/sau cesionarii acestuia.3. reprezentanta.CONDITII GENERALE DE DERULARE A OPERATIUNILOR BANCARE PENTRU PERSOANE JURIDICE SI ENTITATI FARA PERSONALITATE JURIDICA –RAIFFEISEN BANK CUPRINS: 1. 1.3.persoana juridica/entitate fara personalitate juridica . 1. vor reprezenta legea partilor.1. precum si orice informatie ce poate fi relevanta în relatia sa cu Banca. Dispozitii privind instrumentele de plata de debit. Clientul accepta ca. . 1. dupa caz.Dispozitii finale. Banca intra in raporturi contractuale cu persoanele care accepta prezentele CGB.2. in cazul oricarui conflict sau neconcordante intre versiunea in limba engleza si cea in limba româna. Referirea la “efecte negative semnificative” sau “afectare semnificativa” va fi interpretata ca reflectând opinia calificata a Bancii. agentie. Clientul este obligat sa notifice Bancii în scris si fara întârziere. 6.1. 2. In masura in care ramân aspecte nereglementate in mod expres.2. sa respecte CGB in vigoare in acel moment. cu exceptia cazului in care se prevede expres contrariul in continutul celor din urma. In caz de conflict intre prevederile exprese din orice Contract specific sau orice alt document semnat intre Client si Banca si clauzele cuprinse in prezentele CGB. 1. fara acordul expres al Bancii. daca este cazul conform Contractelor specifice. 9.1.1. 1. Declaratiile Clientului si Semnaturile Partilor.4. Oriunde in cuprinsul prezentelor CGB si/sau in cuprinsul fiecarui Contract specific si. In situatia in care Clientul accepta atât versiunea in limba româna a CGB. precum si uzantele si practicile bancare interne si internationale. Interpretare 1. orice modificare aparuta în legatura cu datele sale de identificare sau ale Reprezentantilor sai.3. Dispozitii privind utilizarea cardului de debit Visa Business si Serviciul 3D Secure. Prin semnarea oricarei alte cereri in forma pusa la dispozitie de Banca sau a oricarui alt Contract fi inteleasa ca incluzând si oricare dintre unitatile sale teritoriale (cum ar fi punct de lucru.7. vor prevala prevederile exprese din Contractele/ documentele specifice.2.3. 3. Conflicte 1.3. asa cum este acesta definit in prezentele CGB. încheiate între Banca si Client. agentie. 1.3. Principii generale. sucursala). Referirea facuta la Imprumutat in Contractele specifice de credit se va considera facuta la Client.3.5.3. 1. pluralul va include singularul si invers. Conditii generale aplicabile conturilor. Orice referire facuta la Banca in cuprinsul prezentului document va fi inteleasa ca incluzând si oricare dintre unitatile sale teritoriale (punct de lucru. Prezentele Conditii Generale de Derulare a Operatiunilor Bancare (denumite in continuare“CGB”) stabilesc cadrul juridic general in care se va desfasura relatia contractuala dintre Raiffeisen Bank SA (denumita in continuare “Banca”) si fiecare dintre Clientii sai. prin orice modalitate permisa de lege.1.6. in tot sau in parte. a fost substituita Clientului sau a dobândit de la Client.Dispozitii privind operatiunile de plata.5. cu posibilele modificari periodice ce pot fi aduse de Banca in conditiile prezentelor CGB.2. INTRODUCERE 1. in respectivele raporturi contractuale cu Banca. 1. Acordarea de credite. orice astfel de modificare/informatie fiind opozabila Bancii doar de la data primirii notificarii de catre Banca. 1. 1. daca din context nu rezulta altfel.3. cât si versiunea in limba engleza a acestora. care impreuna cu dispozitiile prevazute in fiecare dintre documentele contractuale specifice fiecarui tip de produs sau serviciu bancar. Orice referire facuta in cuprinsul prezentului document la Clientul .

de depozit. prin completarea formularului furnizat/acceptat de Banca pentru acest scop.9. contract care reglementeaza termenii si conditiile in care se deruleaza produsele/serviciile bancare sau in care se constituie garantiile solicitate de Banca pentru derularea produselor/ serviciilor bancare. rezidenta sau nerezidenta. a actelor constitutive sau a actelor de autorizare ale Clientului si/sau a actelor normative in vigoare aplicabile sa aiba acces in numele si pe seama Clientului la Conturile deschise pe numele acestuia si/sau sa actioneze in numele si pe seama Clientului in limitele mandatului incredintat. 1. Angajamente. in format electronic. dupa caz. precum si a celorlalte prevederi ale CGB. fie prin exprimarea consimtamântului Clientului telefonic. validitatea si aplicabilitatea unei asemenea prevederi in limita admisa de lege. dupa caz. prin intermediul caruia Clientul are acces la disponibilitatile banesti proprii din Cont sau la o linie de credit atasata Contului. Numirea si revocarea Delegatilor devin opozabile Bancii incepând cu ziua lucratoare indicata de Client (alta decât data formularii cererii) sau. Revocarea imputernicirii Delegatilor se face in unitatile Bancii. specimenul de semnatura si limitele mandatului incredintat. ce intra in relatie contractuala cu Banca derivând din deschiderea si operarea de catre Client a conturilor bancare (incluzând. Persoanele Fizice Autorizate.Client platitor = Clientul care instructeaza un ordin de plata. . . dupa caz. inclusiv din acordarea unei facilitati de credit Clientului.4.Banca = Raiffeisen Bank S. Definitii Termenii si expresiile scrise cu majuscule in prezentele CGB si/sau in Contractele specifice au urmatoarele semnificatii: . alte forme de asociere sau entitati reglementate de lege cu acest statut.5.Contract specific = contractul incheiat intre Banca si Client fie in baza unei documentatii specifice.3.3. de economii. Contracte de facilitate. a actelor de autorizare/infiintare ale acestuia si/ sau a actelor normative in vigoare aplicabile.Card (cardul de debit sau de credit) in lei sau valuta = instrument de plata electronica emis de catre Banca. 1. in calitate de Institutie de credit si/sau ca Prestator de servicii de plata al Clientului platitor. al Clientului beneficiar al platii. . cu ziua lucratoare imediat urmatoare depunerii numirii/ revocarii (in cazul in care Clientul nu specifica expres o data sau daca solicita numirea/ revocarea la data cererii). oferte acceptate de Client. Clauze independente In cazul in care orice prevedere din CGB si/sau din oricare dintre Contractele specifice incheiate intre Banca si Client. In categoria “entitati fara personalitate juridica” sunt incluse unitatile teritoriale fara personalitate juridica ale Clientilor – persoane juridice. alte formulare standard sau in forma acceptata de Banca. .Client = persoana juridica sau entitatea fara personalitate juridica.Client beneficiar al platii = Clientul care beneficiaza de fondurile ce fac obiectul unei operatiuni de plata . Titlurile din prezentele CGB si/sau din orice Contract specific /documentatie contractuala specifica au fost introduse numai pentru facilitarea referintelor si nu afecteaza interpretarea prevederilor respectivelor documente contractuale. Partile vor depune eforturile necesare pentru a realiza acele acte si/sau modificari care ar conduce la acelasi rezultat legal si/sau economic care s-a avut in vedere la data incheierii CGB. . dupa accesarea acestor aplicatii prin utilizarea elementelor de autentificare agreate cu Banca. in conditiile respectivelor documente. reiterare sau repunere in aplicarea acestora. documentatia specifica include. . aprobata de Banca in limita unui plafon prestabilit. doar un dezmembramânt al acestuia in relatiile cu tertii in limitele actelor constitutive. Intreprinderile Individuale.Reprezentantii autorizati = Reprezentantii legali ai Clientului si alte persoane ce sunt imputernicite cu respectarea. Documente de Garantie. .Persoana de contact = persoana desemnata de Client sa primeasca de la Banca orice informatii/comunicari/ solicitari destinate acestuia.Reprezentant legal = persoana ce reprezinta Clientul. Documente de Finantare. Formele de exercitare a profesiei in cadrul ordinelor profesionale. nu vor fi afectate sau prejudiciate de aceasta.1. In cazul dezmembramitelor Clientului pentru care in actele constitutive/de infiintare/autorizare este stabilit ca vor avea conducere proprie. transmise prin intermediul telefonului si/sau SMS-mesaj text si/sau postei electronice. Formularul va consemna datele de identificare ale Delegatului. Referirea la orice Contract specific sau la orice prevedere legala va include orice modificare. in cadrul apelurilor derulate prin Serviciul Call Center. legalitatea. este sau devine la un moment dat nula.8. fara a se limita la. fie prin exprimarea consimtamântului Clientului in cadrul aplicatiilor de internet-banking sau mobile-banking puse la dispozitie de catre Banca. Intreprinderile Familiale.A. invalida sau neexecutabila conform legii aplicabile. de credit. . dupa caz. 1. Reprezentant legal al acestora va fi persoana desemnata in acest sens.Delegat = persoana imputernicita de Reprezentantul legal al Clientului sa efectueze la nivelul Conturilor Clientului operatiunile prevazute expres in formularul furnizat/acceptat de Banca pentru scopul numirii. dar fara a se limita la conturile curente. dupa caz. de card) si/ sau din prestarea/furnizarea de catre Banca a oricaror altor servicii/produse bancare specifice aflate in oferta sa. .

cerere sau un alt document accesoriu sau in legatura cu Contractele de facilitate.. Conturi bancare de tipul celor mentionate la pct. scopul in care se face prelucrarea datelor. pentru o solicitare pe an. . in scopul garantarii executarii obligatiilor de plata asumate de Client in baza Contractelor specifice. care urmeaza sa fie furnizata de Client in scopul identificarii cu precizie la momentul ordonarii unei operatiuni de plata a beneficiarului serviciului de plata si/sau a Contului de plati al beneficiarului platii.Cod IBAN = denumit in continuare si “numarul Contului”. . blocarea.Codebitor = persoana care se obliga in mod solidar si indivizibil alaturi de Client la plata integrala a oricarei sume datorate de Client Bancii in baza unui Document de Finantare. precum si Documentele de Garantie si clauzele corespunzatoare din CGB.Cont = cont bancar in care sunt evidentiate dupa caz. este o combinatie de litere. incheiate sau emise in scopul garantarii unei facilitati de credit/finantari bancare/unui Angajament.3. precum competenta profesionala. anularea sau reevaluarea oricarei decizii care produce efecte juridice in privinta persoanei vizate. la cerere si în mod gratuit. si plata instrumentelor de plata de debit emise de acesta si primite la plata pe Contul sau.Dreptul de a se adresa justitiei sau Autoritatii Nationale de Supraveghere a Prelucrarii Datelor cu Caracter Personal.Grup de clienti aflati in legatura = doua sau mai multe persoane. pentru apararea oricaror drepturi garantate de Legea nr. din motive intemeiate si legitime legate de situatia sa particulara. confirmarea faptului ca datele cu caracter personal sunt sau nu prelucrate de catre tipul celor mentionate la pct.7 in prezentul document si/sau orice alt document care consemneaza orice alt tip de finantare) si orice alt contract.7. .Dreptul la informare: dreptul persoanei fizice de a fi informat cu privire la identitatea operatorului.) si/sau sumele puse de Banca la dispozitia acestuia (ex. cifre sau simboluri comunicata Clientului de catre Banca la data deschiderii Contului.Dreptul de a nu fi supus unei decizii individuale: dreptul persoanei fizice de a cere si de a obtine retragerea. (ii) in cazul schimburilor valutare de tip valuta/ valuta. . 677/2001. In acest tip de cont Banca poate efectua in conditiile reglementate la capitolul 6. cu exceptia cazurilor in care exista dispozitii legale contrare. -Cursul de cross-currency = cursul de schimb utilizat pentru operatiunile de plata exprimate intr-o moneda diferita de cea a contului Clientului platitor. fizice si/sau juridice. la ordinul Clientului titular de cont. destinata sa evalueze unele aspecte ale personalitatii sale.Documente de Garantie = toate contractele de garantie si oricare alte documente accesorii acestora. In cazul operatiunilor de plata autorizate prin intermediul cardurilor se vor aplica cursurile de schimb mentionate in mod expres in prezentul document in cadrul dispozitiilor privind utilizarea cardurilor. existenta drepturilor prevazute de Legea nr. incasarea instrumentelor de plata de debit al caror beneficiar este Clientul titular de cont. calculat dupa cum urmeaza: (i) in cazul schimburilor valutare de tip valuta/lei. care le-au fost incalcate: fara a se aduce atingere posibilitatii de a se adresa cu plângere autoritatii de supraveghere. actualizarea. Angajamentele . . în special a datelor incomplete sau inexacte .Dreptul de opozitie: dreptul persoanei fizice de a se opune în orice moment. . dupa caz o garantie reala. .Dreptul de interventie: dreptul persoanei fizice de a obtine.contractele pentru finantari bancare.3.Documente de Finantare = includ Contractele de facilitate (contractele pentru facilitati de credit. . respectiv a contului Clientului beneficiar. in conturi bancare de credit ori sub forma de descoperit de Cont curent) . efectuata prin mijloace automate. respectiv cursul obtinut din cursul de vânzare valuta/lei al bancii pentru moneda in care este exprimata suma transferata catre Clientul beneficiar cu cont la alta banca si cursul de cumparare valuta/lei al bancii aferent monedei debitate din contul Clientului platitor. adoptata exclusiv pe baza unei prelucrari de date cu caracter personal. comportamentul ori alte asemenea aspecte. persoanele fizice vizate au dreptul de a se adresa justitiei pentru apararea oricaror drepturi garantate de prezenta lege. destinatarii sau categoriile de destinatari ai datelor. . respectiv cursul de vânzare al Bancii pentru moneda in care se exprima suma platita de catre Clientul platitor. care se afla in una .Cont de plati = Cont utilizat in principal pentru executarea operatiunilor de plata reglementate la capitolul 4. se va utiliza cursul de cumparare al Bancii pentru moneda in care se exprima suma transferata catre contul Clientului beneficiar. 677/2001 pentru persoana vizata si conditiile in care pot fi exercitate. dupa caz. disponibilitatile banesti ale Clientului (ex. . se va utiliza cursul obtinut din cursul de cumparare valuta/lei al Bancii pentru moneda in care se exprima suma transferata de catre Clientul platitor cu cont la o alta banca si cursul de vânzare valuta/lei al bancii aferent valutei in care este exprimata suma creditata in contul Clientului beneficiar. ca datele care vizeaza persoana sa faca obiectul unei prelucrari.Dreptul de acces la date: dreptul persoanei fizice de a obtine de la operatorul de date (precum Banca si Biroul de Credit) la cerere si in mod gratuit. stergerea sau transformarea in date anonime a datelor a caror prelucrare nu este conforma legii. credibilitatea. care le-au fost încalcate. .Garant = persoana care constituie in favoarea Bancii o garantie personala sau. rectificarea.

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

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

Acest criteriu este considerat a fi îndeplinit în cazul detinerii a cel putin 25 % din actiuni plus o actiune.(1) În sensul prezentei legi.1. f) membrii consiliilor de administratie si ai consiliilor de supraveghere si persoanele care detin functii de conducere ale regiilor autonome.aspx. Art. marketing si publicitate. a măsurilor suplimentare de cunoastere a clientelei. a). este inscrisa in registrul ANSPDCP de evidenta a prelucrarilor de date cu caracter personal cu nr. (2) lit. PRINCIPII GENERALE 2. (5) Persoanele cunoscute public ca asociati apropiati ai persoanelor fizice care exercită functii publice importante sunt: a) orice persoană fizică ce se dovedeste a fi beneficiarul real al unei persoane juridice sau al unei entităti juridice împreună cu oricare dintre persoanele prevăzute la alin.1. grupul de persoane în al căror interes principal se constituie ori functionează o persoană juridică sau o entitate ori constructie juridică. ale societătilor comerciale cu capital majoritar de stat si ale companiilor nationale. b) orice persoană fizică care este singurul beneficiar real al unei persoane juridice sau al unei entităti juridice cunoscute ca fiind înfiintată în beneficiul uneia dintre persoanele prevăzute la alin.189 ca operator pentru scopuri de reclama. institutiile si persoanele prevăzute la art. (3) Niciuna dintre categoriile prevăzute la alin. (6) Fără a aduce atingere aplicării. dupa caz. care poate fi consultat la adresa http://www. (2) sau având orice altă relatie privilegiată de afaceri cu o astfel de persoană. (2). membrii consiliilor de administratie ale băncilor centrale. Aceeasi cerinta de raportare este prevazuta si pentru institutiile de credit. b) în cazul persoanelor juridice. sau al altor entităti ori constructii juridice care administrează si distribuie fonduri: 1. conform Legii nr. 2. d) ambasadorii. consilierii de stat. a pachetului integral de actiuni ori a unui număr de actiuni sau de drepturi de vot suficient de mare pentru a-i asigura controlul.(2) Persoanele fizice care exercită. inclusiv celor care locuiesc sau isi desfasoara activitatea in afara SUA. în cazul în care viitorii beneficiari au fost deja identificati. accepta faptul ca Banca va prelucra. secretarii de stat. c) membrii curtilor de conturi sau asimilate acestora. însărcinatii cu afaceri.A. o tranzactie sau o operatiune. (2) lit. b) copiii si sotii/sotiile acestora.treasury. (4) Membrii familiilor persoanelor care exercită functii publice importante sunt.1 Prelucrarea datelor cu caracter personal (Raiffeisen Bank S. Prin semnarea prezentelor CGB.e) cuprind. promulgat la data de 18 Martie 2010 si care a intrat in vigoare la 1 Iulie 2014. FATCA . membrii curtilor supreme sau ai altor înalte instante judecătoresti ale căror hotărâri nu pot fi atacate decât prin intermediul unor căi extraordinare de atac. după împlinirea unui termen de un an de la data la care persoana a încetat să mai ocupe o functie publică importantă în sensul alin. comisarii europeni. 8 nu mai consideră persoana respectivă ca fiind expusă politic. pe baza unei evaluări a riscului. prin care se impune in sarcina contribuabililor Statelor Unite ale Americii (SUA). Reprezentantul autorizat. prin Reprezentantul legal. b) membrii curtilor constitutionale. sefii de guverne. functii publice importante sunt: a) sefii de stat. 677/2001) 2. direct sau indirect. membrii parlamentelor. persoana sau persoanele fizice care detin ori controlează în cele din urmă o persoană juridică prin detinerea. în sensul prezentei legi. ofiterii de rang înalt din cadrul fortelor armate. a) . în sensul prezentei legi: a) sotul/ sotia. 2. c) părintii. cunoscând dispozitiile legale referitoare la protectia persoanelor cu privire la prelucarea datelor cu caracter personal si libera circulatie a acestor date. prin beneficiar real se întelege orice persoană fizică ce detine sau controlează în cele din urmă clientul si/sau persoana fizică în numele ori în interesul căruia/căreia se realizează. obligatia de a raporta detinerile directe sau indirecte de active financiare din afara Statelor Unite. după caz.1967 ca operator de date pentru derulare operatiuni bancare si cu nr. în cazul în care persoanele fizice care beneficiază de persoana juridică sau de entitatea juridică nu au fost încă identificate. membrii guvernelor. (2). Clientul. e) conducătorii institutiilor si autoritătilor publice. consilierii prezidentiali. a) .gov/resource-center/tax-policy/treaties/Pages/FATCA. persoana sau persoanele fizice care exercită controlul asupra a cel putin 25 % din bunurile unei persoane juridice sau ale unei entităti ori constructii juridice. 2. persoana sau persoanele fizice care exercită în alt mod controlul asupra organelor de administrare sau de conducere ale unei persoane juridice. functiile exercitate la nivel comunitar sau international. în mod direct sau indirect. (2) Notiunea de «beneficiar real» va include cel putin: a) în cazul societătilor comerciale: 1. direct sau prin intermediul . Categoriile prevăzute la alin.3. inclusiv actiuni la purtător. persoana fizică care este beneficiară a cel putin 25 % din bunurile unei persoane juridice sau ale unei entităti ori constructii juridice. care detin active in numele contribuabililor SUA. 4) . persoana juridică detinută sau controlată nefiind o societate comercială ale cărei actiuni sunt tranzactionate pe o piată reglementată si care este supusă unor cerinte de publicitate în acord cu cele reglementate de legislatia comunitară ori cu standarde fixate la nivel international.The Foreign Account Tax Compliance Act este un pachet legislativ emis in Statele Unite ale Americii.f) nu include persoane care ocupă functii intermediare sau inferioare. altele decât cele prevăzute la lit.

dupa caz. 2. Clientul are obligatia sa furnizeze orice documente solicitate de catre Banca si sa informeze Banca ori de câte ori intervin modificari cu privire la documentele depuse in Banca sau la informatiile furnizate bancii sau. daca este cazul. De asemenea. date referitoare la inadvertente (neconcordante). prenumele.codul numeric personal. 2. acesta acordând Bancii un mandat de debitare automata a oricarui cont al Clientului in scopul acoperirii sumelor astfel datorate 2.2. sau se modifica intinderea dreptului de reprezentare. adresa de domiciliu/ resedinta. rezidenta. 2. impreuna cu orice documente relevante solicitate de Banca. Clientul are obligatia ca. care vor indica si limitele mandatului unitatii teritoriale respective in raport cu derularea Contractului specific ce reglementeaza produsul/serviciul solicitat. functia publica detinuta. sunt si ramân in sarcina Clientului.1. in cadrul derularii relatiei de afaceri dintre acesta si Banca se schimba situatia beneficiarului real si/sau orice informatii privind persoana beneficiarului real. pseudonim.2 Confidentialitate 2.2. Pentru unitatile teritoriale (dezmembramintele) fara personalitate juridica cererea de deschidere a Contului si/sau solicitarea oricarui alt produs/serviciu oferit de Banca se va face de catre Reprezentantii legali ai Clientului. sau mandatul acestora este revocat si sunt desemnati noi Reprezentanti autorizati fara a fi inca indeplinite formalitatile de publicitate si opozabilitate cerute de lege. in situatia in care oricând. sa transfere si sa comunice orice fel de informatii referitoare la Client. ca urmare a aparitiei situatiei descrise la acest articol. comisioane si taxe aferente. registru public. Banca este abilitata sa efectueze orice verificari. detinator de astfel de informatii. daca in actele constitutive ale Clientului – persoana juridica/unitatii teritoriale fara personalitate juridica nu se va mentiona altfel. orice alte persoane care efectueaza orice operatiuni si/sau au mandat special pentru anumite operatiuni in legatura cu produsele/serviciile contractate de Client. data si locul nasterii. operatiunile de plata din Conturile de plati. se rastrânge mandatul Reprezentantilor autorizati. serviciile si activitatile actuale si/sau viitoare ale Banci si/sau ale partenerilor acesteia.4. Clientul autorizeaza Banca sa prelucreze.Client. arhiva. Banca si Clientul se obliga sa mentina confidentialitatea asupra informatiilor obtinute unul despre celalalt in derularea relatiei Banca . 2. agentilor Bancii sau tertilor contractanti in scopul derularii oricarui produs/prestarii oricarui serviciu Clientului si/sau în scopul efectuarii de catre Banca. numarul de telefon fix/mobil.5. insotita de documentele juridice corespunzatoare si de dovada indeplinirii formalitatilor de publicitate si opozabilitate cerute de lege. precum si faptul ca Banca poate prelucra.mandatarilor si/sau tertilor contractanti. In cazul in care Banca ia cunostinta in orice mod despre aparitia unor divergente intre asociatii/ actionarii/ membrii/Reprezentantii legali ai Clientului.2. Datele cu caracter personal prelucrate includ urmatoarele categorii: date de identificare .1. instructiunile in temeiul oricarui Contract specific incheiat cu Banca) pâna la lamurirea situatiei. in scopul derularii raporturilor juridice dintre Client si Banca. punctele . cu respectarea.1. dezvalui si transmite oricare dintre aceste date si altor entitati membre ale grupului Raiffeisen. semnatura olografa.1. instrumente de plata de debit. Clientul exonereaza Banca deorice raspundere pentru eventualele pierderi suferite de acesta. urmare carora. sa confirme anual mentinerea valabilitatii informatiilor furnizate Bancii anterior. Schimbarile cu privire la datele personale ale Reprezentantilor legali/Reprezentantilor autorizati/ Persoanelor de contact/Delegatilor/Utilizatorilor de card si/sau cele cu privire la sediul/forma juridica/ alte date/informatii in legatura cu Clientul vor fi opozabile Bancii numai dupa ce Banca a primit o notificare scrisa in acest sens.numele. 2. dupa caz.6. direct sau prin partenerii contractuali ai acesteia. Toate costurile aferente consultarii acestor baze de date.1. datele cu caracter personal ale Reprezentantilor legali/ Reprezentantilor autorizati/Persoanelor de contact/Delegatilor/ Utilizatorilor de card. existenti sau viitori. sa instiinteze de indata Banca cu privire la acest fapt. in conditiile si in conformitate cu legea sau cu reglementarile interne ale Bancii.1. baza de date electronica sau organism abilitat. precum si orice speze.2. cetatenie. catre si intre sucursalele.3. a prevederilor oricarei legi sau ordin al unei autoritati competente care permit sau solicita dezvaluiri. daca nu intervin modificari. Banca va avea dreptul dupa caz. pentru deschiderea sau operarea oricaror Conturi si/sau derularea oricaror alte produse/servicii oferite de Banca sunt necesare verificari suplimentare/periodice ale datelor furnizate de Client. totusi. sa solicite si sa obtina orice informatii despre Client. a studiilor de marketing cu privire la produsele. Reprezentantii legali si/sau Reprezentantii autorizati. prin depunerea documentelor modificate. in baza unor acte in forma si substanta satisfacatoare pentru Banca si/sau pâna la finalizarea respectivelor formalitati de publicitate si opozabilitate. fara a se limita la. consemnate in cuprinsul oricaror Contracte specifice/oferte/angajamente/ formulare/Documente de finantare/Documente de Garantie. 2. Reprezentantii autorizati sau. Daca. sa suspende executarea sau sa considere neprimite oricare instructiuni transmise /depuse la Banca (incluzând. agentiile. tip/serie/numar document de identitate. comunicând informatiile privind beneficiarul real prevazute de lege. de la orice autoritate competenta. inclusiv postale. fara a se limita la acestea. prin completarea in unitatile Bancii a formularului corespunzator furnizat de Banca in acest scop si.

Banca percepe Clientilor sai taxe. ca fiind numarul efectiv de zile ale lunii pentru care se calculeaza dobânda sau 30).2. 2. cu exceptia situatiilor în care se prevad alte niveluri ale acestora in Contractele specifice sau in ofertele acceptate de Client. Taxe. sold creditor al Contului (curent/de depozit/de economii/de credit). renuntând sa invoce orice restrictie impusa Bancii de legislatia în vigoare cu privire la secretul bancar. orice societati române sau straine care fac parte din grupul de societati din care face parte si Banca. suma inregistrata in soldul creditor al contului de depozit.capitalul asupra caruia se calculeaza dobânda care poate fi suma inregistrata in soldul creditor/debitor al contului curent. (i) Pentru produsele si serviciile bancare. dupa caz.3. precum si in scopul prelucrarii de date.Rata dobânzii n . 2. în orice alta situatie prevazuta de lege. furnizarea de informatii la cererea institutiilor financiare corespondente) 2. in legatura cu prestarea oricarui serviciu Clientului (inclusiv pentru plati externe efectuate prin intermediul unui tert).numarul de zile din luna (care poate fi determinat conventional de catre parti prin Contractele specifice. dupa caz. ca Banca sa prezinte în cadrul relatiilor cu tertii implicati în procese organizatorice si decizionale ale Bancii. 2. consultantii de specialitate agreati de Banca. în functie de costurile proprii si/sau de politica financiara a Bancii si/sau in functie de evolutia ratelor de dobânda pe piata financiar . Banca va pastra confidentialitatea si nu va dezvalui. relatiile contractuale dintre Banca si Clienti.fara consimtamântul acestora.4. 2. pentru folosire confidentiala. sau. daca este cazul. de la data primirii notificarii in conditiile pct.3. 2. dupa caz.3.2. N . lucru. necesare acestor procese si care nu vor afecta în nici un fel Clientul sau afacerile sale. la valorile standard cuprinse in Listele specifice. Orice astfel de terta parte poate in acelasi fel folosi. operatiunile inregistrate in acestea. publica sau divulga prin orice alt mod informatii privind Conturile Clientilor. 8. dupa caz. reprezentantele Bancii. Prin terti implicati se înteleg. b.2.raiffeisen. Banca poate decide publicarea Listelor specifice si pe pagina de Internet www. Banca va putea sa ia orice masuri pe care le considera necesare in relatia cu Clientul. fara a distinge daca valorile sunt standard sau negociate cu Clientul. dar nu se limiteaza.alte speze si.2. unde: D . prelucra si transfera in orice mod datele si informatiile referitoare la Client primite de la Banca in cadrul autorizarii acordate de Client prin prezentul document.1. 2. speze si dobânzi ale Bancii in vigoare.Numarul de zile din an (care poate fi determinat conventional de catre parti prin Contractele specifice. la momentul solicitarii unei oferte privind produsele/serviciile bancare sau la momentul incheierii unui Contract specific. Comisioane. 2. (spre ex. C . finantatorii etc. abonamentelor si/sau al oricaror alte speze datorate de Client pentru produsele oferite si/sau serviciile prestate (inclusiv pentru facilitati de credit /finantari bancare/Angajamente/alte tipuri de finantari acordate de Banca).2. referitoare la Client sau la conturile sale. aleasa de Banca.dobânda calculata. comisioane. taxelor.3. intermediarii pentru anumite afaceri. Rd . atunci când nu este prevazuta expres o alta modalitate de informare in Contractul specific. recuperarii creantelor Bancii. Dobânzi. Banca va intra in relatii contractuale doar cu tertii implicati care se obliga la rândul lor sa pastreze confidentialitatea informatiilor astfel obtinute. Clientul autorizeaza Banca sa dezvaluie informatiile.3. transferului de creante ale Bancii.2. Orice dobânda este calculata zilnic la sumele inregistrate în soldul debitor. 2. ca .bancara si/sau. precum si in scopuri statistice. societatilor afiliate Bancii si agentilor si tertilor parteneri ai Bancii. informatia este ceruta de o autoritate competenta în cadrul unei proceduri judiciare.6. comisioanelor.2. Clauza confidentialitatii nu se va aplica daca: a.1. Clientul consimte prin prezenta în mod expres.3. Clientul acceptând ca noile valori ii sunt aplicabile de la data comunicarii sau de la o alta data stabilita pentru intrarea in vigoare (când este cazul). percepe sau acorda dobânzi. Alte costuri.5. suma acordata de Banca cu titlul de facilitate de credit/finantare bancara/Angajament. comisioane. in vederea respectarii dispozitiilor legale in materia prevenirii si combaterii spalarii banilor si finantarii terorismului. pe baza formulei: D = C*Rd*n/N. obtinerii unor finantari/garantii. efectuarii de analize. de alte criterii prevazute in Contractele specifice si cu conditia informarii Clientului asupra noilor valori prin publicarea acestora in Listele specifice sau prin notificarea Clientului in oricare dintre modalitatile mentionate la art. abonamente.8.3.Modificarea nivelurilor costurilor se considera a fi fost valabil comunicata Clientului de la data publicarii noilor valori in cuprinsul Listelor specifice. Banca va informa Clientul asupra conditiilor standard de Listele specifice se gasesc in incinta oricareia dintre unitatile teritoriale ale Bancii (in cuprinsul Mapelor speciale sau afisate in locuri special amenajate).1.(ii) Banca îsi rezerva dreptul de a modifica oricând nivelul dobânzilor.2. orice informatii si date.

pentru deschiderea sau operarea oricaror Conturi. Banca va identifica contribuabilii SUA si va raporta informatii despre persoanele relevante si despre conturile deschise la Banca de catre acestia. Clientul. comisioane si taxe aferente. in conditiile si in conformitate cu legea sau cu reglementarile interne ale Bancii. sa le comunice Bancii în termen de 30 de zile de la data modificarii.1.7. Rata dobânzii poate avea o valoare fixa sau variabila. prin unitatile sale operative si in conformitate cu procedurile interne emise de Banca in acest scop.ME. respectiv despre acele conturi in care sunt evidentiate detinerile directe sau indirecte de active financiare de catre persoane relevante prin prisma aplicarii cerintelor FATCA. 2. precum si orice speze. In acest sens. 360 sau 365/366).00008. daca primeste informatii incomplete. ori (d) in functie de alte criterii prevazute in Contractele specifice. Disponibilitatile Clientului inregistrate in Conturi sunt garantate in Romania prin Fondul de garantare a depozitelor în sistemul bancar in limitele si cu exceptiile prevazute de Ordonanta Guvernului nr. CONDITII GENERALE APLICABILE CONTURILOR 3. taxe judiciare. etc.3.642. in calitate de titular al acestora.1. 3.3. cheltuielile cu executorii judecatoresti.1 Reguli generale privind deschiderea si operarea Conturilor 3. In consecinta. Banca isi rezerva dreptul de a solicita Clientului orice informatii pe care le considera necesare pentru deschiderea si operarea Conturilor si poate refuza deschiderea unui Cont si/sau efectuarea de operatiuni de plata in Cont ori poate proceda la denuntarea unilaterala a Contractului specific fiecarui Cont si. 3. inclusiv postale. sunt necesare verificari suplimentare si/sau periodice ale datelor furnizate de Client/Reprezentantii autorizati/Delegati. Rata de Referinta) prevazuti in Contractele specifice.) in cazul in care ar fi implicata intr-un litigiu cu Clientul sau/si dintre Client si o terta parte. sa solicite si sa obtina orice informatii despre acestia.39/1996.3. Persoanele care pot opera in Conturile Clientului 3. conturi de economii. arhiva. conturi de depozit). 3. Rata dobânzii variabila se modifica in functie de: (a) indici de referinta verificabili (ex. Banca va putea. cu respectarea politicilor Bancii de acceptare si cunoastere a clientelei. Pentru Conturile deschise in zilele nelucratoare data deschiderii Contului va fi ziua lucratoare imediat urmatoare. Banca este abilitata sa efectueze orice verificari. Toate costurile suportate de Banca (incluzând.1. Banca având mandat de debitare automata a oricarui cont al Clientului pentru recuperarea acestora. 3. onorarii avocatiale. fara limitare. Conturile deschise pe numele Clientului la Banca vor fi guvernate de termenii si conditiile continute in Contractul specific fiecarui tip de cont incheiat intre Banca si Client si completat de regulile generale stabilite prin prezentele CGB. insuficiente.2.6. acesta din urma intelege si se obliga sa solicite deschiderea primului cont curent/primelor conturi curente in aceeasi valuta ca cea in care au fost depuse sumele cu titlu de aport la capital social.1. 3. registru public. Raiffeisen Bank SA aplica cerintele FATCA si s-a inregistrat pe siteul Internal Revenue Service (IRS) al SUA cu Statusul FATCA Registered Deemed-Compliant Financial Institution. a altor raporturi juridice existente in legatura cu acesta.2. detinator de astfel de informatii. prin Reprezentantii . în situatia în care intervin modificari privind incadrarea depozitelor constituite la banca in categoriile prevazute de lege.5.17 martie 2015 fiind numarul efectiv de zile ale anului. precum si despre oricare alte persoane care efectueaza depuneri in Conturi si/sau au mandat special pentru anumite operatiuni. etc. Clientul mandateaza Banca sa opereze transferul acestor sume in contul curent deschis/conturile curente deschise in valuta/valutele in care aceste sume au fost depuse.1. In cazul in care au fost depuse la Banca sume cu titlu de aport la capitalul social al Clientului. Contractul de constituire depozit.4. dar fara a se limita la conturi curente. 3. vor fi recuperate de la Client. fara insa a fi obligata la aceasta. in cazul unor declaratii false. Indiferent de numarul si tipurile Conturilor. primind Numarul Global Intermediar de Identificare (GIIN) 28CWN4. ori (b) schimbarile legislative ce impun astfel de modificari.1.8. baza de date electronica sau organism abilitat.3.5. ori (c) in conditiile clauzei 2. 2. 3. in masura in care acestea sunt aplicabile. de la orice autoritate competenta. Conturi (precum. Contractul specific fiecarui Cont (cum ar fi Cererea de deschidere de cont curent. Daca.1(ii). sunt si ramân in sarcina Clientului. Clientul are obligatia ca.1. pe baza cererii formulata de acestia ce va fi insotita de documentele juridice solicitate de Banca.1. sa deschida pe numele Clientilor. sau daca are suspiciuni cu privire la realitatea celor declarate. documentelor si informatiilor furnizate de Client.) va fi semnat de Reprezentantul legal al Clientului. 2.1. daca este cazul. urmând a se aplica acestuia ratele de dobânda in vigoare la data deschiderii.4. Toate costurile aferente consultarii acestor baze de date. afisate la orice unitate a Bancii. 3. taxe de timbru.

2. sau prin intermediul ori de catre un tert beneficiar. respectiv.2.(ii). efectuarea unei plati cerute de catre Client sau recuperarea de taxe. datele de identificare ale Reprezentantilor autorizati vor fi consemnate in documentele/aplicatiile informatice specifice respectivelor modalitati de acces.. 3.2. Astfel.4. comisioane. duce fara echivoc la concluzia ca Reprezentantii autorizati au toti si fiecare separat dreptul deplin de a dispune. formularele de inrolare si actualizare date ce trebuie completate pentru fiecare Reprezentant autorizat in parte.(ii) In cazul in care accesul la Conturi se face prin intermediul unor instrumente de plata. Cont de Card (de debit/de credit). utilizatorii autorizati ai cardurilor de debit atasate contului curent (numai prin intermediul acestor carduri). la discretia sa totala.2. dar fara a se limita la: Cont curent.2. Dobânda datorata de Client se calculeaza conform sectiunii 2.2. Reprezentantul autorizat trebuie sa furnizeze Bancii informatiile si documentele solicitate de aceasta si sa depuna specimenul de semnatura la Banca (acea semnatura a Reprezentantului autorizat ce urmeaza a fi utilizata in relatia cu Banca pentru instructiuni de plata valabile. autorizate de Client).3. 3. Clientul titular al Contului. chiar daca nu exista un Contract specific pentru o facilitate de descoperit de cont (overdraft) deja incheiat cu Clientul. Clientul are obligatia de a face permanent cunoscute Reprezentantului autorizat conditiile de operare a Conturilor.2. care dovedesc cu documente juridice corespunzatoare aceasta calitate c. 3. orice alte persoane autorizate de lege sa aiba acces la Conturile clientului (precum.1. credite restante. succesorii in drepturi ai Clientului. dupa caz (Lista Reprezentantilor autorizati. 3.2.4. dobânzi. Clientul se obliga sa alimenteze de indata respectivul Cont cu toate sumele astfel datorate. 3. urmatoarele persoane: a.2. 3. Cont de distribuiri.3. pot dispune liber.2.(iii) Lipsa unor restrictii. Contul de depozit la termen. limitari de competenta sau conditii de angajare in ceea ce priveste Reprezentantii autorizati.2 (i) si 3. 3. Sumele astfel avansate de Banca vor fi considerate datorate de Client incepând cu data avansarii lor si vor fi purtatoare de dobânda calculata la o rata anuala stabilita de Banca pentru astfel de situatii. Cont de delistare. Alte tipuri de Conturi precum.4. 3. datele de identificare si specimenul de semnatura al acestora. 3. prin Reprezentantii autorizati..2. simpla instructare a Bancii de a procesa plati care exced soldul creditor al Contului curent. canale de comunicare si/sau alte servicii speciale oferite de Banca. data direct de catre Client sau prin mandat incredintat Bancii. in numele si pe seama Clientului. care au dreptul sa dispuna de fondurile din Conturile indicate expres de Client. dar fara a se limita la administratorul judiciar. expres prevazute in documentele/aplicatiile mentionate la pct.sai legali poate numi in relatia cu Banca Reprezentanti autorizati. Banca va putea decide.3. cu precizarea ca “n” este numarul de zile calendaristice din luna. pe Contul acestuia. credite scadente. Pentru scopurile constituirii unui “titlu executor” Banca si Clientul sunt de acord ca prezentele CGB si . Pentru a putea executa mandatul incredintat de Client. Contul de garantie.1. speze.3.3. etc. sau a oricarui alt formular standard furnizat de Banca in acest scop. pâna la revocarea acesteia efectuata.2. iar “N” este 360.3.(v) Numirea. daca prin Contractul specific nu se prevede altfel.2.3.(i) Numirea Reprezentantilor autorizati. conform normelor sale interne. cu respectarea normelor în vigoare. fiind de acord ca orice creditare a contului respectiv se considera efectuata in scopul rambursarii cu prioritate a acestor sume si ca respectivele sume nu mai pot fi reutilizate de Client. Asupra sumelor aflate în Conturile deschise în evidenta Bancii pentru Clienti. d. 3.5.2. precum si limitele mandatului in care actioneaza pe Cont (determinarea limitelor de competenta si/sau a conditiilor de angajare a acestora) sunt consemnate in formularele standard furnizate de Banca in acest scop. Banca ofera Clientilor urmatoarele tipuri de Conturi: 3. 3. are valoare juridica de acceptare anticipata de catre Client a unei facilitati de overdraft non-revolving (“overdraft neautorizat”). respectiv prin transmiterea revocarii in conditiile Contractului specific. b. Conturi de plati precum. care depasesc limita soldului creditor al Contului curent. dar fara a se limita la: Contul de economii.(iv) Imputernicirea de reprezentare data de Client Reprezentantului autorizat va fi considerata valabila. lichidatorul). 3.2. dupa caz. aceste documente fiind pastrate de Banca. Contul Escrow.3. daca Banca va hotari acordarea acesteia la momentul procesarii Ordinului de plata.4. Cont colector. Overdraft neautorizat acordat de Banca 3. revocarea Reprezentantilor autorizati devin opozabile Bancii dupa cum urmeaza: (i) incepând cu ziua lucratoare indicata de Client in documentul de revocare/de numire (alta decât cea a cererii) (ii) incepând cu ziua lucratoare imediat urmatoare datei depunerii revocarii /transmiterii numirii (in cazul in care Clientul nu specifica expres o data sau când se solicita numirea/revocarea la data cererii). Contractul specific). prin una din urmatoarele modalitati: completarea unei noi Liste a Reprezentantilor autorizati in unitatile Bancii.2.

Clientul si/sau.1.6. In cazul in care Clientul nu instructeaza Banca. tertii nu a/au efectuat nicio miscare de debitare sau creditare a Contului. 3. Clientul va putea denunta unilateral raportul juridic de Cont curent/Cont de economii. sa compenseze in orice moment orice suma datorata Bancii cu fondurile disponibile in orice Cont curent.4.1. urmând ca suma care constituie la acea data soldul creditor al Contului sa fie transferata conform instructiunilor Clientului transmise in scris. Clientul va depune o solicitare scrisa la oricare dintre unitatile Bancii. fara notificare. “Overdraft neautorizat” 3. Clientul si Banca agreeaza ca Banca va putea denunta unilateral raportul juridic de Cont Curent. Incetarea relatiei de Cont 3. bilete la ordin. Banca are dreptul de a recupera pe cai legale sumele datorate. in cazul Contului Curent. Clientul autorizeaza Banca. ori a furnizat Bancii informatii si/sau documente false ori refuza furnizarea catre Banca a informatiilor si/sau documentelor si/sau acordurilor necesare indeplinirii de catre Banca a obligatiilor contractuale si/ ori legale (inclusiv in scopul aplicarii cerintelor FATCA).3. oricând pe durata derularii Contractului specific. Banca este îndreptatita sa rezilieze raportul juridic de Cont. Clientul va fi instiintat de catre Banca dupa efectuarea compensarii prin extrasul de cont. indiferent de valuta in care sunt disponibile si/sau indiferent de scadenta sumelor din aceste Conturi. in acest scop Banca fiind mandatata pentru orice operatiune de schimb valutar care va fi necesara. schimburile valutare necesare. dupa caz.6. instiintând Clientul intr-un termen rezonabil ulterior inchiderii Contului conform regulilor de la sectiunea 8. stabilita de Banca si adusa la cunostinta Clientului prin afisare la unitatile Bancii. fiind imputernicita de Client sa efectueze in acest scop.5. Cont de Card de debit. 3.2.5. În situatia în care în Conturile Clientului mentionate la pct. instiintând Clientul intrun termen rezonabil ulterior inchiderii Contului conform regulilor de la sectiunea 8.3. in cazul Conturilor in stare “dormant” reglementate la sectiunea 3.2. cu un preaviz de 15 zile calendaristice si numai daca achita integral sumele datorate Bancii in baza respectivului Contract specific.5. Banca nu va fi raspunzatoare in nicio situatie pentru eventuale prejudicii pe care le-ar suferi Clientul ca urmare a inchiderii conturilor sale. 3.4.3. Contul va deveni “dormant”.oricând pe durata derularii Contractului specific. In toate cazurile in care initiativa inchiderii Contului apartine Bancii.6.6.4. 3. fondurile vor putea fi transferate de Banca in orice alt Cont activ al Clientului.2. caz in care Clientul poate relua procedura denuntarii doar dupa incetarea raporturilor juridice aferente produselor/serviciilor bancare in derulare.4. fara o avizare prealabila. dar fara a se limita la prevederi ce reglementeaza incidentele de plati majore cu cecuri. In acest scop. fara a fi necesara justificarea unei astfel de decizii.4.5. fara notificare.6. cu exceptia cazului in care prin Contractul specific se prevede altfel. au valoarea juridica a unui contract de credit in descoperit de cont (overdraft). Dreptul de compensare 3. daca soldul nu mai acopera costurile (taxele si/sau comisioanele) aferente acestuia si daca nu exista o dispozitie derogatorie in Contractele specifice. fara a fi necesar sa indice motivele pentru care doreste incetarea Contractului specific. nu exista disponibil suficient pentru acoperirea oricaror sume datorate Bancii. fara a fi necesar in acest sens un alt acord prealabil al Clientului. prin prezenta. Nu sunt considerate operatiuni in cont. b. 3. pentru Contul curent sau Contul de economii nu s-a inregistrat si aprobat nicio cerere a Clientului de modificare cont sau daca in Contul curent sau Contul de economii activ.extrasul de cont ce reflecta sumele acordate de Banca in conditiile prevazute la 3. judiciare sau extrajudiciare. In cazul in care compensarea sumelor datorate va necesita schimbarea unei anumite valute in alta. in urmatoarele cazuri: a.4. in cazul in care Clientul nu respecta conditiile de functionare ale Contului impuse de Banca. conform celor mai sus precizate. creditarea acestuia cu dobânzile platite de Banca si debitarea contului cu contravaloarea comisioanelor/taxelor datorate de Client in legatura cu Contul.6. la cursul de schimb al Bancii de la data executarii operatiunii de transfer. Banca va inceta creditarea cu dobânda a contului. 3. fara a fi necesara punerea in intârziere si fara indeplinirea vreunei alte formalitati prealabile. 3. prevederile legale în vigoare sau normele de lucru ale Bancii. cambii.4. de la data inchiderii Contului.6. o astfel de schimbare se va efectua la cursul de schimb practicat de Banca la acea data.5. chiar daca prin aceasta s-ar genera descoperit de cont neautorizat in conditiile sectiunii 3.1. 3. ori Clientul este suspectat de efectuarea unor operatiuni prin care incalca prevederi legale (precum. si 3. . Prevederi speciale aplicabile Conturilor “dormant” Daca pe parcursul unei perioade de timp. c.. cele din materia prevenirii si combaterii spalarii banilor si finantarii terorismului). Contractul specific fiind considerat desfiintat de plin drept. daca este cazul.2. “Notificari”. Denuntare nu va produce efecte daca la data inregistrarii acesteia exista in derulare produse/servicii bancare care necesita mentinerea deschisa a Contului.1. Banca este autorizata sa debiteze oricare dintre Conturile Clientului sau.5. exceptând Conturile “dormant”. Cont de economii si/sau Cont de depozit. “Notificari”.

conform ordinului Clientului sau.9.6. Banca nu va anunta Clientul despre trecerea contului in stare “dormant” sau despre activarea contului .(ii) orice alte prevederi din Contractele specifice se vor aplica in conditiile stabilite in cuprinsul acestor contracte.3. 7. Angajament (de tipul celor mentionate la pct. De asemenea.5. dupa aprobarea cererii de modificare cont/efectuarea tranzactiei. Creditele vor fi garantate cu garantiile prevazute în normele Bancii.3. tinând cont de normele proprii de creditare ale Bancii. Angajamentele Clientului fata de Banca 7. Pe durata blocarii Contului Curent: (i) se va calcula si va inregistra dobânda creditoare sau. Facilitati de credit. Banca va încasa o dobânda penalizatoare. Codebitorul/Garantul se obliga fata de Banca prin oricare Contract de facilitate /Cerere specifica: . Termen de prescriptie In toate cazurile de inchidere a unui Cont. Blocarea Conturilor. dupa caz. In urma aprobarii unei cereri de modificare cont sau in urma procesarii unei tranzactii de debitare sau creditare pe contul ”dormant”. 3. Finantari bancare. termenul in care Clientul va putea solicita restituirea sumelor care au reprezentat soldul creditor al respectivului Cont la data inchiderii acestuia. Sumele inregistrate in soldurile Conturilor inchise se vor pastra de catre Banca la dispozitia Clientului. Toate clauzele capitolului 7 (“Acordarea de credite”). impreuna cu oricare alte clauze din prezentele CGB in legatura cu acestea. 7.6. ACORDAREA DE CREDITE 7. e. fac parte integranta din oricare Contract de facilitate/Cerere specifica incheiate de Client cu Banca. iar rambursarea sumelor acordate se va face conform prevederilor din Contractele de facilitate/Cererilor specifice. Alte tipuri de finantari. (iv) Banca nu va executa ordinele de plata ce au ca efect debitarea Contului curent (acestea fiind considerate neprimite). Banca va putea decide oricând inchiderea contului declarat “dormant” cu sold zero sau debitor. contul va ramane in stare ”activ” si poate redeveni ”dormant” in conditiile mentionate in prezenta sectiune. in orice alt Cont activ al Clientului. indiferent daca soldul Contului este debitor sau creditor. b.1.1.1. in orice alte cazuri prevazute de lege si/sau in Contractele specifice. Clientul.1. in cazul in care sumele respective nu au fost deja transferate de Banca. finantare bancara (fara a se limita la scontari/forfetari/factoring). dupa caz debitoare.2.2.Banca va continua sa perceapa taxe si comisoane conturilor intrate in starea “dormant” atâta timp cât exista sold creditor.7. d. fie in baza unui Contract de facilitate incheiat in acest sens intre Banca si Client (in cazul facilitatilor de credit /finantarilor bancare).3 sau la solicitarea expresa a Clientului exprimata prin completarea formularului specific pus la dispozitie de catre Banca.8.2. Pe durata blocarii oricaror alte tipuri de Conturi se va proceda conform prevederilor din Contractele specifice. in conturi nepurtatoare de dobânda. Banca nu are obligatia de a pune la dispozitia clientului extrasul de cont pe perioada in care contul se afla in starea dormant. in lipsa unei astfel de instructiuni. in cazul reglementat in clauza 4. 7. in scopul stingerii oricarei eventuale sume datorata de Client si neachitata de acesta la scadenta. Pentru sumele datorate de Client conform Documentelor de Finantare si nerambursate la scadentele stabilite. (iii) se vor inregistra orice operatiuni de plata finalizate prin creditarea Contului curent.1.7. in cazul Clientilor care se regasesc in ipoteza reglementata in clauza 3.6. Orice facilitate de credit (fara a se limita la credite la termen. linii de credit reinnoibile. Pe durata blocarii celorlalte tipuri de Cont (incluzând. (ii) se va percepe comisionul de administrare a Contului prevazut in Contractul specific. fara a se limita la.1. este termenul general de prescriptie.4. fie in temeiul unei Cereri specifice (in cazul Angajamentelor/ oricarui alt tip de finantare).1. 7. Angajamente.6.2. in situatia in care Clientul instiinteaza Banca de pierderea/furtul actelor de identitate ale unicului Reprezentant legal al Clientului. Raportul juridic derivat din facilitatile de credit/finantarile bancare/Angajamentele acordate de Banca va fi guvernat de termenii si conditiile cuprinse in prezentele CGB si in Documentele de Finantare. Conturilor de depozit si Conturilor de economii): (i) Clientul nu va putea efectua operatiuni de retragere partiala sau totala a fondurilor. c. Banca va continua sa calculeze dobânda creditoare/debitoare in functie de caracteristicile fiecarui Cont. Banca este indreptatita sa blocheze Conturile Clientului in urmatoarele situatii: a. 7. va putea fi acordat/a. Conturile vor fi deblocate numai dupa ce unicul Reprezentant legal al Clientului va prezenta Bancii noile documente de identitate pentru actualizarea datelor in sistem. dupa caz. in cazul in care intervine situatia reglementata in clauza 2.3. acesta va fi reactivat automat de catre Banca.Dupa activarea Contului. f. fara notificarea prealabila sau ulterioara a clientului. 3.7 in prezentul document) si /sau orice alt tip de finantare.1. 7. etc).6. in aplicarea clauzei 2. Banca are dreptul sa aplice dispozitiile pct.

expres. sa plateasca primele de asigurare la scadenta acestora si sa reinnoiasca la timp asigurarile. j. In situatia neprezentarii politei de asigurare reinnoite sau in cazul neprezentarii dovezilor de plata a primelor de asigurare la scadenta acestora (caz in care Banca este indreptatita sa considere ca a incetat polita de asigurare) . balanta de verificare contabila aferenta raportarii bilantiere. e. astfel incât asigurarea sa produca efecte neintrerupt pâna la plata integrala a tuturor sumelor datorate si garantate in temeiul Documentelor de Finantare. punând la dispozitia Bancii documentele corespunzatoare in termen de 10 (zece) zile calendaristice de la data prevazuta de lege pentru inregistrarea lor la autoritatea competenta . in calitate de imprumutator sau de garant pentru obligatii ale tertilor. in cazul nerespectarii obligatiilor prevazute la lit. g. În cazul in care bunul ce face obiectul garantiei ar fi instrainat. având o valoare de piata cel putin egala cu cea a bunului ce face obiectul garantiei si având o situatie juridica de natura sa nu impieteze valorificarea acestuia de catre Banca. sa nu constituie noi garantii sau orice alta sarcina asupra bunurilor aduse in garantie in favoarea unor terte parti decât cu conditia constiturii in favoarea Bancii a unei ipoteci imobiliare /mobiliare de prim rang asupra unui bun de acelasi tip. sa nu incheie fara acordul prealabil. sa permita si/sau sa faciliteze examinarea de catre reprezentantii ori imputernicitii Bancii a activitatii. dar fara a depasi valoarea Obligatiilor de plata. cu exceptia situatiei in care Banca va aproba expres o obligatie diferita in sarcina Clientului. in ce priveste bunurile proprietatea acestuia aduse in garantie. Garantul. k. b. din punct de vedere economic sau juridic. sa nu instraineze sau sa dispuna (chiar prin constituirea oricarei sarcini) in alt mod decât cel impus de cursul normal al desfasurarii obiectului de activitate de oricare dintre activele sale (altele decât cele ce fac obiectul garantiilor accesorii oricarui Contract de facilitate/Cereri specifice). sa nu instraineze bunurile aduse in garantie pe intreaga perioada de derulare a oricarei facilitati de credit/ finantari bancare/oricarui Angajament acordate de Banca. la o societate de asigurari acceptata de catre Banca. cu luarea in considerare a proportiei creantei avute de Banca in totalul creantelor creditorilor Clientului. Clientul/Codebitorul cu privire la toate bunurile asupra carora sunt constituite garantiile aferente Contractelor de facilitate/Cererilor specifice si/sau oricaror alte Documente de Finantare.a. al Bancii. c. sa depuna pretul într-un cont bancar distinct deschis la Banca si sa informeze Banca cu privire la acesta operatiune si depunerea pretului in cont urmând ca sumele depuse in acest cont sa fie tinute la dispozitia Bancii iar contul in cauza sa fie ipotecat in favoarea Bancii.13. sa nu le inchirieze catre terti fara acordul prealabil scris al bancii. in scris. altii decât cei desemnati creditori privilegiati prin efectul legilor cu aplicare generala. f. valoarea stabilita conform evaluarii Bancii. in tot sau in parte. Garantul imputerniceste Banca sa reinnoiasca. Clientul/Codebitorul. dupa caz. efectele actelor juridice de imprumut sau garantare. daca acest fapt e de natura sa aiba un impact negativ asupra capacitatii sale de rambursare a facilitatii de credit/finantarii bancare/Angajamentului si sa nu constituie nici o sarcina asupra nici unuia dintre activele sale. Garantul se obliga sa nu instraineze bunul la un pret de vânzare mai mic decât valoarea creditului. cu sumele reprezentând primele de asigurare si sa efectueze plata . i. care au legatura cu oricare dintre Contractele de facilitate/Cererile specifice incheiate cu Banca. cu exceptia creditului furnizor in cadrul activitatii curente. se obliga in plus sa nu dezmembreze/ modifice imobilele ipotecate. cu orice persoane. respectiv sa incheie pe contul si in numele acestuia de câte ori este necesar polita de asigurare pentru sumele cuvenite cu titlu de despagubiri si pentru acest scop sa debiteze orice Cont al acestuia deschis la Banca. de disponibilitati sau de depozit (chiar neajuns la termen).5. h.i). in cazul garantiilor ipotecare.7. sa utilizeze orice facilitate de credit acordata in conformitate cu prevederile Contractului de facilitate/ Cererii specifice. determina. d. indiferent de natura garantiei. sa furnizeze cu promptitudine. prin intermediul oricaror altor acte sau operatiuni admise de lege. a documentelor sau arhivelor sale si/sau ale Garantilor/Codebitorilor. pe toata perioada in care are contractate facilitati. cu exceptia celor expres aprobate de Banca. dupa caz. sau acte care. sa asigure integritatea si folosirea in bune conditii a bunurilor aduse de acesta in garantie. se obliga sa asigure aceste bunuri in conditiile pct. semestrial. Prevederile ultimei teze a acestui paragraf nu se vor interpreta in sensul unui acord de instrainare. In acest sens Clientul nu va rambursa preferential sumele datorate altor creditori si nu va constitui in favoarea altor creditori garantii care sa aiba rang si/sau valoare superioara celor constituite in favoarea Bancii. interesele Bancii se prezuma a fi vatamate datorita ingreunarii unei eventuale executari silite si sunt datorate Bancii daune interese cu titlu de clauza penala in cuantum egal cu valoarea de piata a bunului ce face obiectul garantiei. sa suporte toate taxele si orice cheltuieli aferente constituirii si inregistrarii legale a garantiilor accesorii Contractelor de facilitate/Cererilor specifice sau datorate pentru indeplinirea altor formalitati cerute de lege cu privire la Documentele de Finantare. sa mentina creantelor Bancii un rang de preferinta cel putin egal (pari passu) cu cele ale oricaror alti creditori viitori ai sai. concomitent cu bilantul depus la organele fiscale. acte juridice de imprumut sau garantare. fizice sau juridice.

s. in termen de 2 (doua) zile calendaristice de la trimiterea de catre Banca a unei solicitari scrise in acest sens. sa efectueze modificarile imobilelor aduse in garantie in termenul de valabilitate al autorizatiei de construire si cu respectarea intocmai a acesteia. de dizolvare sau lichidare. Clientul/Codebitorul/Garantul se obliga ca. in termen de maxim 30 (treizeci) de zile calendaristice de la data acordarii creditului. etc. imobilele aduse in garantie. o. sa depuna la Banca cartea/ cartile de identitate in original. intentia de rambursare partiala/integrala. sa predea acesteia in original. act sau fapt care ar modifica starea de drept sau de fapt existenta la momentul incheierii oricarui Contract de facilitate/Cereri specifice. pe toata perioada in care are in derulare Contracte de facilitate/ Cereri specifice. x. in conformitate cu acest articol si cu respectarea prevederilor legale si ca nu exista impedimente de natura sa determine nerespectarea acestei obligatii fata de Banca. daca garantia este constituita asupra autovehicolelor achizitionate din credit. sa constituie ipoteci asupra altor imobile. Clientul atesta si garanteaza ca asociatii/actionarii au acceptat obligatia de a-si mentine proprietatea asupra capitalului social al Clientului si de a nu adopta o hotarâre de reorganizare. sa nu adopte o hotarâre in vederea reorganizarii. sa notifice Bancii in prealabil. la solicitarea Bancii. etc. sa incaseze in conturile anume deschise la Banca indemnizatia de asigurare sau suma datorata cu titlu de . asupra partilor sociale/actiunilor ce formeaza capitalul social al Clientului. imediat dupa intervenirea acesteia. incluzând dar fara a se limita la: orice propunere de modificare a Actului Constitutiv sau de divizare. contractul de asigurare (polita de asigurare impreuna cu termenii si conditiile asigurarii). ce urmeaza a fi pastrat de Banca pâna la plata integrala a tuturor obligatiilor rezultând din Documentele de Finantare.6. Pentru aceasta. r. cartea de identitate in original se va prezenta cel târziu la data primei trageri din credit. cu toate atributele sale. fuziune sau alta procedura de restructurareorganizatorica. l. in avans a oricarei facilitati de credit/finantari bancare. In acest caz Clientul/Codebitorul/Garantul sunt de acord ca Banca are dreptul neingradit de a alege societatea de asigurare cu care se va incheia polita de asigurare.acestor prime. sa puna la dispozitia Bancii. pe toata durata Documentelor de Finantare si sa nu constituie sau sa inregistreze nici o alta garantie cu privire la aceste Conturi decât cu acordul prealabil expres in scris al Bancii. In acest sens. in acest sens urmând a fi notate interdictii in Cartea funciara a imobilelor. m. fara acordul prealabil al Bancii. al Bancii. sau participarea la capitalul social al altor societati comerciale. sa notifice Bancii in scris orice imprejurare de natura economica sau juridica. fara acordul prealabil expres. sa nu modifice (prin demolare. sa intabuleze in Cartea funciara drepturile dobândite asupra constructiilor noi si/sau asupra modificarilor intervenite la constructiile ipotecate (in termen de 30 de zile de la procesul-verbal de receptie la terminarea lucrarilor) si sa prezinte Bancii dovada extinderii dreptului de ipoteca al Bancii si asupra acestora (in termen maxim de 30 de zile calendaristice de la data intabularii).13. orice modificare a obiectului sau naturii activitatilor comerciale desfasurate. sau sa inlocuiasca ipotecile imobiliare constituite ca accesorii ale Documentelor de Finantare. documentelor si/sau arhivelor si/sau bunurilor Clientului si/sau Garantului. aceasta putând fi si o societate partenera a Bancii. Banca va putea. informatiile/documentele considerate relevante pentru aprecierea situatiei sale economico-financiare si orice alte documente/informatii solicitate de Banca in legatura cu activitatea sa economica. 7. documentatia cadastrala ce atesta modificarea imobilelor. construire extindere. p. sa reevalueze. in conditiile prevazute la pct. faptic si/sau scriptic. judiciare sau arbitrale initiate impotriva sa. in scris. sa prezinte Bancii procesul-verbal de receptie la terminarea lucrarilor si. fuziunii sau divizarii. daca garantia este constituita asupra oricaror alte autovehicole. fara acordul prealabil scris al Bancii si fara obtinerea autorizatiilor/avizelor cerute de lege. ori o alta schimbare de natura sa afecteze controlul direct sau indirect al asociatilor/actionarilor existenti la data semnarii Documentelor de Finantare asupra capitalului social al Clientului (indiferent daca prin detinerea drepturilor de vot. orice proceduri administrative. oricând va considera necesar. sau iminente. w. sa prezinte in termen de 30 de zile de la data tragerii factura finala (in cazul in care tragerea s-a efectuat pe baza de factura proforma) t. q. oricare si toate bunurile Clientului si/sau Garantului asupra carora este constituit un drept de garantie in favoarea Bancii u. situatia juridica si/sau financiara. n. v. daca este cazul.iminenta oricaruiCaz de NeindepliniresauCulpa. sa pastreze in fiinta Conturile asupra carora a constituit garantii reale mobiliare in favoarea Bancii. prin contract sau altfel). sa permita si sa faciliteze examinarea de catre reprezentantii sau imputernicitii Bancii a activitatii.). care au legatura cu Documentele de Finantare. initierea unei proceduri de reorganizare. in scris. sa nu faca nici o schimbare privind titularii dreptului de proprietate deplin. fuziune sau divizare.

Documentele de Finantare sunt deplin executorii. munca fortata. modificare care la o apreciere obiectiva. . urmatoarele: a. Prin prezenta. initiate de o autoritate publica. atât Clientul. de la data incalca sau nu intra in conflict cu dispozitiile legale sau statutare sau cu obligatii asumate de Client prin acte incheiate cu tertii. ca mijloacele utilizate pentru implementarea Proiectului.Se considera a fi asumate inainte de contractarea oricarei facilitati de credit/finantari bancare si vor ramâne valabile oricând pe toata durata Contractului de facilitate si.1. semnarea de catre Client a Documentelor de Finantare si executarea obligatiilor asumate prin acestea. astfel cum sunt acestea prevazute mai jos. Clientul a inteles si este de acord ca aceste sume nu pot ramâne la dispozitia sa si nu pot fi utilizate in alt scop. e. dupa cunostinta sa. cât si activitatea sa sau oricare dintre operatiunile si/sau activele sale nu sunt supuse nici unui proces in curs de desfasurare sau altei actiuni in legatura cu probleme de mediu. taxele. irevocabil si neconditionat.2. in conformitate cu termenii acestora.3. i. aplicate in mod consecvent si reprezinta cu acuratete situatia financiara a Clientului la data la care se raporteaza. nu au fost modificate prin acte ulterioare si reflecta intocmai si complet realitatea la momentul predarii lor. care sa nu fi fost dezvaluite Bancii si care sa fi putut sau ar putea avea efecte semnificative in privinta deciziei Bancii de acordare sau de mentinere a facilitatii de credit. Declaratiile si garantarile prevazute mai sus: . ordonante de sechestru sau de poprire. nu au intervenit situatii de fapt care sa influenteze organizarea si functionarea sa. vor fi considerate a fi mentinute de Client la data fiecarei utilizari a Facilitatii. si. La incheierea oricarui Contract de facilitate/Cereri specifice Clientul declara si se angajeaza. a oricarui alt Document de Finantare si/sau in legatura cu acestea. extrajudiciare sau administrative impotriva sa sau a proprietatii sale. practici nediscriminatorii la angajarea personalului si libertatea asocierii si a negocierilor colective). situatiile sale financiar contabile au fost efectuate in conformitate cu principiile si practicile contabile general acceptate in România. c. nu exista documente sau stari de fapt. sunt in concordanta cu toate reglementarile legale privind protectia mediului. in legatura cu situatia existenta la momentul respectiv si pâna la momentul platii tuturor sumelor datorate sau care ar putea deveni datorate Bancii in temeiul Contractului de facilitate. (iii) ocuparea fortei de munca (incluzând fara a se limita la securitatea si siguranta muncii. 7. de sanatate sau de siguranta publica. Clientul declara si garanteaza Bancii. g. sunt esentiale pentru ca Banca sa ii acorde oricare facilitate de credit/finantare bancara/Angajament 7. este infiintat si isi desfasoara activitatea in conformitate cu legile aplicabile si are capacitatea juridica deplina de a se obliga prin Documentele de Finantare si de a utiliza facilitatea si a obtinut toate aprobarile necesare perfectarii valabile a Documentelor de Finantare si. in special. (ii) consultare publica. angajarea minorilor.Nu se vor aplica actelor sau faptelor juridice comunicate Bancii si acceptate de aceasta.2. va utiliza suma pusa la dispozitie de Banca exclusiv cu respectarea termenilor si conditiilor Contractului de facilitate/Cererii specifice si ca Proiectul astfel finantat este conceput si implementat cu respectarea factorilor de mediu si. nu s-au pronuntat hotarâri judecatoresti. Clientul recunoaste expres ca declaratiile sale. in mod important capacitatea Clientului de a indeplini obligatiile prevazute in Documentele de Finantare.despagubire in cazul pieirii sau deteriorarii oricaruia dintre bunurile ipotecate. persoana juridica sau persoana fizica. f.2. la semnarea oricarui Contract de facilitate si in orice moment al derularii acestuia. h. Clientul solicita Bancii sa utilizeze aceste sume de bani exclusiv pentru rambursarea anticipata partiala sau integrala a creditului/facilitatii pentru garantarea carora au fost aduse in garantie bunurile ipotecate. ajunse la scadenta. intelegând ca asupra acestor sume ipoteca se stramuta de drept in temeiul art.3. va respecta standardele si legislatia nationala cu privire la: (i) mediu. urmatoarele: a. 2330 Cod Civil. situatia sa financiara sau juridica ori capacitatea de a-si indeplini obligatiile asumate prin Documentele de Finantare. altele decât cele la care se face referire in Documentele de Finantare. sanatatea si siguranta nationala. si . d. pe toata durata Contractului de facilitate/Cererii specifice. prin urmare. ar putea afecta negativ. orice documente predate Bancii sunt originale sau copii dupa originale. b. toate rapoartele si declaratiile de impunere prevazute de lege au fost depuse in mod corespunzator si au fost platite toate impozitele. precum si ca. Clientul intelege si se angajeaza sa notifice Banca in situatia in care intervine o modificare in legatura cu oricare din aspectele mentionate anterior. 7. b. totodata. nu au fost initiate proceduri judiciare. act de incepere a executarii silite sau alta procedura similara. nici nu este amenintat cu inceperea unor astfel de proceduri care ar fi de natura a influenta negativ in mod semnificativ afacerile Clientului. Declaratiile Clientului 7. iar rezultatele operatiunilor sale pe perioada exercitiului contabil sunt din acea data si nu s-a produs nici o modificare contrara acestei situatii de la acea data. sarcinile si alte obligatii banesti in sarcina Clientului.3.

j. termen de depunere. se aplica in mod corespunzator (mutatis mutandis) Codebitorului si Garantului. e. incheiere de incepere a executarii silite sau alta procedura similara asupra oricaruia dintre bunurile Clientului este emisa. suspendarea. sau Clientul a gajat.2. Se inainteaza o cerere. ar putea avea un efect negativ semnificativ asupra afacerilor Clientului sau asupra capacitatii acestuia de a indeplini obligatiile asumate printr-un Contract de facilitate si/sau prin oricare alt Document de Finantare. de afaceri. f. 7. societati de leasing. instituita sau pusa in executare. Clientul utilizeaza facilitatea in alte scopuri decât cele stabilite prin oricare dintre Contractele de facilitate si/sau prin oricare alt Document de Finantare. nesatisfacatoare pentru a acoperi valoarea oricaror utilizari din facilitatea de credit/finantarea bancara si/ sau sumele datorate sau care ar putea fi datorate conform Contractului de facilitate si/sau oricaror alte Documente de Finantare ori daca garantia va inceta sa existe. sau valoarea bunurilor Clientului este mai mica decât suma obligatiilor sale. b. ori este contestat. isi inceteaza sau este pe punctul de a-si inceta activitatea sau o parte importanta a acesteia. g. exceptari. revocarea. in opinia Bancii. intr-o apreciere rezonabila. ordonanta de sechestru sau de poprire. Oricare declaratie sau garantare a Clientului si/sau a Codebitorului si/sau a Garantului data conform Documentelor de Finantare este sau se dovedeste a fi neadevarata sau incorecta la orice moment sau Clientul/Codebitorul/Garantul a omis sa dezvaluie un fapt sau o imprejurare care.4. poate afecta semnificativ in mod negativ situatia financiara. etc) nu este platita/executata la scadenta. Clientul si/sau Codebitorul si/sau Garantul incalca oricare prevedere a oricarui Document de Finantare. sau inceteaza plata obligatiilor sale. ar fi putut influenta hotarârea Bancii de a acorda/mentine respectiva facilitate de credit/finantare bancara. fara a se limita la institutii de credit. reesalonare care ar putea afecta negativ capacitatea Clientului de a indeplini obligatiile asumate printr-un Contract de facilitate si/sau prin oricare alte Documente de Finantare. Clientul incepe negocieri cu tertii creditori (societati bancare. Oricare din garantiile constituite potrivit Documentelor de Finantare va deveni. dupa caz. c.7. se adopta o hotarâre sau este declansata procedura de faliment sau reorganizare judiciara a Clientului.4. Cazuri de Neindeplinire sau Culpa 7. Nu este respectata de catre Client orice masura impusa de Banca in urma unei Revizii efectuate in conformitate . i. respectivul Angajament. Declaratiile mentionate la pct.1. acord. Se initiaza impotriva Clientului orice procedura administrativa. perspectiva platii considerându-se a fi pusa in pericol. k. O obligatie a Clientului asumata fata de Banca sau fata de terti (incluzând. fara acordul prealabil scris al Bancii.3. aprobari. Orice hotarâre judecatoreasca. inclusiv nerespectarea Angajamentelor asumate de catre oricare dintre acestia conform prezentelor CGB si a oricarui Contract de facilitate.7. de leasing. ipotecat sau in alt mod a grevat cu sarcini. efective si potentiale. inclusiv modificarea. Oricare din urmatoarele aspecte/situatii va constitui un “Caz de Neindeplinire sau Culpa”: a. institutii financiare nonbancare. h. sau Clientul isi schimba. sau un astfel de custode sau administrator special este numit. sau devine platibila/executabila sau poate deveni platibila/executabila inainte de scadenta. inregistrari sau a altor conditii care fac posibila indeplinirea de catre Client a obligatiilor asumate potrivit prevederilor unui Contract de facilitate si/sau oricaror alte Documente de finantare n. Clientul devine insolvabil sau incapabil sa isi plateasca datoriile la scadenta sau este de acord cu numirea unui custode sau administrator special pentru toate sau pentru o parte din bunurile sale. Un drept al Bancii stabilit conform prevederilor unui Contract de facilitate si/sau oricaror alte Documente de finantare inceteaza sa mai fie in vigoare sau se hotaraste ca este ori devine lipsit de valabilitate si aplicabilitate. de natura sa afecteze negativ indeplinirea obligatiilor asumate de Client printr-un Contract de facilitate si/sau prin oricare alte Documente de Finantare si/sau in legatura cu acestea. retragerea. activele sau activitatea Clientului sau capacitatea acestuia de a indeplini in mod corespunzator obligatiile asumate conform prevederilor unui Contract de facilitate si/sau oricaror alte Documente de finantare. etc) in scopul reesalonarii unor obligatii financiare. Clientul nu plateste la scadenta sumele datorate conform fiecarui Contract de facilitate si/sau orice alte sume datorate si avute in vedere de Documentele de Finantare. m. judiciara sau arbitrala care. social.3. institutii financiare nonbancare. sau este emisa o notificare prin care este convocata o adunare generala cu scopul adoptarii unei astfel de hotarâri. a vândut. licente. un astfel de act fiind considerat de catre Banca si Client prin prezenta clauza ca punând in pericol respectivele garantii si/sau ca generând riscul obiectiv al impiedicarii platii. economic sau de alta natura care. l.3. in opinia Bancii. Apare un eveniment sau o situatie cu caracter politic. expirarea oricarei autorizatii. a schimbat ori a dispus in orice alt mod de orice bun asupra caruia Clientul a constituit un drept de garantie in favoarea Bancii. d. in opinia rezonabila a Bancii.

in situatia sa juridica. Situatii Neprevazute. al crearii. depozite sau cerinte similare sau al adecvarii capitalului ori al stabilirii de restrictii valutare. p. din cauza oricaror schimbari aparute in legislatia actuala (incluzând acte ale unor autoritati de reglementare sau judiciare) sau in interpretarea si aplicarea acesteia.1. Daca. Banca poate decide. q. 7. a conduitei contractuale. Clientul si Codebitorul se obliga reciproc sa aduca la indeplinire oricare dintre obligatiile ce fac obiectul actelor comisive sau omisive calificate drept Cazuri de Neindeplinire sau Culpa. impunerea de costuri noi sau cresterea costurilor Bancii rezultând din sau in legatura cu Contractul de facilitate si/sau cu oricare alt Document de Finantare. sumele datorate in temeiul sau in legatura cu Contractul de facilitate si/sau oricare alt Document de Finantare. vor fi purtatoare de dobânzi majorate/penalizatoare potrivit prevederilor respectivului Contract de facilitate si/sau prevederilor oricarui alt Document de Finantare.5. indiferent daca acestea sunt stipulate in sarcina lui proprie sau in sarcina celuilalt. neasigurarea fondurilor necesare acoperirii primelor de asigurare si a taxelor de inscriere si conservare a rangului garantiilor. limitarea partiala sau totala. Sa declare facilitatea de credit/finantarea bancara exigibila imediat sau la o anumita data stabilita de Banca. Drepturile Bancii in situatia aparitiei unui Caz de Neindeplinire sau Culpa. 7. o. De la momentul declararii scadentei anticipate si pâna la plata efectiva. economica sau financiara si sub conditia ca o astfel de modificare sa nu aiba caracter prevederile unui Contract de facilitate. a carui neindeplinire reprezinta Caz de Neindeplinire sau Culpa. in termenii si conditiile valabile anterior intervenirii schimbarii (inclusiv. nementinerea in vigoare a politei de asigurare. sa declare facilitatea de credit/finantarea bancara exigibila imediat sau la o anumita data stabilita de Banca (moment in care sumele utilizate din facilitatea de credit/finantarea bancara devin platibile anticipat impreuna cu dobânzile acumulate si cu orice alte sume datorate de Client la acel moment conform prevederilor Contractului de facilitate si/sau oricaror alte Documente de finantare). Diminuarea cu rea credinta de catre Client a valorii activelor prin instrainarea altor bunuri. dar având calitati inferioare si/sau uzura mai mare. La declararea exigibilitatii imediate sumele utilizate din facilitatea de credit devin platibile anticipat impreuna cu dobânzile acumulate si cu orice alte sume datorate de Client la acel moment conform Contractului de facilitate/ oricarui alt Document de Finantare si/sau oricarui alt document in legatura cu acestea. luarea oricareia sau oricarora dintre masurile de mai jos: a.2. 7. respectiv.5. precum si necesionarea in favoarea Bancii a politelor de asigurare daca aceasta obligatie era prevazuta in contract. sau b. b. fara a se limita la moneda produselor si serviciilor bancare respective). aplicarii sau modificarii oricaror rezerve. Sa declare ca orice parte neutilizata din facilitatea de credit/finantarea bancara este anulata.5. existente la data intervenirii unei astfel de schimbari. neconservarea valorii activelor (inclusiv cele ce fac obiectul garantiilor) sau inlocuirea acestora cu bunuri de acelasi fel. de orice natura. Scadenta anticipata 7. inclusiv sub aspectul conditiilor de impozitare a Bancii in legatura cu un Contract de facilitate si/sau cu oricare alt Document de Finantare. si. indiferent daca acestea se reflecta in contul facilitatii de credit. in cazul in care o astfel de remediere nu are loc intr-o maniera satisfacatoare pentru Banca in interiorul Perioadei de Remediere.4. in contul curent sau in oricare alt cont al Clientului. aceasta fiind o conditie esentiala pentru Banca pentru incheierea si executarea prezentului contract. Nedisponibilitatea Monedei Facilitatii. rezulta: a. Sa isi exercite toate sau oricare dintre drepturile sale conform prevederilor cuprinse in Contractul de facilitate si/sau in orice alt Document de Finantare. c. In cazul aparitiei/mentinerii oricaruia dintre Cazurile de Neindeplinire sau Culpa. de plin drept si fara indeplinirea altor formalitati judiciare sau extrajudiciare. economice si de piata. Sa acorde o perioada de 5 (cinci) zile bancare pentru remedierea situatiei sau situatiilor care au constituit Cazul de Neindeplinire sau Culpa (“Perioada de Remediere”). Sa suspende dreptul Clientului de a utiliza facilitatea de credit pe toata perioada in care se mentine Cazul de Neindeplinire sau Culpa. si prin acestea. 7.1. este afectata modalitatea sau masura alocarii de catre Banca a resurselor de capital pentru indeplinirea obligatiilor sale sau este afectata realizarea politicii si strategiei Bancii. e. de asemenea.6. executarea oricaror Documente de finantare. d. Revocarea mandatului acordat Bancii pentru consultarea Centralei Riscurilor de Credit potrivit prevederilor unui Contract de facilitate si/sau ale oricarui alt Document de Finantare. temporara sau definitiva a Bancii de a oferi clientilor existenti sau potentiali produsele si serviciile bancare. Costuri Majorate 7.6. . fara ca Banca sa efectueze vreo modificare. precum si a obligatiilor a caror încalcare de catre acestia este calificata drept Caz de Neindeplinire sau Culpa. moment in care obligatiile Bancii vor inceta in totalitate. atunci. Neasigurarea bunurilor aduse in garantie.2 Clientul si Codebitorul declara ca au fost informati si accepta caracterul de conditie esentiala pentru încheierea valabilă si.

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

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

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

la o valoare asigurata egala cu valoarea de piata a bunurilor respective. de la sau in beneficiul Clientului. plata de dobânzi majorate. sau vor deveni. potrivit exclusiv optiunii sale. In cazul in care Banca va instiinta Clientul ca valoarea ipotecilor imobiliare constituite a scazut (din orice motive. dobânzi penalizatoare. Bunurile imobile si mobile corporale care fac obiectul ipotecilor constituite.13. care sunt sau vor intra in posesia Bancii.Contracte de facilitate garantate cu garantii reale si obligatiile scadente de plata a sumelor datorate in baza mai multor Contracte de facilitate negarantate cu garantii reale. in graficele de rambursare anexate acestora. deteriorat ori valoarea sa a fost diminuata in asa mod incât a devenit inferioara valorii obligatiei ipotecare din culpa Clientului. prezente si viitoare. la cerere. Orice sume datorate Bancii de Client trebuie achitate la datele stabilite in Contractele specifice de credit /facilitate de credit si. prelucrarii. orice formalitati de publicitate sunt necesare pentru asigurarea opozabilitatii garantiilor fata de terti. la momentul actual sunt.1. fructele si productele. 7. vor fi asigurate la o societate de asigurari acceptata de Banca. precum si sumele incasate din asigurare sau alta forma de administrare sau dispunere de acestea.13. in conditiile clauzei 7. Orice suma care nu este platita la scadenta de Client (fara deosebire dupa cum scadenta este cea specificata intr-un Contract de facilitate sau rezulta prin declararea scadentei anticipate sau in alt mod). si schimbul valutar in numele si pentru Client.13.6.orice bun primit de catre Client in urma vânzarii.1. inclusiv formalitatile de modificare. ori daca aceasta se reflecta in contul curent sau in orice alt Cont al Clientului. utilizând propriile cotatii si completând documentele aferente acestei operatiuni. 7. Clientul va realiza pe cheltuiala sa. de mai sus.13. cu exceptia cazului in care Banca. Valoarea maxima a obligatiilor garantate este constituita din suma tuturor obligatiilor Clientului fata de Banca. In cazul in care Clientul nu isi respecta obligatia de plata a acestor costuri din Contul prin care se realizeaza rambursarea sumelor imprumutate. in masura in care Banca ii va comunica expres cuantumurile si termenele de plata. incluzând disponibilitatile banesti din Conturi. garantii considerate adecvate de catre Banca pentru indeplinirea obligatiilor asumate de acesta prin diverse facilitati de credit acordate acestuia. determinate potrivit prevederilor fiecarui Contract de facilitate. Clauza 7. 7. dobânda.13. si care.3. Titlul XI. un aviz de garantie prin care va asigura ordinea de prioritate a garantiei. dupa caz. Ipotecile imobiliare se vor nota in Cartea Funciara. Clientul este obligat sa o suplimenteze sau sa o inlocuiasca.5.1. constituie garantia Bancii pentru orice obligatii prezente sau viitoare ale Clientului fata de Banca decurgând din orice Contract de facilitate. Eventualele diferente de curs valutar vor fi suportate de Client. Costurile aferente ipotecilor mobiliare sunt in sarcina Clientului in situatia in care Banca va comunica expres acestuia cuantumurile si termenele de plata. in baza oricarui titlu si sub orice forma. Banca are dreptul sa utilizeze cu prioritate disponibilitatile existente in conturile Clientului/Codebitorului deschise la Banca (inclusiv conturi de depozit. iar bunul nu era asigurat ori asigurarea nu era valabila. Capitolul III din Codul civil. sau ca au intervenit modificari in situatia juridica a acestor ipoteci de natura sa impieteze asupra valorificarii lor. Pentru ipotecile imobiliare si/sau mobiliare constituite/procurate in favoarea Bancii de Client si/sau de Garanti. Clientul este obligat sa constituie si/sau sa procure. chiar independent de vointa partilor). in cazul in care bunul ipotecat a fost distrus. 7.13. Banca poate sa efectueze inregistrarile necesare in registrele publice si sa debiteze automat orice alt cont de disponibilitati sau de depozit (chiar neajuns la termen) deschis pe numele Clientului la Banca cu sumele necesare efectuând. 7. valoreaza contract de garantie reala mobiliara asupra universalitatii bunurilor mobile ale Clientului in conformitate cu prevederile Cartii a V-a. in vederea stingerii obligatiilor de plata scadente aferente Contractelor de facilitate negarantate cu garantii reale. . Clientul trebuie sa aduca suplimentar in garantie alte imobile. reinnoire sau radiere a inscriptiilor/ avizelor de garantie din registrele publice aferente. fiind autorizata in acest sens de Client.13. indiferent daca aceasta reprezinta suma principala acordata (capitalul).2. 7. sau a unui tert actionând in numele Bancii. dobânzile si comisioanele datorate conform Documentelor de Finantare. costuri sau speze conform Contractului de facilitate sau in legatura cu acesta. comisioane. ce va fi consemnata corespunzator in cuprinsul contractului de asigurare (in Polita de asigurare).14.14. chiar neajunse la termen).14. pentru perioada incepand cu data scadentei si pâna la data platii integrale. Garantii 7. schimbului. taxe de rambursare intârziata. Toate bunurile mobile. inclusiv sumele obtinute din orice alte operatiuni ulterioare. va atrage. va accepta o valoare de asigurare mai mica. neacoperind soldul creditului. proprietatea Clientului. 7. Ipotecile mobiliare se vor nota in Arhiva Electronica de Garantii Reale Mobiliare. la cererea Bancii. sau sa inlocuiasca ipoteca/ipotecile imobiliare constituite ca accesorii ale Documentelor de Finantare. indiferent de titlul lor.13.4.13. in favoarea sa. aferente Documentelor de Finantare. Scadente 7. daca este cazul. daca este cazul. la cererea Bancii. Daca garantia a devenit neadecvata. 7.2. Clientul va suporta toate costurile ocazionate de inregistrarile garantiei astfel constituita.3. Banca are dreptul sa inscrie in Arhiva Electronica de Garantii Reale Mobiliare.

nu va fi considerata ca reprezentând renuntarea din partea Bancii la cerinta ca acea conditie sa fie indeplinita oricând ulterior. 7.16. urmând a fi consemnate in Act Aditional.16. cu exceptia celor privind valoarea ratelor de credit. In cazul aparitiei unui Caz de Neindeplinire sau Culpa. costurile si cheltuielile suferite sau contractate conform sau in legatura cu un Contract specific de credit.3. Clientul va despagubi Banca pentru orice cheltuiala sau pierdere suferita de Banca datorata neexecutarii/executarii necorespunzatoare de catre Client a oricareia din obligatiile ce ii revin conform Documentelor de finantare si va plati Bancii. la cerere. Modificarile clauzelor Contractului de facilitate si/sau ale oricarui alt Document de Finantare se efectueaza in baza acordului partilor.5. emis de Banca Nationala a României. Oriunde in cuprinsul unui Contract de facilitate si/sau al oricarui alt Document de Finantare. modificarea. si 7. cu exceptia cazurilor in care se incheie in acest sens un Act Aditional la respectivul Contract de facilitate si/ sau Document de Finantare. in numele si pe socoteala Clientului.15. prin compensare sau in orice alt mod). in tot sau in parte.15. ori de câte ori va fi considerat de catre Banca ca aceste informatii sunt necesare si/sau relevante. semna. Rata anuala a dobânzii si valoarea comisioanelor care se vor efectua de catre Banca. actele si operatiunile de orice natura care pot fi cerute de legea aplicabila incluzând. sa faca toate platile necesare pentru perfectarea. administrarea. Clientul imputerniceste Banca.15. urmând a se inmâna. când este cazul. pentru obtinerea de la Centrala Riscurilor de Credit a Bancii Nationale a României a oricaror informatii de risc bancar cu privire la acesta. urmând ca Bancii sa-i fie restituite de catre Client toate sumele astfel platite.15. conservarea. 7. referirea la termenele exprimate in zile va avea in vedere zile lucratoare. Banca va intocmi. traducere. Clientul va indemniza Banca. 7. finalizarea. administrare. perfecta si realiza. toate sau oricare dintre acestea fiind recunoscute in mod expres de catre Client ca fiind emise in numele si pe seama sa. iar in calcul vor fi cuprinse atât ziua de inceput cât si cea de sfârsit a termenului. 7. in nici un caz nu se va prezuma acordul tacit al Bancii la orice rescadentare sau iertare de la plata unor sume datorate acesteia. cu autoritate si puteri depline.15. instrumentele. la solicitarea acesteia. Pâna la stingerea tuturor obligatiilor Clientului asumate printr-un Contract de facilitate si/sau prin orice alt Document de Finantare. onorarii avocatiale.) in legatura cu tranzactiile realizate in baza sau in legatura cu Documentele de finantare sau in legatura cu acordarea si/sau recuperarea unui credit/angajament. Pentru exercitarea drepturilor acordate. Toate costurile legate de constituirea.2.16.4. 7. toate costurile si cheltuielile inregistrate sau efectuate de catre Banca (incluzând. fara a se limita la.calculate prin aplicarea Ratei dobânzii majorate/Ratei dobânzii penalizatoare/valorii taxei de rambursare intârziata prevazuta in Contractul specific de credit. fara ca aplicarea unor asemenea costuri sa prejudicieze alte drepturi sau remedii conferite Bancii in temeiul Contractului de facilitate si legislatiei aplicabile. Obligatiile de plata prevazute la 7. toate inscrisurile.2.1. vor deveni scadente in maxim 5 (cinci) zile lucratoare de la data primirii de catre Client a unei solicitari scrise a Bancii. Alte Costuri suportate de Client pentru facilitatile de credit/finantarile bancare/ Angajamentele acordate.4. transmite. Banca va avea dreptul. fara a se limita la completarea. 7.15. un nou grafic de rambursare la cererea Clientului/Codebitorului/Garantului. 7. cheltuieli de executare silita.16. semnarea si utilizarea formularului standard “Acord de consultare a bazei de date a Centralei Riscurilor de Credit” prevazut de Regulamentul nr. 7. in numele si pentru Client.16. Alte dispozitii in legatura cu creditele 7. executarea garantiilor constituite/ procurate Bancii de Client vor fi suportate de acesta. sau cu privire la neindeplinirea la timp de catre Client a obligatiilor contractuale. in conditiile mentionate in documentele mentionate anterior.2/2014 privind organizarea si functionarea la Banca Nationala a României a Centralei Riscurilor de Credit. Clientul va despagubi Banca si pentru toate pierderile. 7. nu va impiedica Banca sa isi exercite aceste drepturi si nu va fi considerata ca reprezentând o renuntare la acestea si. impotriva tuturor actiunilor legale pentru orice prejudicii. 7. Dovada deplina a existentei acestei imputerniciri se va putea face de Banca prin prezentarea unui exemplar din Contractul specific de credit in care se face mentiunea ca respectivul contract se completeaza cu prevederile CGB. In cazul in care Clientul nu-si indeplineste oricare din obligatii.5. inregistrarea legala. etc.15.3. pastrarea si aplicarea drepturilor Bancii dintr-un Contract de facilitate si/sau din oricare alt Document de Finantare.16. daca nu se precizeaza altfel.15.3. Omisiunea. costuri si cheltuieli de orice natura in legatura cu un Contract de facilitate si/sau cu oricare alt Document de Finantare si va restitui Bancii toate sumele platite (direct. 7.2. renuntarea de catre Banca la indeplinirea oricarei conditii suspensive prevazute in oricare din Contractul de facilitate si/sau in oricare alt Document de Finantare incheiat cu Clientii. consultanta. cheltuieli de evaluare. Banca nu va fi considerata raspunzatoare pentru pierderi sau prejudicii de orice natura suportate . precum si orice intârziere din partea Bancii de a exercita orice drepturi nascute in baza unui Contract de facilitate si/sau a oricarui alt Document de Finantare. in orice moment. De asemenea.1.

respectiv numerele de contact fax/telefon mobil indicate de Client in cuprinsul documentelor puse de Banca in acest scop la dispozitia Clientului.1. aprobari. precum si drepturile si obligatiile partilor in legatura cu acestea.1. orice Notificare trimisa de Banca va fi considerata trimisa catre fiecare dintre persoanele/entitatile ce alcatuiesc Clientul. notificari. prin posta si/sau prin fax. Banca poate alege. 8. daca este trimisa oricareia dintre ele.2. 8. se vor face de catre Banca in scris.8. expres sau tacit) cu privire la continutul modificat al CGB. la oricare dintre unitatile teritoriale ale Bancii (când in Contractele specifice nu se reglementeaza modalitatea de notificare). in modalitatile prevazute in Contractele specifice sau in scris. In cazul in care Clientul este compus din mai multe persoane/entitati.raiffeisenonline. Modificarea CGB si a Contractelor specifice.2.2.4. utilizând in acest scop adresa postala si/sau de e-mail. Orice Notificare scrisa este considerata ca valabil expediata de Banca dupa caz. 8. (iii) prin publicare in paginile de Internet ale Bancii (www. raiffeisen. pentru detinatorii unor astfel de servicii furnizate de Banca.1.3. in absenta unor prevederi diferite in cuprinsul CGB/ Contractelor la data publicarii. intentia sa de incetare a raportului juridic ce este afectat direct sau indirect de modificarea propusa de Banca. Se considera ca prin ridicarea de catre Delegat a documentelor puse la dispozitia Clientului in unitatile bancii. Notificarea sau orice alta comunicare este considerata primita de Client. in cazul transmiterii prin fax/e-mail/SMS .1. Orice Notificare remisa Bancii de catre Client va fi efectiva doar ..2. vor fi notificate Clientului prin afisare în locuri special amenajate din incinta Bancii si/sau prin orice alte mijloace de comunicare alese de Banca in conformitate cu art.2. Notificari 8. DISPOZITII FINALE 8. Clientul accepta ca dovada afisarii la sediile Bancii/pe pagina de Internet a respectivelor modificari poate fi facuta de Banca prin orice mijloace de proba permise de lege. 8. Orice Notificare sau alta comunicare va fi trimisa de catre Client Bancii la unitatea teritoriala unde este inrolat. / sau indirect de catre Client ca urmare a neacordarii unui credit sau a neindeplinirii obligatiei de a pune facilitatea de credit la dispozitia acestuia. dupa caz. Clientul are obligatia de a ridica zilnic documentele puse la dispozitia acestuia in unitatile Bancii. Continuarea raporturilor contractuale dintre Banca si Client este posibila doar in conditiile acordului Clientului (dupa caz. in cazul trimiterii postale – in termen de 3 zile lucratoare de la depunerea la oficiile postale/ de curierat pentru trimiterile pe teritoriul României. respectiv la ultimele numere de contact (fax sau telefon mobil) comunicate Bancii de catre Client. in cazul remiterii personale . dupa caz. Daca in termenul prevazut in Contractul specific.4. oricare dintre urmatoarele modalitati pentru a aduce la cunostinta Clientului continutul unei “Notificari”: (i) prin remitere personala. daca prevederile legale in vigoare nu reglementeaza data generarii raportului de remitere de aparatul utilizat pentru transmitere. ale derularii operatiunilor de plata si ale functionarii Conturilor de plati.2. al Contractului specific. 8. 8. 8. iar in cazul publicarii pe pagina de Internet a Bancii ( www. si/sau in modalitatea de informare expres prevazuta in Contractul cu acces public sau. “Notificari” daca in Contractul specific nu se reglementeaza modalitatea de notificare.1.2. in termen de 5 (cinci) zile de la luarea la cunostinta a modificarilor propuse (când in Contractul specific nu este prevazut un astfel de termen).raiffeisen. daca a fost expediata la ultima adresa (postala si/sau de e-mail). se prezuma ca tacerea Clientului valoreaza acceptare tacita a modificarilor respective. inclusiv cele cu privire la clauzele ce reglementeaza conditiile utilizarii instrumentelor de plata. respectiv in termenul garantat de prestatorii serviciilor de posta/curierat pentru trimiterile in predare. Orice solicitari. dar nu mai târziu de 30 (treizeci) de zile calendaristice de la data comunicarii modificarilor conform art. prin remitere personala.2. oricând pe durata relatiei contractuale cu Clientul. Modificarile CGB si ale Contractelor specifice propuse de Banca sunt comunicate Clientului in modalitatea prevazuta in Contractul specific fiecarui serviciu/produs sau in modalitatile prevazute la sectiunea 8. dupa caz. ca urmare a unei erori sau intârzieri in instructiunile date de Client sau ca urmare a unor alte fapte/acte ale acestuia. Banca si Clientul convin ca orice modificari ale CGB si/sau ale clauzelor din Contractele specifice propuse de Banca. in cuprinsul documentelor puse de Banca la dispozitia Clientului in acest scop. Banca a notificat Clientul prin remitere sau direct in aplicatie (www. (iv) prin mesaj postat in cadrul aplicatiiilor de internet-banking/ home-banking.raiffeisenonline. cu acces restrictionat (in masura in care Banca are disponibil la data comunicarii un astfel de serviciu de informare si au fost agreate cu Clientul conditiile de acces si de identificare a acestuia).5. Clientul nu notifica Bancii. (ii) prin transmitere prin posta / fax / posta electronica /SMS-mesaj text. comunicari (“Notificarea”) decurgând din prezentele CGB si/sau din Contractele specifice incheiate intre Banca si Client. 8.1.2. 8.

iar fiecare Notificare transmisa prin fax va fi confirmata de expeditor printr-o scrisoare originala fara ca aceasta regula sa afecteze valabilitatea sau eficacitatea transmiterii prin fax.3.3. Orice prejudiciu rezultat in urma folosirii in acest scop de catre . Litigii. catre orice persoana. 8. orice notificari sau comunicari decurgând din prezentul contract se vor efectua in limba româna. Clientul va plati o suma mai mare.2.50). o21/3165761. 8. astfel incât in urma oricarei astfel de deduceri sau retineri.315. Clientul va plati o suma suficienta in acea alta valuta astfel incat sa permita Bancii sa achizitioneze o suma egala cu obligatia de plata a Clientului (sau respectiva parte a acesteia) in valuta in care aceasta este stabilita.3.5. 8. Exceptie de la aceasta fac operatiunile si documentele privind serviciile de plata carora le sunt aplicabile Orele limita. sa semneze ordinele de plata. Banca are dreptul de a-si substitui in oricare din sau toate obligatiile orice entitate din cadrul sau din afara Raiffeisen Group. 8.3. 8. obligatia de a pune la dispozitia Clientului fonduri. Legea aplicabila. 8.8. Relatiile dintre Banca si Client sunt guvernate de legislatia româna.7. a oricarei alte garantii sau legi.3. Limba contractului.4. daca e cazul sa supuna litigiul spre solutionare nu numai în fata instantelor române. indiferent de data nasterii/constituirii acestor drepturi/remedii in favoarea sa. în functie de normele procedurale în vigoare. Clientul isi exprima acordul expres cu privire la novatia prin schimbare de creditor având ca obiect oricare din sau toate obligatiile asumate de catre Banca prin contractele/documentele respective. Piaţa Alba. in acest sens. 8. iar Clientul autorizeaza in mod expres Banca. CIF 361684. de catre nici una dintre parti. singurele competente pentru solutionarea acestor litigii sunt instantele judecatoresti. 8. Cesiunea. tel.1. cu sumele datorate de acesta. fiind suficienta numai incheierea unui acord intre Banca si entitatea pe care si-o substituie. la singura sa apreciere. conform legii. Clientul poate sesiza in conditiile legii Garda Financiara (autoritate de control cu sediul in Bucureşti.Iulia nr. Drepturile si obligatiile decurgând din prezentele CGB nu pot face obiectul cesiunii. la discretia sa totala. va fi considerata primita in ziua lucratoare urmatoare. dar si a uneia straine care are jurisdictie asupra Clientului.4.1. Când acest lucru nu este posibil. Daca Banca.1. Riscul transmiterilor 8. documente de livrare marfa ale acestuia catre un anumit destinatar.6. oricare sau toate drepturile si beneficiile sale rezultând dintr-un Contract de facilitate de credit si/ sau din Documentele de finantare. novatie care isi va produce efectele oricând Banca.2. titluri de valoare.3.5. Orice Notificare primita de Banca intr-o zi dupa ora 16:00 a unei zile lucratoare. vor putea fi exercitate/executate de Banca in ordinea aleasa de Banca. la cererea Clientului. 8. va decide sa inceteze calitatea sa de obligat prin Contractul de facilitate de credit si/sau prin Documentele de finantare. prin prezenta.313. 8. incluzând. fara a fi necesar acordul Clientului.27. Fax :021/3165762 si/sau Banca Nationala a României (autoritate de supraveghere cu sediul in Strada Lipscani nr. fara a se limita la. Bucuresti. Novatia.7. tel 021.4. efecte de comert. 8. Banca va avea dreptul sa debiteze oricare din conturile Clientului.4. Banca va putea. cod 030031. Prezentele CGB sunt incheiate in limba româna. Remedii cumulative si nu exclusive Fiecare dintre drepturile/remediile/garantiile acordate Bancii in baza prezentului document si/sau contractelor specifice incheiate intre Banca si Client.6.7. la discretia sa. sector 3. Banca poate cesiona sau transfera in alt mod. Actionând ca reclamant. Prin incheierea oricaror Contracte specifice de credit/Documente de finantare. Restrictii si interdictii 8. transmiterea se face pe riscul Clientului.7.10. In vederea solutionarii pe cale amiabila a eventualelor dispute privind serviciile de plata. calculata la rata spot relevanta dupa cum va determina Banca. 021. si vor fi aditionale tuturor celorlalte drepturi si remedii acordate Bancii in virtutea oricarui alt acord. Eventualele litigii se vor solutiona pe cale amiabila. sector 3.8. bloc I.1. cod postal 031104. instructiunile si alte documente ce pot fi necesare pentru ca operatiunea mentionata mai sus sa fie efectuata integral si corespunzator. sau impiedica ca orice fonduri in acea valuta sa fie remise Bancii. novatiei sau transferului. Clientul isi va indeplini obligatia (sau respectiva parte a acesteia) efectuând plata catre Banca (la alegerea Bancii si in maniera indicata de catre Banca) in acea alta valuta pe care o va indica Banca. 8.din momentul primirii de catre Banca. 8. dintr-o plata a Clientului catre Banca. fara a notifica in prealabil Clientul.2. transmite sume de bani.3. In acest scop.2. utilizând in acest scop terte parti ca intermediari.6. 25. in vederea aplicarii procedurilor extrajudiciare de solutionare a disputelor. Daca o lege interzice Clientului sa isi indeplineasca oricare din obligatiile sale asumate fata de Banca (sau orice parte a respectivei obligatii) in valuta in care este stabilita. Banca sa primeasca si sa beneficieze de o suma neta egala cu suma pe care ar fi primit-o daca nu ar fi fost facuta nici o deducere sau retinere. Transferul 8. Deduceri sau retineri cerute de lege Daca o deducere sau retinere trebuie facuta.04. 8. In cazul in care Banca acorda Clientului orice credit/facilitate de credit.

sunt reflectate in mod diferit in cuprinsul prezentelor CGB si/sau al Contractelor specifice.4. prin denuntare unilaterala la initiativa Clientului sau prin reziliere solicitata de Banca. telefonice. Banca poate transmite Clientului. etc).9. cu exceptia situatiilor in care se dovedeste o culpa a Bancii intervenita in procesul de transmitere. se considera ca Banca si Clientul au convenit sa aplice in raporturile dintre ele respectivele dispozitii legale doar in limita preluarii lor in continutul clauzelor contractuale . Clientul si Banca agreeaza ca Banca va retine integral pretul periodic platit de Client in avans pentru derularea acestor Contracte (spre ex. fax. la cerere. serviciul SWIFT in scopul transmiterii Ordinelor de plata instructate de acesta sau pentru emiterea garantiilor bancare/ deschiderea acreditivelor si/sau transmiterea oricaror alte mesaje in legatura cu derularea/modificarea garantiilor/acreditivelor emise/deschise de Banca la cererea Clientului. 8. Alte clauze 8. In cazul in care prevederile cu caracter dispozitiv din actele normative ce reglementeaza conditiile utilizarii instrumentelor de plata. nu sunt preluate integral sau.Banca a serviciilor postale. rezilierea opereaza de plin drept. 8.8. de telex. 8.1. Banca va raspunde pentru eventualele prejudicii generate ca urmare a erorilor proprii de procesare a transmiterilor. In cazul in care inceteaza Contractul specific ce reglementeaza operatiunile de plata si/sau instrumentele de plata si/sau Conturile de plati. In cazul in care Contractul specific inceteaza prin reziliere (invocata de parte pentru neexecutarea sau executarea in mod necorespunzator de catre contraparte a obligatiilor contractuale).9. ale derularii operatiunilor de plata si ale functionarii Conturilor de plati. 8. taxa mentenanta Cont/ instrument de plata. de curierat sau a altor mijloace de comunicare sau transport.9. precum si drepturile si obligatiile partilor in legatura cu acestea. informatii cu privire la continutul CGB si/sau la orice Contract specific privind produsele /serviciile furnizate. dupa caz.taxa administrare Cont. e-mail. la cererea Clientului. va fi suportata de catre Client. 8.9. . fara punere in intârziere si fara interventia instantelor judecatoresti. In cazul in care Banca utilizeaza. fara somatie.


trying to emphasize some of the parts of the products or to take profit of some competition advantages in relation with customers’ products. risk. 67 . long and medium term credit. The conditions for credit mainly depend on the quality of customers. 11E. n JEL Codes: G21. For reasons which are mainly connected to marketing. the bank field rules and the main Loan Products Included in the Offer of Commercial Banks technical features of the offered products. It is for corporate activities – for medium and big companies and for retail activities – for small companies and individuals. commercial banks. REL Codes: 11C. A bank loan is the main form of economical credit. bank practice has developed a large range of credit names.Loan Products Included in the Offer of Commercial Banks n Vasile Dedu Adrian Enciu The Bucharest Academy of Economic Studies Abstract. Keywords: loan products. it means their ability to perform a profitable activity and to be able to pay back the credits. short term credit. We are trying to include the offer of bank loans in a typology which takes into account the law.

we can find: 68 1. loans taken from the money market. The medium and long term credit has as main source the loans taken from the financial 1990 to present. but it was considered more adequately for the new ability to perform a profitable activity and to be able to pay the given loans. loans taken from Global operation loan The global operation loan is the main type the financial market and bank’s own funds. we are trying to include the offers of bank credits in a typology which takes into account the law. In 1990 the name of production credit was used and it showed very market. which allowed the customer the beneficiaries.Theoretical and Applied Economics A bank loan. it means their it was renamed as global operation loan and had the same economical meaning. in 1995 retail activities – small companies and individuals. It depends mainly on the quality of the customers. a type of loan used in western countries. as the main form of economical credit. but the form of giving and paying back. it means the financing of service supplying and production activities. because it showed quite well the feature of the credit which gave the possibility of using a higher volume of credits than the approved one. This type of credit has been named in different ways. As the term was considered to be old. Loans are given for the goal established through the contract and the use of the loan for other goals entitles the bank to stop the credit and to start recovering the given amounts in advance. The contract of credit and the contracts of guarantee have a law value and that means the bank can make use of them against the debtor without any other law trial. Banks give loans only on the base of real guarantees or future income assignment of market. A credit is addressed to corporate activities – medium and big companies and well the goal of the credit. The term of revolving credit was largely accepted by the bank community. according to the orientation of money authorities. at least since and they come from the money market. The substance of the credit has not changed. This form of credit was a step forward in the field of loan offering advantages mainly for companies. Thus. thus the company had permanently available the same amount of credit till the due date. the bank field rules and the main technical features of the offered products. Starting 2000 the name of revolving credit was preferred. A bank loan is mainly a short term credit because the resources are also on short term of credit used by companies for their economical activities. as well as the amounts of money in their bank accounts or personal guarantees. but within the limit of the approved level. giving and repaying multiple amounts of money during the period of credit. but it had to be paid back when the reserves were in the approved limit. we encounter a very large range of credit names. the classic system has been abandoned in favor of a modern form of credit which allowed that the amount develop according to the cash flow fluctuation of the company. Short term credits to renew its credit to the level initially approved. especially from other banks. . for reasons which are mainly connected to marketing. As in practice. it is based on bank deposit.

within the limits of a contract. the central bank has introduced the term of limit of credit. Credits for financing temporary stocks This category includes: (a) credits for temporary expenses and stocks of raw materials. This type of credit is typical to building and manufacturing companies. which. through its crediting-debiting operation. supplying with best lots of goods. including unfinished products within the period of credit. Loan Products Included in the Offer of Commercial Banks but also for banks as. Global operation credits can be given to companies which have adequate financial performances (categories A or B) and which have a good sense of duty. upon the customer’s request. final product stocks which are for sale. agricultural food. by operating a higher volume of credits. Further on we will be using the term of global operation credit. The crediting mechanism was the current account. to supply some temporary requests of financing. they could benefit from a higher volume of interests and bank charges for their payment operations. contracts which. materials which exceed the needs following to some factors (supplying in advance from suppliers. are performed and emphasized distinctively. through their nature. as the sale of the products is assured and thus the credit repayment is assured. on the base of an analysis similar to the one performed when opening the credit line. which shows better the substance of this type of credit.Object credit An object credit refers to a loan given for orders. which was considered to be more adequate to the activity of loan and which represented a revolving credit. production shut down. These stocks are typical to companies which perform temporary business activities in the food and agricultural industry. The loan is given for a period up to 12 months and can be renewed. are given to cover the deficit of cash due to a failure in receiving goods or services. For a bank this type of credit is more attractive than the global operation one. including for the use of some opportunities offered by the market. Starting 2007. In 2000 this term was also changed into credit line. Global operation credit can be given either for the current supplying. with the same meaning and mechanism of operation but with a less representative name. production. projects. The credit can be increased or decreased during this period of 12 months if the customer’s business activity is better or weaker than the parameters taken into consideration when the credit was approved. but only for export activities and when these activities have considerable percentage and permanent status in their turnover. sale activities or for other sub activities. other stocks for a longer period than a quarter of a year but no longer than 12 months). Treasury credits This category also known as loans for temporary needs. reflected whether the existing credit (debit sold) or the money reserves (credit sold). These credits can also be given to companies included in the performance categories C or D. which operate on base of a contract concluded before the production process starts or to companies which acquires stocks of goods in order to sell them later. and (b) credits for temporary expenses and stocks of raw materials and products (animal and vegetable agricultural products. Treasury credits are given for a period of maximum 69 . difficulties with shipping the goods to house or abroad customers.

which are given up to 30 days in order to cover the difference of cash flow following to an unpredictable situation. These kinds of loans cannot be given to the companies which have been included in the Data Bank of the Payment Central with incidents in the last six months or the companies whose right to use them has been suspended for a period of 12 months. where the loans given on the base of postdated cheques were refused to be paid because of lack of money. as the payment instruments received as guarantee do not assure their settlement and there are risks of failure of payment by the debtor. There are very important the situations encountered in our bank system.5-3% higher interest than the bank interest. there must be added a margin to the cost of operation. there are two types of factoring: n Old line factoring. which is either remitted for the bank or guaranteed in favor of the bank. also called commercial securities. in exchange to a commission. Services of insolvency and currency risk evaluation are of a great importance in financing the exports. A trade paper. n Maturity factoring.5 and 3% of the invoice for the administration of the bookkeeping and for the help with the management. For the currency risk. a promissory note and a cheque are loan securities which entitle one to have access to open currency or to tenor. and the payment in advance of invoices means a 1.Theoretical and Applied Economics 70 30 days. Discount loan A discount loan is given on the base of some payment instruments. Unlike discount. and made the banks which offered them to lose money and to try to recover it in the court. the factor does not receive the financing commission. In this second case. The insurance against the insolvency risk is made by subrogating the factor for the adherent. who is also helped by the period between the issuing and the remittance (which is sometimes quite long) as well as the postdated cheques. when the factor pays the debts of the adherent the moment they become exigible. in the case of factoring we do not encounter trade papers. which should remunerate the bank for offering the amount to the customer in advance and a commission of administration which should remunerate the bank for its effort of recovering the money. but it is remunerated for the operation of discount. The factoring Factoring is the operation performed on the base of a contract through which the factor (the bank) takes debts from the customer or it is appointed adherent through the payment of some invoices resulted following to some trade operation. The cost of these services is between 0. In fact. there is a financing commission. which can become guarantees given to the bank up to the receipts of those securities or one can guarantee in favor of a bank that it will recover their nominal value as beneficiary. According to the moment of financing the customer. In the same way one can do with the cheque. so that the importer will be considered valid and the payment will be made to the factor. The account loan is more risky than other types of loans. . when the factor pays the invoices when overtaking them. Credits for account facilities are of the same nature as well as credits for overdraft.

depending on the country’s monetary policy. car credits. if the case. Consume credit also has a social component.000 RON). The guarantee is the transfer of the income made out of salaries and. Initially it arose from the possibility offered by a trader to buy goods. Old line factoring assures the adherent a financial reserve earlier than the payment date of the loans given to importers. deck credits. credits through debit cards for overdraft. card credits. Consume credit offers advantages for both parties: the buyers have the possibility to get the goods he needs without having the amount of money needed for this purpose. This credit can be taken in RON or in another foreign currency. as it finances the people’s going up desires of consume through a later repayment thus becoming the engine of retail activities. so for an exporter it is a way of promoting the exports. house credits and credits on mortgage.Consume credit Consume credit is a credit given to individuals in order to buy goods or services in the commercial network. There is a large variety of consume credits which can be changed according to more and more varied offers of goods and according to consumers’ preferences closely depending on their income. 71 . As a rule. The most wanted types of consume credits are the following: nonnominal credits. offering the possibility to place another order without the risk of insolvency of its debtors. credits for long use products. The more advanced a society is the higher the amount of consume credits among non government credits is. In general this is a short and medium term credit. Consume credit (except the house credit and credit on mortgage) has a minimum and a maximum limit (about 500 – 20. At the beginning the consume credit was in the way of a trade credit where the risk of nonpayment was under seller’s responsibility. being used to cover the present requests of the person (and its family) who takes the loan. and to pay for them when salaries are paid. but they operate as long and medium term credits. On the market there are also nonnominal credits for long use goods. it means their life standard. The size of the credit is given depending on the value of the goods which are to be bought and on the income made by the person (and its family) who takes the loan. to avoid the misunderstanding which can come out when using a foreign language or not knowing the laws in force or the custom in the importer’s country. Non-nominal credits A non-nominal credit (also known as credit for personal needs) is the most used form of the consume credit. and the traders promote the products. which varies from a country to another and it is between 50% and 70%. which varies from a bank to another. the endorsers’ revenues. Besides it offers the possibility of getting some payment facilities. but in time it has turned into a bank credit. this is a credit which must be guaranteed by personal income and possibly by other endorsers. especially food. Loan Products Included in the Offer of Commercial Banks To make use of the factor offers a series of advantages: it gives you the possibility to use the trade paper or the letter of credit when making the payment. a period of up to four – five years and a variable interest plus commissions. But there is a limit where one can extend the consume credit determined by the level of people’s debts according to the income made by them.

they have to get the advice of a specialist. The owner of the card is obliged to pay a third of the credit balance at the end of the month and also to cover the interest and the commissions. This is a type of revolving credit. A bank analysis is focused on the economical efficiency of the investment which should show the possibility of credit reimbursement and should make the beneficiary increase its profitability.70%). city construction management and others which can be the base for economical development. For a salary card. and if they do not have this kind of specialists. water plant 72 Credit on mortgage Credits on mortgage are also long term credits given to buy dwellings (houses.Theoretical and Applied Economics Credit through credit cards A credit through credit cards is a classic short term credit which is given according to the banks’ standards. the credit is given by a bank pool. it means that. Long/medium-term loans Development loans Development loans are the ones which are given for new investments in production facilities and equipment. depending on the nature and the efficiency of the investment. approved by the beneficiary’s management board and they must have the expertise of the technical and economical department of banks. it means a group of banks which is formed to take part with a certain percentage to the financing in order to share the risk of credit. Yet the credit through a credit card has become a common one and it is now the most favorite way of paying goods. Investments are of great values which are to be made in several years and have a long term economical effect. The guarantee is the investment. management. Credits are given to make up the investor’s funds. infrastructure work. Mainly the payment can be made through the debit card only within the limit of the amount of the card account. Credits through debit cards for overdraft An overdraft credit for individuals is specific for a debit card and it is a line of credit which depends on the operation of this card. the bank offers a credit facility. The period of credit is of about 15 – 25 years. without money in the account. as the interest is also higher. flats. Financing is assured through one of the banks which represents the whole group – the agent bank – and which monitors the credit till the reimbursement is complete. The guarantee is offered by an employer who undertakes to retain the amount from the salary in case the overdraft credit is not paid back. Investments are made on the base of some technical economical documents which should contain the description of its efficiency apart from the technical one. 2. it means a credit line of a certain value (also called limit of credit) from which one can make payments within its limits and which has to be monthly renewed. one can ask for other bank or state guarantees. For investments of great values. but it is the main financing source (about 60% . Loans are approved on the base of these documents. one can make payments from the credit line within the limit of an amount of the salary and this amount should be paid back from the first salary received together with its interest and commissions. then he renews the limit of credit. because of the long term of the credit. and if it is considered necessary. or land) which are based on the mortgage over the investment according to the Law of the loan . The risk of a failure of payment is higher for a credit card than for the other short term credits.

The size of the credit depends on the income and the age of those who take the credit so that the credit could be reimbursed completely during the active period of their life. but the role of agent is played by the mortgage bank. Although the leasing is a new activity. and the dwelling is on mortgage in favor of the credit bank till the reimbursement of the loan is completely paid back. The problem was when interests went up again and made a lot of debtors fail to perform the payment of their installments which led to a deterioration of the portfolio of credits on mortgage (one of four credits became unprofitable). the credit on mortgage has increased since 2003 and has developed rapidly because of the deficit between the dwellings and the possibilities of financing which had arisen. Loan Products Included in the Offer of Commercial Banks on mortgage no. 190/1999. To finance these investments. Before the building is finished there are used other kinds of guarantees. The failure of payments led to 73 . In Romania. This crisis has already started to arise in other countries too. on the base of compensation from insurance companies. there are mortgage banks which take long term credits from the capital market or ask other financing companies or investments funds to co-finance these investments. 2001. The credit period is up to 20-30 years. Leasing credits Leasing credits are medium term credits and are given to leasing companies for buying movables or real estates. Real estate credits Credits for real estate investments are given to buy real estates or land for construction and they are guaranteed with those real estates or with the bought land or with other real estates or other land. which then can be leased or rented with the option to buy the product at a price previously established or to return it to the company at the end of the leasing period. the government encouraged the drop in interests which decreased from 7% to 1% in order to encourage constructions and to stimulate the economic growth. some of them almost went bankrupt. but these limits can be extended depending on the monetary policy. The risk is that the debtor could fail to make the reimbursement during such a long period of time and the bank should be in charge with selling the real estate according to market conditions. After the events of September 11. it has expanded quite fast on the base of financing from bank credits. as an unfinished and non operational building can not be considered as a guarantee. 70% of the investment is given as a credit. for example in England. a very good example is the crisis of the subprime loans in the USA which made financing companies to lose a lot of money and some of these companies went bankrupt. thus the banks could not sell the dwellings taken from the debtors and lost about US$ 400 billion. The highest risk is the difficulty in anticipating the economical evolution on long terms. The credit is given up to 85% of the goods value on the base of real guarantees (real estate guarantees) and on the base of the goods that are to be bought and other additional securities under the form of a transfer of debts of the amounts in the account. Real estate credits are also used to erect buildings having as a guarantee the erected building after it has been finished. which led to an avalanche of mortgage credits.the collapse of dwelling demands and consequently the drop in price. These credits are medium or long term credits which are based on the deed of sale and on the investor’s capacity to reimburse the loan.

Produse ºi servicii bancare în relaþiile de plãþi. But we have to notice that in Romania the operation rather works within the lower limit of the above mentioned period. we can find here higher costs compared to discount operation. D. on the estimated risk of operation. FX & MM Magazine. Thus the determined discount reduces the nominal value paid to the exporter. (2007). The cost of financing has a fixed rate of interest. on the way of paying the forfaiting. Editura Casa Cãrþii de ªtiinþã. ediþia a II-a. (2008). 14/19/14. (2004). M. Metode ºi tehnici bancare. (2002).European Treasury Trends & Practices. Editura Tribuna Economicã. Forfaiting Forfaiting is an operation of transferring the debts of a foreign business trade made on credit to a bank or to a special financing company. does not give the bank the right to appeal the seller of the debts in case there are any incidents regarding the payment caused by the debtor. Editura BREN. Chirleºan. Gestiune ºi audit bancar.2006 privind tratamentul riscului de credit pentru instituþiile de credit ºi firmele de investiþii potrivit abordãrii bazate pe modele interne de rating Site-uri oficiale ale bãncilor comerciale din România . Editura Economicã. bills payable to order. 15/20/14. The bonds used in the forfaiting can be bills of exchange. I. Bucureºti Imireanu. from 1 year to 7 years. Bucureºti Dedu. D.12. furniture) are given under the same conditions as for vehicles. on the fact that the bills of exchange are or not guaranteed.Theoretical and Applied Economics Nominal credits This type of credit is given to buy new vehicles from authorized dealers or to buy second hand vehicles from second hand traders or individuals. avoiding the risk of non-payment of the bills of exchange at the stated term – this risk being overtaken by the bank – and promoting the goods at selling on the base of a sure financing. The goods should be insured by the buyer and the insurance policy is transferred to the bank. V. Management bancar ºi analiza de risc în activitatea de creditare. forfaiting unlike discounting. but also to those of medium term. computers. March 2006 Regulamentul nr. V. Iaºi Constantinescu. Credits for other types of goods (domestic electronic and electric devices.. Editura Universitãþii „Alexandru Ioan Cuza”.2006 privind tratamentul riscului de credit pentru instituþiile de credit ºi firmele de investiþii potrivit abordãrii standard Regulamentul nr. Treasury Strategies”. but there are several technical elements which are different. Bucureºti 74 „Treasury Strategies . letters of credit. Firstly. The operation looks like discounting. plus a commission established depending on the debtor’s reliability.12. Forfating applies not only to the short term debts. (2006). respectively improving the cash flow by receiving immediately the value resulted from selling the bills of exchange. Management bancar. Secondly. the References term of the operation makes the difference. The bank pays for these debts on the spot and it will recover their value from the importing debtor. IT components. Taking into account the risk overtaken by the bank. Cluj-Napoca Cocriº. Forfaiting’s advantages are: creating cash. shorter than a year. Trenca. Its particularity is that the buyer should have at least 25% of the funds as the credit is 75% of the goods value.

the objective of this paper is to gather secondary reliable data from different official sources (results of enterprise surveys. In 2011. the financial support system focused more and more on providing funding resources for SMEs by lowering the cost of borrowing from banks and other credit institutions.5 %. e-mail: . A fundamental problem in dealing with SME financing is the lack of basic information about the difference between the demand and supply of financial instruments at their disposal. Since 2009 only 41% of SMEs managed to access bank loans. As a consequence almost a third of SMEs which applied for a bank loan did not get any credit or got less than they applied for. In this context. Ever since Romania entered the European Union. as SMEs can operate on niche and local markets. bank credit supply. on average 87% of Romanian SMEs borrowings originate from bank loans. E51 Introduction Access to finance represents the second most pressing problem for all Romanian SMEs. Faculty of 178 Economics and Business Administration. 2012   BANK LOANS AND SMALL FIRM FINANCING IN ROMANIA Daniela Rodica Silivestru(Popescu)1 Abstract: According to a recent survey conducted by the European Commission. bank credit demand. In 2011. having a clear understanding of the difference between the demand for funds by SMEs and the supply of funds to SMEs will help stakeholders find answers to some of the following questions: Are Romanian SMEs affected by a                                                              1 Babes-Bolyai University daniela_p0pescu@yahoo. unlike their larger peers. the present paper seeks to analyze the gap between the demand and supply of bank credit to SMEs in Romania between 2007 and 2011. In this context. the results of the National Bank of Romania (NBR) Bank Lending Survey 2011 showed a significant overall tightening of credit standards on loans to SMEs. Keywords: SMEs. and. are not subject to external ratings and extensive disclosure   Cluj-Napoca. (ii) problems on accessing enterprises’ information. Yet. 2011a): (i) management costs which can be significant for the providers of funds as loans are small in size. Borrowings from non-bank financial institutions recorded only 7. However due to the economic and financial crisis the Romanian SMEs access to credit has deteriorated considerably in comparison with the EU average. Often the only evidence is in the form of complaints from SMEs themselves and this is difficult to use in analysis or for comparison. Romanian small enterprises make no exception. Despite all inconveniences. SMEs loans continue to create specific difficulties such as (European Commission. and data directly provided by the National Bank of Romania) and assess the gap between the volume of bank loans granted to SMEs and the loan demand by SMEs between 2007 and 2011. on average 87% of Romanian SMEs borrowings originate from bank loans. at the end of 2011. most Romanian SMEs turn to debt financing at an early stage and generally choose banks as their main lenders. Given the importance of adequate access to finance for SME development. G21. In the same time. and (iii) risks generated by the questioning quality of SMEs management system which makes the automation of the credit process more difficult. European small and medium size enterprises (SMEs) are highly dependent on bank loans when it comes to financing their activity and accomplishing their growth ambitions. 14(1). banking surveys. financing gap JEL Codes: G30.Annales Universitatis Apulensis Series Oeconomica.

Cetorelli and Gambera (1999) examined the role played by banking sector concentration on firm access to capital. For this reason. found a strong education effect in explaining access to   179 . Demirgüc-Kunt and Maksimovic (2008) found that small firms use less external finance than large firms (especially in terms of banks and equity finance) because their lack of collateral. Johnsen and McMahon (2005) stated that because of collateral firms with more intangible assets tend to borrow less. More frequently. The fundamental reasons behind SMEs’ credit demand can be found in their peculiar characteristics. SMEs face higher cost of financing due to the fact that most of them have fewer assets to offer as (2004) have shown that a high bank concentration on the market causes a reduction in volume of credit granted to financing gap? If so. Kumar and Fransico (2005). Shorter loans allow banks to monitor more frequently the firms’ performance and. Similarly. commonly defined as the difference between the volume of funds at their disposal and the volume of funds they require. the bank lending supply problem lies with supervisory and capital adequacy requirements which prevent banks from lending to enterprises that lack traditional collateral. who is responsible for this gap? What needs to be done to address the SMEs bank financing gap? To answer the aforementioned questions. As Berger and Udell (1995) observed. vary the terms of the contracts before losses have accumulated (Hernández-Cánovas and KoëterKant 2008:2). some studies (Bell. Analyzing the supply side. Schmitz (1982) highlighted that the small scale producers in developing countries fail to expand primarily because they lack managerial ability. if necessary. 2001). entrepreneur related factors take a priority position in all credit assessments by the borrowers. Section 2 presents an overview of the Romanian SMEs sector development in the 2007-2011 period. showing that bank concentration promotes the growth of industries that are naturally heavy users of external finance by facilitating credit access to younger firms. et al. the reminder of the paper is organized as follows: Section 1 reviews the literature regarding the typical barriers and constraints on SME bank financing on both the demand and supply sides. compared with firms with more tangible assets. Beck. (2007) pointed out that the length of a SME’s debt depends on the maturity matching between the debt and the life of the assets. The result is an equilibrium rate of interests at which the demand for credit exceeds the supply (Atieno. Since banks are not able to control all actions of borrowers due to imperfect and costly information. because of a shortage of good projects or lack of persuasive business plans. implies distinguishing the various limitations which describe both sides. Section 4 investigates SMEs’ demand for bank credit and Section 5 concludes. Lean and Tucker (2000)) show that financial providers tend to know little about their clients’ businesses due to managers’ reluctance in providing strong financial information about their activity. The supply side constraints predominate if appropriate sources of finance are not available on terms and conditions suitable for SMEs (European Commission. Ownership structure affects SMEs ability to access finance. they formulate the terms of the loan contracts in such a way as to reduce the risks associated with borrowing. Understanding why SMEs face a financing gap. Heyman. 2001:5). The entrepreneurs’ behavior has profound consequences on how the business is run. The demand side constraints exist if entrepreneurs do not make use of existing financing opportunities. Section 3 describes the evolution of the bank credit offer to SMEs. One way of reacting to this market imperfection is reducing the maturity of their outstanding loans. 2000. In this respect some authors have studied SMEs difficulties in accessing finance (demand side characteristics) while others have presented the main issues in bank lending practices (supply side characteristics). Black. Literature review For some time now the academic world has focused on researching the nature and existence of potential market failure with SMEs’ access to bank and debt finance. Strahan (2002) and Berger et.

the turnover ceiling and the balance sheet ceiling for each size class enterprise: Table no. 2011: 135). SMEs sector development in Romania: an analysis of the 2007 to 2011 period Romania’s economic situation has significantly improved over the last 5 years. 2 summarizes the evolution of Romanian SMEs’ units by size class in 2007-2011:   180 . Before proceeding to investigating SMEs’ bank financing gap it is important to know how the Romanian micro. 2004) that SMEs in industries such as textiles.2006) is entirely harmonized with the European Commission’s Recommendation nr.2003/361/EC regarding SME definition (Roman and Ignatescu.Annales Universitatis Apulensis Series Oeconomica. table no. 1 presents the headcount ceiling. 2003) Taking into account the SME definition. Miller (1995) discuss the importance of borrowers’ lending history in obtaining bank loans. employment and value added emphasizing the importance of bank loan financing to the SMEs sector. “the category of micro. 27 of 26. machinery or manufacturing require a higher amount of external finance to meet their growth requirements. Petersen and Rajan (1994). Being in the business for many years suggest that firms are competitive and have accumulated sufficient assets to meet the collateral requirements of the banks. In view of the country’s accession to the EU in 2007 the financial sector has rapidly picking up providing a favorable environment for the creation and growth of the small to medium sized enterprises sector. For example. In a more recent study conducted on UK SMEs. In addition the financial track record facilitates the evaluation of the lending proposals making it easier for SMEs to obtain loans from banks. Berger and Udell (1995). small and medium sized sector has developed in the last years. Table no. and/or an annual balance sheet total not exceeding EUR 43 million. 14(1). According to article 2 from the cited Recommendation.01. Inspired by the literature approaches so far illustrated. some studies have shown (Levine. In Romania the legislation on SMEs (Law 346/2004 on stimulating the creation and development of small and medium amended and supplemented by Government Ordinance no. This investigation will offer a broad perspective on SMEs role in Romanian economy in terms of units’ growth (in total and by sector of activity). Industry affiliation is another characteristic which influences SMEs demand for credit. Silva and Carreira (2010) argue that service sector firms due to lack of physical capital avoid long term lending. Irwin and Scott (2009) observed that graduates entrepreneurs had the least difficulties in raising finance from banks. the present paper seeks to investigate if Romanian SMEs suffer form a gap financing in terms of bank loans and if so how has this gap evolved between 2007 and 2011. 2012   financial services in Brazil. Because on this SMEs tend to grow faster in countries with higher levels of financial development. small and medium-sized enterprises (SMEs) is made up of enterprises which employ fewer than 250 persons and which have an annual turnover not exceeding EUR 50 million. 1 SMEs dimension by size class Enterprise category Headcount Turnover or Balance sheet total Micro < 10 ≤ € 2 million ≤ € 2 million Small < 50 ≤ € 10 million ≤ € 10 million Medium-sized < 250 ≤ € 50 million ≤ € 43 million (Source: European Commission.

during 2008–2010.501 99. most SMEs tried to survive.560 518. a significant decrease in the number of SMEs units registered in Romania was reported (Szabo. In 2011 micro firms represented 89% of all enterprises.65% 99.481 9. while the large enterprises shed about 6 % of their workers. amid the growing number of micro firms.84% 523.27% 9. the Romanian private sector is dominated by micro enterprises. during the analyzed period.69% Between 2007 and 2011. 2011d) 2010 464. SMEs were much more reluctant to shed employees during the crisis than the large firms.62% 99.659 88. the number of active SMEs in the Romanian economy has registered an annual growth of over 9%.84% in 2007). in 2010. On the other hand the increasing share of micro-enterprises might just reflect the downsizing of larger enterprises. Regarding the outlook for 2012. Thus. 2011c) By sectors of activity.009 % total enterprises 88. As a consequence.64% (Source: European Commission. with the reserves accumulated during prior years while others started to move into insolvency.838 % total enterprises 2. 2 Romanian SMEs by size class Romanian SMEs (units) 2007 2008 2009 Micro enterprises 417.92% Total SMEs 472.00% 1. the evolution of SMEs is highlighted in the figure below.23% 9.45% Medium-Sized enterprises 9.88% 1.67% 2011 475.173 9.007 48. putting a temporary stop to the positive long-term developments in the number of SMEs and their contribution to employment and economic value added. In employment terms.108 48.36% 9. there was a decrease of small (from 9.334 % total enterprises 99.51% in 2007 to 9. In addition. By size class.637 1.36% in 2010) and medium-sized enterprises (2% in 2007 versus 1.852 88.798 9. due to the financial and economic crisis the trend of the Romanian GDP showed an incredible downturn.971 460. more or less in line with the EU average.28% Small enterprises 45.53% 88. In 2009.12% 88. for the first time after four years of continuous demographic growth.046 511.254 453.669 1. The large number of micro enterprises can be explained by the existence.487 % total enterprises 9.785 9.47% 49. The number of enterprises and their contribution to GDP (as measured by the gross value added) and employment in SMEs are all expected to exceed the precrisis levels by the end of 2012 (European Commission. The financial and economic crisis has taken a toll on Romanian enterprises.79% 535. a trend contrary to developments registered in the first three years of the period. estimates indicate a recovery.Table no.   181 .287 99. of tax incentives and government grants for start-ups. The year 2009 was an exception.51% 9. In fact. 2011:96).62% 49. Romanian SMEs maintained their workforce at pre-crisis level. a 1% increase from 2007.

Annales Universitatis Apulensis Series Oeconomica. . these have registered a constant growth over the analyzed period. Romanian SMEs demand for credit is reflected as an index based on banks officials apprehension on SMEs loan demand evolution. This is due to the fact that most service related activities required neither high investment in fixed assets nor expensive labor cost. Unlike previous studies the present paper combines SMEs supply and demand analysis to offer a gap financing research meant to capture some of the features that affected SMEs banks financing in Romania between 2007 and 2011. b) Analysis of supply and demand issues that affect Romanian SME access to bank finance. as can be seen. they registered a year on year unit reduction of 3%. The volume of banks loans granted to Romanian SMEs between 2007 and 2011 and SMEs demand for credit differ in terms of information rendering due to each sides’ specificity and the way previous authors conducted their research. Analyzing SMEs bank financing gap in Romania – proposed methodology In analyzing Romanian SMEs supply and demand for bank loans the present paper deploys a research method based on a) Data gathering from public bodies at national level. The supply side analysis includes a short presentation of SMEs loan volume dynamics and an investigation of the impact of banks concentration on SMEs access to finance using Gini-Struck coefficient. SMEs in the industry sector were the most affected by the economic and financial crisis. During 2008-2010. 2012   130% 120% Industry 110% Trade Services 100% 90% 2007 2008 2009 2010 2011 Figure no. 1. 14(1). The demand side analysis explains SMEs loan propensity by maturity based on banks officials’ responses. Although their number increased in absolute terms they were heavily influenced by the structural changes that took place on the market: the decline in the share of firms active in the industry sector. Regarding the evolution of trade related SMEs. in favor of companies that provide different types of services to citizens and businesses.   182 .Romanian SMEs sector growth index (2007=100) (Source: data processed from European Commission 2011d) The most dynamic SMEs in terms of unit growth have been those active in the service sector which registered an important increase from 2007 to 2011 (10. In this context SMEs supply of funds is presented as the amount of money allocated by banks registered in Romania to the private sector.64%). Given SMEs evolution by size class and industry affiliation it is interesting to see if between 2007 and 2011 access to bank loans has followed SMEs units’ dynamics.

the financial institution structure and lending infrastructure may significantly affect the availability of   183 . Berger et. At the end of 2011 SMEs long term loans amount 73 mil. This can be explained by the collateral requirements that most small and medium enterprises cannot provide. with the NPL ratio rising to 3. Lei (Source: BNR. the volume of credits granted to non-financial corporations has exhibited a steady growth. The quality of the loan portfolio to micro-enterprises witnessed the sharpest worsening (to 24. SME loans volume remained low. 2011: 94.000 250.000 Long terms loans 150.7% in June 2011.2. . Long term loans granted to SMEs remained in 2010 on the downtrend they followed since 2009 registering a slight rise in 2011. the money supply and non-government credit in Romania as percentage of the GDP are below EU average and the percentage of SMEs financed through bank loans still remains low (FAO. 2005:6). The volume of credits granted to non-financial corporations in general and SMEs in particular.3 percent over the same period (BNR. lei.3% in 2008 to 16. The dynamics of bank loans granted to economic agents in Romania during 2007-2011 registered the following evolution: 300.000 Short term loans SMEs 100. Therefore.000 2007 2008 2009 2010 2011 Figure no.Bank loans supply for SMEs in Romania Commercial banks are by far the strongest players in the Romanian financial system.000 Long terms loans SMEs 2004) have shown that a high bank concentration on the market causes a reduction in volume of credit granted to SMEs. with a slight decline during 2010. 26% less than the highest volume registered in 2008. bank loans were more concentrated in case of corporations relative to small and medium-sized enterprises. By borrowers’ size class. in Romania. 2011) As figure no.Bank loans granted to SMEs in Romania between 2007 and 2011 – mil. Between 2007 and 2011. The main reason for this situation is the fact that banks perceive small enterprises as high-risk customers that generate low profitability.7 percent from 1. 2009:86).000 Short term loans 200. During the period of analysis. Banks tightened lending terms and standards in a pro-cyclical manner. the NPL ratio on loans to SMEs increased from 2. BNR. Developments were of a lower magnitude in case of corporations. A number of studies (Black and Strahan 2002. On average the non-performing loan (NPL) ratio to SMEs exceeds that of large corporations. whereas demand stayed low amid a gradual economic recovery and international developments carrying considerable uncertainties and risks. depends not only on the applicants’ financial capacity but also on banks’ concentration.1 % from 14 % December 2009 through June 2011). and by their inability to present all necessary support documents required by the credit institutions. Still. 2 shows.

the indicator has improved from 120 % at the outbreak of the crisis in October 2008 to 117% at the end of 2011.1 assets) Assets of banks with foreign (% in total capital/Total assets (%) 88. 14(1).al 2004). Banks with Austrian and French capital followed the same downward path in their capital share (from 23% to 21 % and from 5.6 92.62 118. et. Banks with Austrian capital held the largest market share in aggregate assets (on average 38 %).4 assets) Loans/ Deposits 108.3 85.0 88.10 117.046 926 857 871 895 (points) (Source: BNR. of which 40 42 40 40 40 (no) Foreign bank branches 10 10 10 9 9 (no) Assets of banks with majority (% in total private capital/Total assets (%) 94.3 % respectively). The share of Dutch capital in total foreign capital saw a noticeable rise in 2010 (to 15 %). 3 Structural indicators of the Romanian banking system (2007-2011) Indicators Unit 2007 2008 2009 2010 2011 Number of credit institutions 42 43 42 42 42 (no) Number of banks with majority foreign capital. 10 were branches of EU banking groups and one was a credit cooperative network (BNR. there were 43 credit institutions compared to 42 at the end of 2007. Regarding the loan to deposit ratio indicator. banks have remained relatively highly dependent on external financing. due to capital increases occasioned by the establishment of GE Garanti Bank S. As a result of the economic crisis. The analysis between the geographical distribution of the top 10 largest banks in Romania.2 85. banks with Greek capital lead the market (owning on average 30%). 2012   funds to SMEs by affecting the feasibility with which financial institutions provide funds to different types of SMEs (Berger. Still. From 2009 only 42 commercial banks remained active on the Romanian market.A (NBR.28 (%) Herfindahl-Hirschmann index 1. 2011) In 2008. 2010:20).and long-term resources provided by parent banks to their subsidiaries in Romania (NBR. in 2010.57 115. Table no.5 %).4 93.1% to 4.7 94.5 92. 2011:21). The main characteristics of the financial institutions authorized by the National Bank of Romania to engage in lending activity in Romania are summarized in table no.72 120. credit institutions have followed a policy of reducing costs by closing down unprofitable units and reducing the number of employees (BNR. 3. although their number decreased constantly over the analyzed period. as noticed. ahead of banks with Greek capital (15. in terms of assets held and SMEs regional presence shows a significant gap between the two:   184 . This situation persisted up to 2011.0 85. In terms of capital share in total foreign capital. Out of these 32 were authorized by the central bank to act as Romanian legal entities. in Romanian.Annales Universitatis Apulensis Series Oeconomica. 2011:11). This vulnerability has been alleviated by the largely medium. 2009:17).

al 2011.Comparison between the regional distribution of banks’ units and SMEs units in 2010 (Source: processed by the author based on Nicolescu et. in 2010.05 0 Volksbank BRD Raiffeisen Bank CEC Unicredit Banca Transilvania Alpha Bank Gini-Struck -banks (units) Gini Struck -SMEs (units) Figure no. The comparison of Gini Struck coefficients calculated for bank units and SMEs reveals that in Romania SMEs access to credit depends on the degree of banks’ territorial concentration.06). These responses are weighted according to the relevant bank’s market share and presented as a balance of opinions: the weighted percentage that sees an                                                              2 To measure the degree of uniformity. it indicates a high degree of concentration of the structure. are heterogeneously distributed with a tendency toward spatial concentration in certain regions (for 8 out of 10 banks the Gini Struck2 coefficient registered values above 0. Romanian SMEs bank loan demand From the methodological point of view SME credit demand is difficult to assess.ING Bancpost BCR 0. and if the value of the coefficient tends towards 0.11 with 6 banks being concentrated in the Bucharest Ilfov region). in 2010. If the value of the Gini. BCR and BT were the most popular providers of bank loans to SMEs. .14). calculated as weight number of units per development regions. Romania included use the Bank Lending Survey (BLS) method to capture changes in demand as perceived by bank officials. the Gini-Struck coefficient. Corrado Gini proposed the following relation (Săvoiu. recorded a value of 0.15 0. In SMEs’ case. In this respect the first two banks in the Romanian banking system. The relationship between the regional distribution of banks’ units and SMEs units can be considered two-sided. BCR and BRD present a balanced distribution of banking units by region (for BCR the Gini Struck coefficient recorded a value of 0.14. BNR 2010 and banks sites) The local units of the first 10 banks in Romania in terms of assets held (Hostiuc and Voican. 2010:3): 0≤GS≤1. This is confirmed by the National Council of Small and Medium Sized Private Enterprises in Romania (CNIPMMR) data for 2011 where it is shown that BRD.Struck coefficient tends towards 1. it indicates a poor degree of concentration of the market analyzed. On the one hand it can be said that in Romania the territorial concentration of the credit institutions followed that of SMEs.13 while SMEs GS is 0.08 and for BRD 0. On the other hand banks concentration led to SMEs creation and development in certain regions. 3. Transilvania Bank has the closest territorial distribution of bank units to that of SMEs (Transilvania Bank’s GS reports a value of 0. Some countries. 185   . indicating a slight polarization of SMEs in the Bucharest-Ilfov region.1 0. 2011). et al.2 0..25 0.

2011b). Thus. and almost half of those applying for loans were actually refused by banks. since 2009. b) Second the surge of the financial crisis exacerbated SMEs’ capacity to finance their working capital requirements. The drastic drop in demand. the instatement of the minimum income tax that each firm had to pay no matter the profit or loss it had obtained during the financial exercise) a number of 133. all SMEs experienced a tightening of credit terms. fear of rejection or other causes (European Commission. a third saw a deterioration of access to public guarantee schemes. 2012   increase in demand minus the weighted percentage that see a decline in demand (OECD. Overall SMEs’ demand for new loans decreased constantly throughout the analyzed period with a slight rise in the second semester of 2010. This forced SMEs to increase their short term indebtment level. (European Commission 2011c: 8). About 40 % of SME owners noticed a declining willingness of banks to provide loans. However.Annales Universitatis Apulensis Series Oeconomica. The explanation for this situation is two folded: a) First due to some of the Romanian government’s austerity measures taken between 2009 and 2010 (e. through tighter   186 . the financial crisis had negatively affected the demand for credit from the private sector. Regarding the loans’ maturity. giving up certain activities less profitable and reducing costs to the limit of endurance. . started by the 2008-end and continued for the largest part of 2009 and 2010. Those remaining rethought their business strategy.g. Long term investments were reconsidered and subdued.000 SMEs ceased to exist. 4. 2009:20). Credit terms registered a tightening. most of them lacking the needed collateral to access long term loans. as noticed short term loans were the most sought. Amid these changes. During the same period a number of 116.October 2011) In the analyzed period the demand for short and long term loans from SMEs reflected the trend followed by the Romanian economy.SMEs credit demand in Romania (Source: processed by the author based on BNR October 2007. Starting with the last quarter of 2010 SMEs have slowly rebegun to access investment credits showing a genuine concern for increasing their turnover. Banks' risk aversion remained high. The magnitude of the credit deterioration registered in Romania was quite high compared to the EU average. The National Bank of Romania Bank Lending Survey results for the period 2007-2011 reveal the following trend in SMEs credit demand: 80 60 40 20 0 -20 -40 -60 -80 -100 Short term loans Long term loans Figure no.000 new firms started to operate. 14(1). evidenced by the introduction of more stringent contract clauses (additional risk premiums and an increase of the interest rate). caused a decrease of sales and capacity utilization for most SMEs. in 2011 only 14% of SMEs have sought bank loans (new or renewal) for investment while 86% have not submitted applications due to insufficient funds.

a common situation for SMEs. In the same time it can be said that banks expanded their territorial presence in response to SMEs behavior and as a consequence they are more present where they are more needed.PDF. When banks do lend to SMEs. As a result. between 2007 and 2011 more than 80% of Romanian SMEs financed their activities by resorting to self-financing and bank loans. 2001. high interest rates and bank commissions. on the grounds of diminishing SMEs loan demand (BNR. which drives up costs on all sides. Romanian policymakers need to promote financing solutions to reduce this gap. they tend to charge them a commission for assuming risk and apply tougher screening measures. Nevertheless. This situation is mainly due to the fact that SMEs loans are considered by most banks as risky assets and costs associated with such loans are viewed as very high. This makes it difficult for creditors to assess the creditworthiness of the SMEs proposals leading to a high percentage of rejected loan applications (16% in 2009 and 15. In this context. SMEs reaction during the analyzed period suggests that Romanian entrepreneurs were not willing to increase their indebtedness despite the fact that their sales fell and the payment delays increased. as the present analysis shows. Romanian SMEs access to bank loans remains problematic. commercial banks prefer to have a portfolio dominated by large corporate borrowers. Atieno R. From SMEs perspective bank loans have been difficult to access during 2009-2011 due to high collateral requirements. References 1. This situation will continue to represent a problem as long as banks in Romania remain immune to the difficulties raised by entrepreneurs when submitting loans applications. Formal and informal institutions’ lending policies and access to credit by small-scale enterprises in Kenya: An empirical assessment. In the absence of a solid credit history. October 2007 – October 2011). additional risk premium requirements and increase of the spread to ROBOR 1M. banks lending decisions are based solely on the financial information provided by SMEs in their business plans. Conclusions Theoretically speaking Romanian SMEs can draw financing from a variety of sources to optimize their growth opportunities. This situation has no singular guilty part being the result of both banks and SMEs behavior. this reaction is fully rational especially when these enterprises are confronted with tightened credit conditions imposed by banks and other creditors. available at: http://www. Facing an uncertain future. SMEs located in Bucuresti Ilfov region gain easier access to bank loans due to the fact that 6 out of 10 most banks competitive banks in Romania are concentrated in that region. addressing the gap financing problem should not require actions from banks and/or SMEs alone. Moreover SMEs credit access is highly influenced by banks geographical concentration. After carefully analyzing the present’s study results it can be said that Romanian SMEs suffer from a financing gap when it comes to bank loans. As a consequence loan demand recorded a marginal decrease in the 4th quarter of 2011 for the first time since quarter 3/2010. Practically. however. However. AERC Research Paper 111. Some of the government measures could include state guarantees for bank loans or interest rate subsidies for long term debts. reducing the financing gap requires finding a middle way in which banks should distribute their available resources based on custom credit ratings (not on group ratings) and SMEs should be willing to openly exchange information with banks representatives about their business situation and development prospects.contractual clauses.3% in 2011 according to National Bank of Romania). accessed on February 2012   187

2008. no. Ooghe H.bnro.aspx?icid=11324.. 1999. Economic Journal. 9. European Commission. Gambera M. 2003. available at http://ec. accessed on February 2012   188 .do?uri=OJ:L:2003:124:0036:0041:EN:PDF. 17. Voican R..htm. Banking Structure. 1. accessed on February 2012 11. accessed on February 2012 8. Financing Patterns around the World: Are Small Firms Different?.eu/enterprise/policies/finance/data/index_en. 2009.. Small Business Journal. available at: http://www. Journal of Financial Economics. Communication from the Commission to the Council.. 2011a. The Financial Structure of Private Held Belgian Firms. October 2007-October 2011. Small business credit availability and relationship lending: the importance of bank organizational structure.europa.. Beck Financial stability report. Interactions between institutional and informal credit agencies in rural India. 2005. 2002.europa. FAO. BNR.. no. 467-487. Hostiuc C.zf. the Committee of the Regions and The European and Social Committee An action plan to improve access to finance for SMEs. 2011d. V. Federal Reserve Bank of Chicago. accessed on February 2012 6.. 10. vol. Berger A. available at: 4. no. Financial Dependence and Growth: International Evidence from Industry 2011b. SME Performance Review. BNR.bnro. 2011c. accessed on February 2012 9. Koëter-Kant J. available at: http://www.. available at: 2007. accessed on January 2012 15. Bell C. 2011.. SBA Fact Sheet: Romania.aspx?icid=6877.europa.. Financial stability report.pdf. European Commission. Commission of the European Communities 16. Commission Staff Working Paper SEC(2001) 1667. the European Heyman D. 112. Maksimovic. European Commission. Working Paper Series. European Commission. Udell G. Commission Recommendation of 6 May 2003 concerning the definition of micro. Bank Lending Survey an Analysis of Supply and Demand. small and medium-sized enterprises. BNR.F.. 2012   2. 5. Hernández-Cánovas G.feweb. Debt Maturity and Relationship Lending: An Analysis of European SMEs. 2008. 3. 297–327 4.aspx?icid=6877. Report Series. L 124/36 available at: http://eurlex. available at http://ec. 301-313.europa. Top 10 bănci după activele deţinute. Enterprises’ Access to Finance. SEC 1527.bnro.. BNR. The Survey on the Access to Finance of Small and Mediumsized Enterprises. 30-31. available at http://www. Cetorelli N.Annales Universitatis Apulensis Series Oeconomica. accessed on February 2012 7. accessed on February 2012 12. 2001. No.. Romania: Bank Lending To Small and Medium Sized Enterprises in Rural accessed on February 2012 14.. Brussels. Demirgüç-Kunt A. 1990.europa. 30.aspx?icid=6877. 32-53. World Bank Economic Review.pdf. accessed on February 2012 13. accessed on January 2012 19.bnro. European Commission. Deloof M. 89(3).nl/jkoeter/default_files/FinalMarch2008. Ziarul Financiar. European Commission. available at http://www. 2010. 3. Official Journal of the European Union. Financial stability report. available at 18. 14(1). available at: http://ec. FAO Investment Centre / EBRD.

Johnsen G. Haiduc I. 2009. 2005.oecd. 1982. Editura Sigma. Ph. Finance and growth: Theory and evidence. 49(1).. financing patterns and credit constraints in Brazil: analysis of data from the Investment Climate Assessment Survey. Growth constraints on small scale manufacturing in developing countries: A critical review. Features of SMEs in Romania in the Context of European Integration and Implications of the Current Discouraged advisees? The influence of gender. Vol 5. Rajan R. The benefits of lending relationships: Evidence from small business data.fe. Szabo Z. accessed on January 2012 27. Journal of Finance. accessed on February 2012   189 . 2009.C.. K.. 26... Aberdeen. No.revecon. Nancu D.. O metodă statistică nouă de analiză a concentrării sau diversificării pieţelor.. Information Asymmetry and Small Firm Finance. Ignatescu V. 2011. Scott J. MIBES Transactions.. 10. 22. nr. 134150 29. 58(2). Financial Performance and Business Growth amongst SMEs from Australia’s Business Longitudinal Survey.. Bucureşti.pdf. NBER Working paper 10766 24. Owner-managers Gender. Silva F. Lean J. 25. Levine R.49.20. Revista Română de Statistică. Romanian Journal of Economics. International Small Business Journal.. Issue 1. Nicolescu O. World Development.uc. 3-37 28. Financial constraints: Are there differences between manufacturing and services.. 1994. Francisco 2011. The Impact of the Global Crisis on SME and Entrepreneurship Financing and Policy Responses. Miller M. The role of social relationships in financial intermediation: empirical evidence from the United States small business credit market. March. vol. 2010. and education in the use of advice and finance by UK SMEs. 2004. Roman A. SMEs and Local Development. The Robert Gordon University. Irwin D. 15-17 November 2000 23.. Environment and Planning C: Government and Policy 27(2).D. Petersen M. ethnicity. Carreira C. 230 – 245 32. Schmitz H. available at: http://gemf.. 16. University of California at Berkeley.. accessed on February 2012 33. 2010. Kumar A. Carta Albă a IMM-urilor din România – 2011. 429-50 31. World Bank working paper No.. Centre for Entrepreneurship. Vol. Ţaicu M. 2: 90-108. 115-142 21. Small Firms: Adding the Spark. dissertation. McMahon R... GEMF Working Papers. 33. Enterprise size.. M. available at: http://www..The back-up of innovation and entrepreneurship development. 2011. 15-27 30. Paper presented to the 23rd ISBA National Small Firms Conference.. The impact of the crisis on the SME sector in Romania. Crăciuneanu V. available at http://www.. OECD. vol. 1995. 23 (2).pdf. Tucker J. 2000. no. Săvoiu G.

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transactions lending. M13. lack of collateral.badulescu@gmail. 25-36 SMEs Financing: the Extent of Need and the Responses of Different Credit Structures Daniel BĂDULESCU University of Oradea daniel. the lack of viable alternatives for start-up and innovative companies. banks. private owned. 14K. Market concentration. large or small. . The statistics show managers given constant importance of SMEs financing opportunities. etc. pp. No. Finally. but are often limited by lack of development support in financing business for reasons of information asymmetry. unfavorable regulatory environment. REL Codes: 11C. foreign. are analyzed to identify the availability for SME financing. alternative between transactional or relational lending. state owned. but also as bank institutions itself. Small and medium enterprises (SMEs) have a key role in developing national economies. lending technologies. bank credit pre-eminence over other forms of financing. financing. 7(548).com Abstract.Theoretical and Applied Economics Volume XVII (2010). various types of banks. relationship lending. high risks. Keywords: SME. it is recognized the importance of a diversified banking markets both in terms of supply. JEL Codes: G32.

Pathrose. The banks are reluctant to lend to SMEs for a number of reasons. Banks. 2006. others failures for sure (this phenomenon is the adverse selection). rather it will increase the bank credit portfolio with risky loans: some of them with interesting perspective. ƒ The high risks involved in lending to the SMEs as a result of limited assets that can be used as collateral. and the importance and future of SMEs tend to be a major policy concern. will restrict the access on the rest of unused loan. The second issue created by informational asymmetry is the moral hazard: once the loan granted. In order to reduce this risk. in addition to the bank's limited knowledge about the borrower company (Badulescu. immovable. the lack of availability of financial institutions or private equity investors to meet the SMEs financing requirements. with strategic importance in reshaping the productive sectors. The quantity and quality of the information hold by the entrepreneur regarding their business cannot be accessed in the same measure and efficiency by the prospective creditor. concentrate on creating value under a controlled risk (OECD. the lenders is unable to separate between good (bankable) projects and doubtful projects. 2005). low capitalization and vulnerability to market risks. receivables. a bank has to focuse on the risks involved and the methods to mitigate those risks. high failure rates. employment and innovation. the financer will ask as guarantee collateral: assets. 2010).Daniel Bădulescu 26 Introduction Small and medium enterprises (SMEs) play an essential role in the development of any country. Badulescu. The finance institutions consider the environment of SMEs being competitive and very uncertain (compared to large companies). in order to accomplish all this expectations. the control of its use according to the original application (and the risk and opportunity analysis) could face serious difficulties and the loan could be used – even part of it – for other purpose. But. implying a high variability . or will pretend the early repayment of the loan. Thus. the interest of the loan) doesn’t make an efficient selection. personal goods. we have to admit that one of the biggest problem the SMEs faces is the non-availability of adequate financing facilities. or. and the price (for example. Analyzing a loan application. including the following: ƒ The information asymmetry that arises from small businesses' lack of financial information and standardized financial statements. if it is possible. like other businesses. They can be assimilated as the engines of growth in developing economies.

In developing countries. unconsolidated yet. The collaterals’ insufficiency can be the expression of an incipient stage of the business. considerable share of intangible assets. Sun. At least. we notice that one of the most pressing concern of SME managers from EU is access to financing. with negative consequences on the transactions security. ƒ As small businesses cannot offer adequate collateral. managerial and marketing skills to generate adequate cash flows and service the loan. Gallup Organization. the repayment capacity. the difficulties in accessing finance. 2004. in cooperation with the European Central Bank (ECB). The size of financing needs and the prevalence of bank loans Based on a recent research . The SMEs are characterized by unsatisfactory technical endowment. business protection under contractual basis is precarious. to measure EU companies’ use of various sources of finance. commissioned by the European Commission’s DG Enterprise and Industry. make barriers for the financial institution in order to compute the real profitability of the company. 1. OECD. the banks are unable to determine whether the borrower possesses the technical. even the reliability of some collateral. Toivanen. 2000). the risk profile is supplementary marked by the unstable legislative and competitive environment. 271).Flash Euro barometer Access to finance (No. insufficient circulating assets or tangible fixed assets tends to create a higher risk profile of SMEs for potential investors (OECD. and finally high failure rate. Insufficient collaterals compared to the lenders’ request in order to overcome the risks associated to moral hazard is probably the most claimed cause of the difficulties in accessing a credit by a SME. even for internal or external reasons.SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 27 of return of similar SMEs in the same sector. the reports accuracy. lack of relevant financial and commercial track records. Lin. adding more than 16% from answers (after finding customers but far away of the competition or availability of skilled staff) (European Central Bank. difficulties in assuring qualified technical staff and experimented management (human capital) in order to adapt to the multiple and rapid changes of present-day economy. 2009. The limited power in market. upon the firm real capacity to sustain the project. up to an exaggerated sizing of the credit request. 2006. 2009). . Cresy 2000.

8%-10% for companies with a turnover above €10 million). Belgium SMEs (see Figure 2). established between two and nine years ago (20%-21% vs. in the construction sector (20% vs. Source: ECB (2009). production and management (18% vs. . for example very important for SME in Greece (39%) and Spain (23%) or Romania (19%) but moderate for Poland. Figure 2. marketing.Daniel Bădulescu 28 Source: ECB (2009). 14% in the services sector and 17% in trade and industry or that have introduced innovation in at least one area – products or services. Companies identifying acces to finance as the most pressing problems Regarding the profile of companies we notice that the “access to finance” was more often selected as the most pressing problem by managers of companies with a turnover of less than €10 million (16%-17% vs. 12% in companies established less than two years ago and 14% in companies existing for 10 years or more). Figure 1. inside de EU there are significant differences between countries. 14% in non-innovative companies). Companies’ most pressing problem As expected.

overdrafts.SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 29 Almost half (47%) of managers in the EU answered that they had used internal funds in the past six months to finance their operations (as seen above – some had only used internal funds. participation loan or similar financing structures. 2009. as another source of external financing – i. Internal and external sources of financing for EU SMEs (2009) The chart above shows the importance for the companies of the bank lending products (as debt financing. in the past six months. the majority of managers considered this type of financing not to be relevant for their needs. Figure 3. The most popular source of debt financing was a bank: 30% of companies had used bank overdraft facilities or a credit line and 26% had received a bank loan. working capital line or other credit loans) in the past six months. Regarding debt securities issuing. debt securities are very low utilization. equity investors. A few (1%) managers said they had used a subordinated loan. 2009). Source: ECB (2009). Looking at company characteristics. Equity issuance or external equity investments were mentioned by 2% of managers as one of the sources of external financing they had used in the past six months (European Central Bank. equity issuance. Debt can also be issued by a public source or even a friend or family member: 10% of interviewees referred to grants or subsidized bank loans and 7% mentioned “other loans”. Other financing forms as leasing. Gallup Organization.e. factoring or hire-purchasing were preferred by 23% from managers and 16% said they had used trade credit as a source of short-term financing. we can see that micro-companies (with less than 10 employees) were the most likely to . while others had used these in combination with external financing).

Berger. Financial institutions structure and lending to SMEs While SMEs trust regularly on bank financing is important to know what kind of market structure is more suitable for SME financing. the . Also. The analysis of SME financing. On the other hand. collateral registrations. technologies. This hard information may include: financial indicators computed from financial statements.Daniel Bădulescu 30 use only internal funds in the past six months but. Udell.). Gallup Organization. management. while. recent researches (Berger. external ratings. focusing on the comparative advantages of different types of financial institutions in using transactions lending technologies versus relationship lending (Berger. credit scoring based on historical data provided by bank database. a company is determined to use an external financing instruments. On the other hand. or other information about solicitors from transparent sources (suppliers. Regarding the sector of activity. verified. or with members of the local community. often discrete but intuitive contact over time with the SME owner. various theoretical studies or empirical evidence provides a considerable quantity of information regarding relationship between structures of the financial institution. 2009). 1996. continuous. Udell. the relationship lending technology is based mostly on “soft” qualitative information provided by certain specialized persons. The main characteristic of this type of information is that it is relatively easily observed. Moreover. The soft information may include the character and reliability of the SME’s owner based on direct contact over time by the institution’s loan officer. innovative companies were more active to seek and combine internal and external financing sources comparing with non-innovative ones (37% vs. 2003. Udell. the new-established companies (active for less than two years) were the most likely to have only used internal funds to finance their operations (22% compared to 14%-17% for longer-established companies) (European Central Bank. or SME itself. we can notice that businesses in the industry sector were more interested to use both internal funds and external sources of finance in the past six months. 2004). Beck et al. increasing the staff. For our purpose. 2004. 2. briefly we can define transactions lending as a banking technologies primarily based on “hard” quantitative data that may be observed and verified at about the time of the credit origination. manager or company’s staff. and transmitted through the communications channels within the financial institution. 2010) try to show some distinction between lending technologies versus relationship lending to understand the very different transactions technologies. 2009. through a long. 31%). Miller. payment incidents. etc. credit bureaus records..

Udell.2. The soft information is given both by to the loan officer or other banking staff. other services to the SME by the institution. This assumption can be explained by following reasons: . based mainly on their sure position and power on the market. foreign-owned institutions may have comparative advantages in SME technologies lending and domestically-owned institutions may have comparative advantages in relationship lending (de Haas. Some studies (Sharpe. Rajan.1. local authorities or community. Petersen.2. 2. or inside bank deciders. or neighboring businesses. customers. Naaborg. especially when they received this information through communications channels within the financial institution (Berger.1. Carlson. 1995) show that this market power encourages the bank institution to press on a long-term implicit contract in which the borrower receives a lower interest rate in the short-term. The banks can reduce the risk or implication in portfolio monitoring simply through tightening credit standards for SMEs. 1990. 2004). 2004). These institutions can be less interested innovation or in quality of service to the clients. advance repayment fee. Udell. 2. but after a period the bank uses by its discretionary right to rise the costs of the loan (variable interests. These institutions will choose to preserve or even increase their profit not only by an efficient activity or more flexible approach of SME requirements but through rising interest rates or fees on loans to SMEs. What kind of bank for SME’s lending? 2. but in general it may not be easily observed or verified by others risk managers. 2005. or the future prospects of the SME based of various data from SME’s suppliers. Haubrich. Levine. 2003). Demirgüç-Kunt. cheques. administration fee etc) forcing the borrower to pay a higher-than-competitive rate in a later period. Are domestically-owned banks more interested in SMEs financing compared to foreign owned banks? On the first sight. Berger. owner or country origin of parent bank but simply because the main financial actors in more concentrated markets may exercise greater market power. deposits.SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 31 payment and behavioral history of the SME regarding loans. This comes about no mater of size. Does market concentration affect SME’s lending efficiency? Several studies generally showed that a greater market concentration often result in a diminishing of credit access through any lending technology (Berger.

and the local community. even training for loan officer and risk managers in their headquarters. ƒ Small and domestic banks are more suitable to finance SMEs because they are better engaged in “relationship lending”. Furthermore. Based on an impressive collection of analyzed data(1) the results show significant differences across ownership types in lending technologies and organizational structures: ƒ Foreign banks are more likely to use hard information relative to private domestic banks. with their owners and managers. language. applying different lending technologies and organizational structures. . direct contacts with SMEs. tackle from the supply side using cross-country data. they have to deal with multiple and different economic. through more managerial layers. the results show that different lending techniques and organizational structures lead at similar results in terms of SME lending. instead of large literature based of demand supply position. the researches find no evidence that foreign banks tend to lend less to SMEs than other banks. and regulatory conditions environments which affect the relationship lending aspects. Some recent researches (Beck. cheap funds or greater expertise. confirming the assertion that foreign banks use different lending techniques and organizational structures to reach out to SMEs. The conclusion of these studies is that different bank types. Martinez. In spite of all these different approaches. ƒ On the other hand foreign-owned institutions settled in developing economies may have additional advantages in transactions lending to some SMEs because they have a better access at information technologies for collecting and assessing hard information. personalized. ƒ Compared to domestic banks. can play an important role in financing SMEs. 2010). and these behavior can be assimilated with specific typologies of big banks actions on the market. Most notably. The share of secured SME loans is higher among foreign banks than domestic banks. ƒ Foreign bank has often difficulties in processing and transmitting soft information over greater distances. for a better understanding of the SME financing. cultural. foreign banks tend to be least likely to decentralize loan decision making and risk management.32 Daniel Bădulescu ƒ Foreign-owned institutions are part of large organizations. in developing economies. Demirgüç-Kunt. a type of financing based on “soft” information collected by the loan officer having continuous.

both for banks or SME. but these cannot always transform in an advantage.3. but are supported by different political or local power. in reality. but disadvantaged in processing soft information because the difficulties to quantify and transmit this kind of data through the long communication channels. but this dimension often prolongs/ extends communication channels and negative affects network efficiency. state-owned institutions are larger than private local banks (excepting private foreign banks). based on strong cash flow. a less distinctive separation between ownership and management and fewer levels of management (Stein. What kind of banks are more efficient in the relationship with SMEs: state-owned banks versus private-owned banks? State-owned institutions may have comparative advantages in transactions lending comparing with privately-owned institutions which try to obtain comparative advantages in relationship lending.SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 33 2. Berger. or regions. but. Referring on scale economies the large bank could take advantage from hard information processing. Finally. the effects on SME lending are unclear or even an opposite effect. instead to finance new. sectors. Udell. it is often argued that large institutions are relatively disadvantaged at relationship lending to SMEs because of organizational . because of lack of market discipline. 2002. some fund goes to SME unable to repay the amount at maturity or are not creditworthy. The explanation came from various evidence as: ƒ In general. This may give comparative advantages in relationship lending to small institutions with lower administration costs.banks generally operate with government subsidies and often have mandates to supply additional credit to SMEs or specific industries. some of them in difficulty. profitable business. In other case.2.2. 2. Apparently.2. 2002). ƒ State-owned institutions may also perform inconsistent credits monitoring and avoid a firm. ƒ State owned. Large banks or small banks? In the first stage we can admit that large bank institutions may have comparative advantages transactions lending technologies which are based on hard information and small institutions may have comparative advantages in using the relationship lending technology which is based on soft information. these funds. this can be an advantage. positive net present value projects are designated to repaid former credit. For example. steady policy of collection (or forced execution) procedures.

Rosen. impersonal and short terms of their relation with customers. 2004).Daniel Bădulescu 34 diseconomies. The empirical literature on this topic usually based the conclusions from the characteristics of the SME borrowers and contract terms on credits contract between SMEs and banks of different sizes (Berger. non bureaucratic and rapid procedures in credit assessment(Berger. Rajan. as well the presence of large and small institutions and the measure of financial institution concentration are elements that may affect SME credit availability through comparative advantages in the different lending technologies. financial institution structure – the presence in the market of different types of institutions and the competition among them – may have important effects on SME credit availability because institutions of different types may have comparative advantages in different lending technologies. Udell. 3. removing the opaque characteristic of this sectors on risk assessment. privileged and personal relationships with their SME loan customers. Conclusions The present paper try to offer an analysis of the role of different types of financial institution. so this large bank prefer to enter in loan transaction and other wholesale services with large corporate customers. Second. older. a greater presence of foreign-owned institutions and a lesser presence of state-owned institutions are likely to be associated with significantly higher . and the tax and regulatory environments – may directly affect SME credit availability. Miller. the legal. Stein) and often unsatisfactory for a better loan decision. Rosen. ƒ Large banks institution appear to base their SME credit decisions more on strong financial ratios than on relationships. judicial and bankruptcy environment. their availability for SME lending . the presence of foreign-owned and state owned institutions. 2003. Petersen. appreciated as weaker (Berger. more financially secure SMEs. Udell. often argued that large institutions lending prefer borrowers with a clear implemented corporative governance. and a better acknowledgment of reasons and particularities. ƒ Small banks are found to have more longer. Berger. ƒ Large banks are found to promote lower interest rates and obtain lower yields on SME loan contracts comparing with small institution which explained this differential through flexible. 2003): ƒ Large bank institutions are found to lend to larger. comparing with larger banks. First. infrastructure etc. based on long distance. In particular. both from principal actors but from regulation and legislative framework. The lending infrastructure – the information environment.

G.F. J. Financial System Design: The Case for Universal Banking .pdf. Alina (2010). References Bădulescu. Martinez Peria. Udell. dynamic and flexible small private banks.SMEs Financing: the Extent of Need and the Responses of Different Credit Structures 35 SME credit availability in developing nations because foreign-owned institutions appear to have advantages in some of the lending technologies. It is the case of many developing countries in last decades that trying to reduce the considerable market share of state banks in favor of more efficient privately-owned institutions has to face now with particular problems generate by a very large presence of foreign owned bank in their banking sector. Bank Concentration and Competition: An Evolution in the Making. Metalurgia International. Bădulescu. G. R..N. we consider that a well balanced structure of banking sector. [Accessed 10 May 2010] Berger. 8 Beck. Maria Soledad (2010).. „Financial Constraints Facing SMEs: Some Theory and Evidence”. (2003)... in: Anthony Saunders and Ingo Walter (eds). Finally. and a provocative foreign bank presence can exploit all opportunities on the economies.voxeu. http://siteresources. the result of our research strongly suggests that “better” lending infrastructures may make significant differences in SME credit availability directly through facilitating the use of the various lending technologies. Demirgüç-Kunt. Th. with important state banks. C.. Foreign banks and small and medium enterprises: Are they really estranged?. creating a large base for meeting SME financing requirements.. vol. Levine. Asli. A. closed to relationship lending. Carlson. A. preventing some types of financial institutions to gain sufficient market shares in order to capitalize their comparative advantages in specific lending technologies and use in their interest the relative market power. A careful and restrictive regulatory environment may influence the financial institution structure. worldbank. Special Issue no. L.N. php?q=node/4828. Universal Banking and the Future of Small Business Lending. A. (1996). involved in large national projects... Demirgüç-Kunt. Haubrich. and state-owned institutions appear to be generally disadvantaged. D. http://www. [Accessed 10 May 2010] Berger. Note (1) Survey data from 91 large banks of different ownership types across 45 countries..

. M. Rosen. Informal Finance.D. Board of Governors of the Federal Reserve System working paper. L.C. L. 2002.A. (2009).36 Daniel Bădulescu Berger. 45.N. 57. J.A. 2004. Higher Education Press and Springer-Verlag OECD (2000). pp. http://www.. 2004 Istanbul. Cambridge: MIT Press J. http://www. 2003 Carter.A. Rebel.. Banks must re-invent SME financing. D. 2003 Berger. www. Rajan. 25. pp. X. O.. Goldberg. [Accesed 26 May 2010] Sharpe. pp.G.ssrn. bank lending. OECD Publication Services OECD (2004).. 112: F32-F53. R.F. pp. Survey on the Access to finance of small and medium-sized enterprises in the euro area: second half of 2009. 2002 Berger. De Nederlandsche Bank NV Irwin. (2003). „Small Business Credit Availability and Relationship Lending: The Importance of Bank Organisational Structure”..J. http://ec. McNulty. Turkey 3-5 June OECD (2006). 050/August. „Asymmetric information. 1069-1087 Stein.thehindubusinessline. (2006). R.. A. 35.. Hierarchical Firms”. Flash Eurobarometer 271. „Cookie-cutter versus character: The Micro Structure of Small Business Lending by Large and Small Banks”. 2004.cfm?abstract_id=300060/. R... 1997. „Does Market Size Structure Affect Competition? The Case of Small Business Lending”. J. [Accesed 20 May 2010] Pathrose. Journal of Finance. „Information Production and Capital Allocation: Decentralized vs. Policy Briefs. pp. Cressy. I.F. Information. Udell. Miller. G. and SME Financing. accesstofinancesmallmediumsizedenterprises201002en.. R.. Naaborg. A. (2005).. 233-252 Cole. com/2005/. Claudia M.. R. 227-251 European Central Bank. J. [Accessed 20 May 2010] de Haas. S.N.. Working Paper No. (2000).P. „Trade credit: Theories and evidence”. G. A.E.Y. [Accesed 26 May 2010] Petersen.cfm?lang=ro&item_id=3611..ecb. Financing newly emerging private enterprise in transition economies. Journal of Financial and Quantitative Analysis. Sun. „A More Complete Conceptual Framework for SME Finance”. Economic Journal. Credit Reporting Systems and the International Economy. Promoting entrepreneurship and innovative SMEs in a global economy: Towards a more responsible and inclusive globalization.europa. 39. Journal of Money Credit and Banking. Udell.N. 1891-1921 .J. A.A.. 2005..C. White. Udell.europa. G. Lazy Entrepreneurs or Dominant Banks? An Empirical Analysis of the Market for SME Loans in the UK http://papers. Journal of Finance. M. Review of Financial Studies. Journal of Financial Services Research. P. 661-669 Toivanen. World Bank Conference on Small and Medium Enterprises: Overcoming Growth Constraints...F. and implicit contracts: A stylized model of customer relationship”.G. Access to Finance.SourceOECD. „Information versus Regulation: What Drives the International Activities of Commercial Banks?”. „Do Small Banks have an Advantage in Lending? An Examination of Risk-adjusted Yields on Business Loans at Large and Small Banks”.pdf [Accessed 30 May 2010] Gallup Organization.. Verbrugge.. „Does Foreign Bank Entry Reduce Small Firms’ Access to Credit? Evidence from European Transition Economies”.

The elaboration of some coherent strategies of development of the long term firms requires the existence of material resources which ensures. credits.The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise n Irena Munteanu Ph. Lecturer „Ovidius” University of Constanþa Anca Bran Ph. The main purpose of the article is to determine how the modification of the rate of interest can influence the structure of the capital and which are the particularities of this dependency for the Romanian market. Key words: rate of interest. factoring. Tasking into account the Romanian market. besides other necessary competences. The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise BCR Abstract.D. G32. termanent capital. 67 . the treasury lines. 11E. one notices that the most important financing source at which the enterprises appeal to is represented by the nongovernmental credits. REL Codes: 10B. the development and the pereniality of the firm. the discount of the commerce effects. degree of indebtedness. The enterprise has multiple choices of financing its activities: the credit lines. and leasing and investment credits.D. n JEL Codes: C10.

. the Pearson correlation coefficient of the Spearman and Kendall correlation orders. This can be expressed through covariance. or correlations (in the case of numeric variables). In short. The statistic connections. as well as its force. one notices a growth the nongovernmental credit and in a smaller measure of the volume of factoring or leasing operations. which uses the bank credit as a form of finance. In the considered model. we will quantify the nature of the correlation between sizes. The study is based on the real data. By taking into account the Romanian market. the following the research is oriented towards two directions and tries to answer two questions: 1) Does the modification of the active rate of interest influence the credit decision at the level of the enterprise? 2) In what way does the bank credit constitute a financing form of the enterprise? 2. lump or factoring. In both situations. Within the following made analysis we will refer to the Pearson correlation coefficient. the indicators were calculated based on financial situations. As a result. the financing of the enterprise can be made through credit and treasury lines. This fact is due to the differences between the firm premises and the personal funds or is due to some disorders in the cashing of economic results. there are differences between the necessary and the already existing of the financial resources. the correlation will be measured. In a strict sense. The correlation analysis The correlation analysis is used in order to study the intensity of the connection between two or more variables. On long terms. By using some statistical mathematical models. stock issue or other specific products. In this respect. there are the investment and the leasing financing credits. taking into account the type of the considered variables. the financing is made in more cases for the implementation of an investment. a package of entry data of the models which are presented used within the analyzed model. extracted from the financial situations of an enterprise. For the rate of interest they used data published by the Romanian National Bank and for the considered enterprise. the enterprise will seek within the financing and credit market. the correlation is a measure of intensity of the connection between variables. the discount of commerce effects. One should not forget about the possibility of capital drawing through the stock exchange. can express either associations (in the case of nominal variables).Theoretical and Applied Economics Introduction In the financial administration of the enterprise. The wording problem Starting from the idea that the active rate of interest has an influence over the credit decision adopted at the level of the enterprise 68 through the study that we continue to develop we will try to determine in what way does the modification of the rate of interest determine the capital structure within the enterprise and which are the particularities of this dependency on the Romanian market. Thus. 3. the necessary specific products for the covering of these necessities.

yi. FDD = PEC GD = Based on the data extracted from the financing situations of the enterprises one calculated two indicators.quadric medium exception for X and Y. µx. For the calculation of these indicators the following formulae were used: The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise The Pearson correlation coefficient is noted with ñ(X. the values of the Y variable decrease). we will relate at two indicators which quantify the debt. the general debt degree and the financing debt degree. the data were extracted from the Romanian National Bank communications at the respective data. N. it indicates a perfect connection between variables. the long and medium financial debt by LMFD. PC LMFD . the stronger the connection. The rate of interest The general debt degree and The general debt degree . For the entrance variable named rate of interest. and when a correlation coefficient equals with -1 it indicates a perfect reverse connection. The value of the correlation coefficient is between -1 and +1. which is: the closer it gets with more than 1. Let us note the general debt by GD.Y). N in which: cov(X.Y ) = cov( X . σy. the total debts by TD. a reverse connection (as the values of the X variable grow. The econometric model of analysis of the rate of interest . the weaker the connection when the correlation coefficient equals with +1. The absolute value of ρ indicates the intensity of the connection. The ρ plus signal shows a direct connection (as the values of the X variable grow. and is defined by the relation: TD .The financing debt degree (Table 2). 4. These were calculated for the October 2000-March 2004 period at each of the moments in which it was appealed to the banking credit financing. and by PEC the permanent capitals. too) and the minus signal. Y) means covariance.Y ) = σx ×σ y N = ∑( x i − µ x )( y i − µ y ) i =1 N ×σx ×σ y . µy are values of the correlated variables and their medium level.e. respectively the closer it gets to zero. the values of the Y variable grow. the financing debt degree by FDD.The financing debt degree.the indebtedness degree correlation In order to emphasize the influence of the modification of the active rate of interest over the credit decision over the level of an enterprise. the personal capitals by PC. xi. The correlation coefficient is obtained through the standardization of the covariance.ρ( X . If this one receives the zero value. the results being presented in Table 1. i = 1. σx. i.number of the pair of values. then there is no relation between variables. Based on the entrance data the Pearson correlation coefficients were calculated for the connections: The rate of interest . 69 .

30 4 30-Iun-05 8.000 %.08 113.25 204. Table 1).96 34. The number of observations N= 10 refers to reference numbers.99 24.50 229. it will indicate us the error degree of the model.50 6 31-Dec-05 7. Each hole contains information regarding the correlation between two variables (the horizontal and the vertical ones). In other words. one notices the three corresponding coefficients of the connections between the rate of interest and the other variables.75 120.009 0. .000 signification threshold N 10 10 10 The 0. for the analyzed enterprise.97 8 30-Iun-06 8. These are presented in the first column in Table 1 and correspond to calendar data when the report was done.772* The rate of The Pearson coefficient interest The 0.009 signification threshold N 10 10 10 1. the variables are the following: the active rate of interest.001 0.03 9 31-Dec-06 8. Table 1).88 7 31-Mar-06 8.52 1 30-Cct-04 2 31-Dec-04 17.885* debt degree coefficient The 0.60 5 30-Sep-05 8.75 33.49 83.95 3 30-Mar-05 10.928* 1.81 80.885* -0. 70 The signification threshold offers information about the probability of correcting the obtained results. The Pearson correlation coefficient Table 2 The The The rate of general financing interest debt debt degree degree 1.03 Source: Personal calculations made based on the financing situations of the enterprise and the National Romanian Bank Reports 2004-2007. It is obvious that the relation between the rate of interest and the rate of interest is a direct and perfect correlation.928* The general The Pearson -0. The entrance data of the correlation model Table 1 N Data The active The general The rate of debt financing interest degree debt (%) (%) degree (%) 18. the general debt threshold and the financing debt threshold.43 194.772* financing coefficient 0.000 The Pearson -0.000 -0.000 0.001 0. the general debt degree (column 4.47 163.000 debt degree The signification threshold N 10 10 10 * The correlation is significant . In the considered model.49 110.56 108.50 184. Table 1) and the financing debt degree (column 5.the probabilty to mistake is less than 1% 5.50 190. Suitable to each N observation (that is the calendar data) there are three variables of the model to be considered: the rate of interest (column 3. As one can see the results can be considered significant.00 205. the corresponding signification threshold and the considered number of observations (N). the error probability being less than 1%. covering the October 2004-March 2007 period.20 22.Theoretical and Applied Economics In Table 2 the Pearson correlation coefficients are presented under the form of a matrix.50 130.30 180. that is why the value of the indicator is 1 and the threshold signification result has an error less 0. The dissemination of results If one follows the first line of Table 2.75 136.93 10 31-Mar-07 8.

One can notice the big threshold of signification of the proposed model. Conclusions The results of the research made will be made in two directions: one refers to the proposed model and the other to the financing of the enterprise. The correlation between the General debt degree and the Financing debt degree is given by the values of the Pearson coefficient. Regarding the financing of the enterprise the present study certifies through the proposed econometric model that there is a strong connection between the modification of the rate of interest and the financing decision of the enterprise.the financing debt degree.772. the probability to be correct being higher than 99%. This means that the results are relevant. The minus signal indicates the nature of the correlation. The results of the statisticalmathematical shaping certify the indirect correlation between the Rate of value and the General debt degree. the error probability being less than 1%.885 and. 2. One notices the value of +0. From the presentation of the model. which means that it sustains the fact that a growth of the rate of value on the financial market lead to a subtraction of the general debt degree and the other way around. 71 . 4. one remember the idea in accordance with which the value of the coefficient gets closer to 1 or -1 as the connection between the two variables becomes stronger. The second line of the table indicates the values of the Pearson correlation coefficient calculated for the connections between the general debt degree and the other variables. The value being very close to +1 it certifies a direct and strong connection between the two variables. Due to the fact that the importance of the result is very big we can come up with the idea that for this enterprise financing is almost one hundred per cent identified with the bank crediting. There are some connections between the three variables. since they are so close to -1. 0. The proposed model can be considered relevant because in a big measure the results are significant. taking into account the fact that error probability is in most of the cases less than 1%. which in the two analyzed cases is indirect: a growth of the rate of interest determined a subtraction of the debt degree and the other way around. 3. The realized shaping leads us to the following conclusions: 1. the values of the Pearson coefficient are -0.6.928 of the coefficient for the connection: the general debt degree . Thus. The proposed model certifies an indirect connection between the Rate of interest and the Financing debt degree. The Influence of the Active Rate of Interest over the Financing Decision of the Enterprise For the relations between the rate of interest and the general debt degree and the rate of interest and the financing debt degree correlations. respectively. the enterprises chose in most cases the banking credit. very closed to +1. within this study case a characteristic of the Romanian financing market is: although there is a large palette of financing products. These values show a very strong connection between the two pairs of variables.

Grama. Costicã (2005). The Business of Factoring. E.Hill Book Company Europe BNR. 2006 www. Editura Economicã. Mc Graw .bnro. 2004. Finanþele întreprinderii.Theoretical and Applied Economics 72 References . 2004.. Bucureºti Hawkins David (1993).. Analiza statisticã cu SPSS. Editura Polirom. Bucureºti Jaba. Ionela. P. (2004).Annual Report. A.

complaints. Vol. Tomis because it allows better management of financial resources and an increase with large positive effects.html). problems. No. E-mail: nelly_oncioiu@yahoo. On the one hand.5539/ibr. these are enterprises that have up to 500 employees.v5n8p47 Abstract While small and medium enterprises (SME) are experiencing a period of financial and economic crisis. are legally independent and whose managers assume financial. Unfulfilled or only partially achieved expectations to the propertyless. growth and innovation in SME in Europe. the European Commission tried not to leave to chance the “right to know”. 8. operational program. 2012 Accepted: May 30. Furthermore. The results confirm the fact that for Romanian SME the access to financing is a priority issue in the actual economic situation. In agreement with the Member States. 5. Romania Correspondence: Ionica Oncioiu. 2012 doi:10. have an annual net turnover of up to 50 million and / or having total assets of up to 43 million euros (www. Structural and Cohesion Financing Sources for SME According to the Guidelines on financing of small and medium enterprises.doi. (Note 1) The research methodology used was based on document analysis. Romania. • Resources generated by the company’s activity (retaining profit). this paper discusses the main characteristics of SME financing in Europe and provides against this background an analysis of the impact of the funds absorption on sustaining economic growth for Romanian SME. 2012 Online Published: July 1. all of them are challenges needed to be met by training operations that EU experts will bring out. secondary data analysis and statistical analysis.International Business Research. funding may be made by calling the internal sources (equity capital) and / or external funding sources ( Received: May 3. cohesion policy 1. deficiencies noticed in the comparison. there were established a number of obligations to make the mechanisms of release of these funds be transparent and thus enabling people to know how their money is used. Introduction The principles of the European Union funding of SME have gradually emerged and are constantly analyzed for improvement. The research period focused in this paper encompasses the years 2007 – 2009. this process will undoubtedly continue. a state of fact reflected also by an ambiguous theoretical Given the political interest which European structures manifested in this direction. According to a widely accepted understanding of SME. deviations from the model for better or worse. the paper points out some avenues for further research on this topic. On the other hand. Empirical research shows that the factors driving SME financing decisions are complex. access to finance is the most important factor promoting employment. Given the size of the Structural Funds. 47 . 2012 ISSN 1913-9004 E-ISSN 1913-9012 Published by Canadian Center of Science and Education Small and Medium Enterprises’ Access to Financing – A European Concern: Evidence from Romanian SME Ionica Oncioiu 1 1 Tomis University. The analysis of levels of funding granted through different EU financial instruments has been conducted on basis of statistical analysis of financial information from European Commission budget. Keywords: structural funds. the European Union is providing interesting business funding opportunities for the 27 European Members States.europa.5539/ URL: http://dx. I follow all through this paper an understanding of SME which follows the one promoted in the European Commission recommendation 361/2003/CE: the category of SME is represented by enterprises with less than 250 employees. technical and commercial responsibility. 2. The internal funding sources are: • Contributions of the owners or associated members.

which may provide the amounts necessary for entering the market and developing faster. an EU annual report 2010-2011 revealed that. Mezzanine financing is inappropriate for restructuring. SME expect on average between 20 and 100 days to collect bills.www. Regarding financial mezzanine. being a reliable mean of financial support of the enterprise’s needs.g. which affects cross-border investments and growth potential of venture capital funds and reduces the level of investment. They also bear disadvantages because the owners have fewer funds to invest in other more profitable activities than the activity which generated the financial overflow (alternative cost). which is subsequently affected by late payments. this is a hybrid financing instrument that combines features of equity and loan and increases the possibilities of companies’ financial option. Hybrid forms of financing can be employed also in less dynamic periods (e. The use of own resources or loans is often insufficient for start-up firms or those with strong growth potential. such as preserving the independence and financial autonomy. In fact.europa.pdf). Therefore. Mezzanine capital is an appropriate solution especially when the requirements for financing may not be covered by traditional loans. these companies usually seek a venture capital. No. many entrepreneurs need advice regarding the advantages and disadvantages of various forms of funding and how it would be proper to present investment projects in front of the potential donors. but also increasing social welfare or creating new jobs. especially venture capital. Attracting capital is one of the conditions necessary for both establishing a successful business (especially SME) and for ensuring its development. Therefore. financial mezzanine can be an important complementary source of financing /sme/facts-figures-analysis/performance-review/files/supporting-documents/2010-2011/annual-report_en. financial mezzanine is not recommended for companies with an unstable position on the market and negative forecasts of development. Further. in Europe. Cases of refinancing are also suitable for using mezzanine capital. In these stages of the business. given the need to improve SME’ access to financing (and especially for the innovative ones). grants. SME often have a poor equity situation. The mezzanine financial instruments are little used now. 5. On the other hand. External financing is necessary if the SME does not have sufficient internal resources to cover the investments necessary for the planned activities. and initiated some measures to overcome regulatory and tax obstacles at EU and each Member State level. maturity phase) to optimize the financial mix. many start-up companies face difficulties in 48 . This need should be determined from the planning stage of development. it is intended to facilitate access of SME to external financing sources. The needed borrowing is obtained by the analysis of the evolution indicators of costs that are generated by the SME development. one develops the company’s financing policy. Micro-loans can be another useful tool to achieve major objectives. and one in four cases of insolvency are due to late payments (http://ec. 8. where the survival and development of the companies will require substantial resources. In fact. The venture capital is essential for the innovative SME’ financing and for the assurance of the best investment opportunities. the European Commission established facilitating cross-border investments as one of the main objectives. The European Commission will evaluate the options for the introduction of a private placement regime to facilitate cross-border investments to stimulate the development of venture capital funds in Europe and will assist Member States to promote programs which stimulate investments. Depending on the characteristics of this necessary. In addition. guarantees). External financing sources of SME include: loans.ccsenet. financial mezzanine. 2012 Internal funding sources have some advantages. it is estimated that this form of financing will grow significantly. depending on the country. compared with traditional financial loans. micro-loans. To become competitive. and the development of a stimulating legal and business International Business Research Vol. However. and capital market instruments. Regardless of the country. because in these phases capital flows are volatile and more difficult to predict. However. European venture capital markets wish to increase their efficiency and profitability. because it creates no additional binding (interest. financial mezzanine is an attractive option for companies with positive cash flows and developing perspectives to attract additional funds. The most important instruments of mezzanine financing include private placement instruments (private mezzanine) and capital market instruments (public mezzanine). venture capital market is fragmented. or maintaining borrowing capacity. Risk aversion often cause investors and banks to avoid financing companies in the early stage of business. but amid a trend of change and rapid evolution of financial markets. Investors hesitate to invest in start-up companies because of high transaction costs and because the returns do not compensate for risk. with a high debt rate and accounting and financial weaknesses. like the development of small businesses. and a way to achieve this goal is by extending the benefits of a single venture capital market to facilitate cross-border transactions.

Current Scenarios for Financing SME The increasing attention paid in the last decade to SME in most countries of the world. In choosing the source of funding for SME several aspects should be carefully considered: what kind of source of funding is best suited to the business’ objectives. The key actions which are intended in order to achieve this goal are: • Providing technical assistance for micro-financing institutions to help them be credible financial intermediaries and obtain capital more easily. and the factors to be considered when selecting a funding source. which will be made in order to assess the ability of the business.www. The entrepreneur should check whether these match with the type of business. which may be interest rates. before applying for funding. have a less sensitive role in stimulating them. 2003). it would be beneficial to consider the availability of financing funds. There are two significantly different concepts at the basis of their design and operation: 1. what financing size can meet the needs of the business and its own assessment of the company. With regard to accessing micro-loans. who are currently preferentially financing through a variety of public schemes. requests. approvals. In Europe. the previous approach was predominantly used. legal and fiscal taxes. fees for processing application forms.htm).org/ibr International Business Research Vol.000 Euro). which includes all costs before receiving approval for funding. European Investment Fund and European Investment Bank developed a common initiative known as Joint Action to Support Micro-Finance Institutions in Europe JASMINE. etc. c) the terms of funding. which aim to achieve certain economic and social objectives by financing with priority some certain categories of firms. when selecting the source of funding. as a result of the recognition of their major contribution to economic development and generating new jobs in the economy. • the interest rate required by the lender. 5. flat fees. If the enterprise has its own guarantees to cover the need of guarantees. These schemes. is reflected in the development of various public financing schemes. which forecast modest subsidies to SME financing costs. Financing schemes for SME focused on market requirements. • the existence of guarantees and / or type and size of the required guarantees. stage of development and the ability to repay the financing. • the crediting period and grace period offered by the type of financing. which can be fixed or variable. while in the period 2007-2009. The main concern is to avoid causing distortions in market competition. the evaluation of assets. the following issues: • the eligibility criteria required to be met by applicants in order to receive funding. authorizations. This program began in 2009 with a three-year pilot phase and an initial capital of 50 million Euros. there are especially in Germany and the UK approaches based largely on this model. b) the availability of funds. 2008): a) the costs included in obtaining financing: different types of financing involve different costs. • the size of the offered financing. but are unable to access traditional banking services. which is necessary to match the real needs of the business. Financing schemes for SME based on governmental economic policies. since business requires funds in accordance with its plans.. the period necessary for the approval process and the type of reimbursement offered. to have access to financing and to repay it. No. 2. who would like to become providers of independent The program aims to improve access to financing for small businesses. 2012 accessing small loans (fewer than 25. small businesses which develop strongly and with great potential for job creation (Klein et al. which aim to provide financial resources. which might advantage certain categories of firms. one should take into account. so that they can grant more loans. but also the anticipated cost. 8.. 3.eif. etc. for example. 49 . Adherents of this approach are the Japanese. the assessment terms of guarantees required by the types of funding. When the financing source is chosen. • Financing of non-banking financial institutions’ activities. the European Commission. like the costs of financing services. commissions. which aims to develop micro-loan supply in Europe (http://www. the following factors should be taken into account (Nicolescu & Nicolescu. Romanian SME’ requirements consider the types of investment needed during the development of their commercial activities. but under the same or very close conditions to the market conditions. Therefore. the costs of the financing services are smaller. the risks related to investments which will be financed. for unemployed people or for people without a current job. compared with the case when it has to seek help of a guarantee fund.ccsenet.

the compensation of those affected adversely. among which: • conducting direct marketing activities to publicize the availability of financing and eligibility criteria that are to be met. the National Employment Agency) and ministries (Ministry of Transport. public schemes which promote SME financing can be divided mainly into four categories (Figure 1). Financing schemes by grants provide. which became dominant in many branches and sub-branches of activity of the national economy. investment plans. • International Business Research Vol.). The basic principle of providing grants is financial co-participation. it is important that financing should provide flexibility for reimbursement payments. • the enterprise’s own assessment regarding the size of company and its ability to access financing. each SME knows exactly for what purpose it will implement the investment and how to increase the business. 50 . Applying any of these principles will inevitably reveal details concerning the value of the principles that can complement or complete the list above. FIMAN) or governmental agencies (the National Agency of Small and Medium Enterprises. there may not be significant sales. 8. No. Bearing all these in mind together with the needs of SME as the largest and increasingly important economic sector. according to its position in the process and providing funding for information transmission to all people. such as full reimbursement at the end of the loan. an infinite number of principles for funding SME. Ministry of Labor and Social Protection. • the analysis of the received information. • ensuring in good faith the guarantees established in the financing relationship and restoring or attributing them to the entitled ones. cooperation and informing between all economic. 2012 • the financing currency: in case of foreign currency as financing currency. etc. the preparation and transmission of feedback by each actor to all others that are or may be concerned. thus one can identify the SME that meet the criteria on the one hand. and the financial management forecast of the business (the management policy with regard to collecting money from customers and paying suppliers). Such schemes were operationalized through some foundations (CRIMM. these grants address companies from certain economic sectors or areas of the country. shareholders’ willingness to accept the participation of donors in enterprise management. etc. there are financed investments in equipment and. under certain conditions. An Outline of Financing SME in Romania In Romania. grants for SME. • adequate learning and practicing of methods and procedures that will operate at all times during the relationship of funding by all actors involved. • generating information by each actor involved. in capital. • sanctioning of deviations in communication and payment terms by bearing the created damages. more rarely. 4. and loss of the advantages which the guilty parties might have obtained. enterprise’s business plans and strategies for future development (for example. since in this case the risk and currency exchange costs can be avoided. which can generate revenue to enable repayment by monthly or quarterly installments.). administrative and political links involved directly and / or indirectly in funding the programs. Most often. • the type of reimbursement requested: there are seasonal activities which means for long-term investment loans that. He will consider further whether the funding harmonizes with the business’ development and its ability to repay financing (credit. which implies the allocation by the SME of a part of the funds necessary for the whole project at a clearly stated minimum level.ccsenet. 5. it is advantageous for companies to involve in export. since in search of funding. In this case. during certain seasons. leasing. the National Agency for Regional Development. dividend policy (the company may request co-financing from external sources also for current activity. if also the shareholders reinvest the profit). but also in other countries. In accordance with these aspects. but also arouse the interest of others to design their business so that it becomes eligible for financing on the other hand. the development of new markets and new products). I concluded that there are not only in Romania.www. Generally. • strict adherence to deadlines concerning communication and payments as provided by law and / or signed contracts in the funding relationship by all direct or indirect actors involved in it. • the use of funds. the enterpriser will consider the funding offer relating it to the company’s ability to repay the financing in accordance with the repayment schedule (scheduled payment dates).

ccnipmmr.87 40 80 Figure 2.66 58. reconversioon of areas affeccted by industtrial decline.91 North Weest 29.pdf).www.19%). No. within the framework off Romania’s inntegration into o the Europeann Union. whicch are structureed into seven operational o proograms.2% of GDP in 20008 and 4% of GDP G in 2009.roo/fonduristructu urale-finantari.5 South Est E Intention to acces stru uctural fund ds 51. 3. ass well as professional and social retraining ones.96 Sout Weest 41. The Euroopean Union proovides financiaal assistance th hrough four deevelopment fuunds that replaace the three pre-accession p ffunds PHARE. economic operators who have h submitted the project (2. The main m types of fiinancing schem mes for SME in n Romania EU Structuural Funds aree managed by the t European Commission and a have as deestination finanncing the strucctural aid measurres at communnitarian level. and promoting thhe employabiliity of young peoople or rural deevelopment. If one considers that Romania would benefitt by 2013 from m structural funnds of about 28-330 billion Euroos from the EU (http://www. respectively 22.83% %). ( 10-15 years old firms stand out with highher percentagees of organizatioons that inform m regarding th he Structural F Funds (33.html).ccsenet. a situation explained by thhe existence off very strong coompetitors in all a areas of actiivity in the region. 2012 Grants Pub blic financing schemes: Guarantee fundss Subsidiary loans Venture capital Fiigure 1. it is of o great importtance to known the t level of thee Romanian SM ME connectedd with the accesssing of these forms of finanncing.27%). 8.16 56 41. and by thee fact that this area a is more developed economically.83 69.49 Centter 50 0. For the peeriod 2007-20113. as show wn in Table Internationaal Business Research Vol.58% %). Compaanies which arre over 15 yeaars old have hiigher percentagees of SME at thhe stage of elab borating draftss for their projeects (6. 51 .9733 billion Euroos for 2007-20099. followed byy the South-Wesstern and the N North-Western n region compaanies. w while Europeaan authorities mainly aim to t reduce regional disparities (Figure 2). 27. 5. Surprisingly. ISPA and SAPARD. dozenns of public finaancing schemess for SME are provided. The analyssis of the situattion of SME in n 2009 accordiing to their agee reveals mainlly that the com mpanies that aree less than 5 yearrs old have thee highest propo ortion among companies whicch did not acceess the Structurral Funds (58.4% of GDP in i 2007.17 Buchareest 72.finantare. combating c lonng-term unempployment.993%) (http://ww ww.49%).84 Sou uth and SM ME that have received r approoval for fundinng (2.04 33.51 49..13 Noth Est E 0 No intention i to acces structural funds 66. coompanies from m the capital Bucharest show tthe highest perrcentage of SM ME where therre is no interestt for structurall funds (72.44 48.34 Weest 30.09 70. The intention of th he entrepreneuurs from the eigght regions to access a structurral funds Another coomponent of tthe financial package p that R Romania beneffits from is the cohesion funnds. Cohesio on funds financce environmenntal and transpo ort infrastructuure projects.70%) an nd of contactinng a consultingg firm / organizaation to assistt employers (16. in i order to prom mote the regions with delayss in developmeent. On the opposite side are the Center reegion compan nies (69. The totaal amount recceived by Rom mania is 5.

52 .70 Difference - 6 20.335 19. 5.872.733.ccsenet. International Business Research Vol. 2012 Table 1.2009 995.510.178 634 610. Operational programs No.271 41 Cohesion Fund Sector Operational Program Ministry of Economy and Finances European Regional Development Fund “Competitiveness” (www.902 5.351 64 5.797.252 - 30.11.983.635.202 32.897.583.049.2009 5.083.097 8.718. 4. Sector Operational Program for Ministry of Transport (www.771.175. Situation on 22 181.429.844 Development Difference - 20 36.322 15 130.mai.127 109 202.705.815 23.660.475.2009 1.590.11.829 - POS Environment POS Transport Economic 1 5.851 108 200.65 1.361.2009 Competitiveness Difference POS Human 30.835.10.000 - 30.58 31.088 31.644. Operational Program Management Authority Structural instruments 1.10.17 11. No. transparent and impartial way.2009 730.174.58 Difference - 0 - 0 - - POS Increasing 30.582 27.146. Transport” Ministry of Economy and Finances European Regional Development Fund European Social Fund European Regional Development Fund (www.288.304 29.157.387.497. signing contracts and making payments by grant recipients is presented in Table 2.136.62 31.646.959 19.2009 5.871 2.210 28 Operational Program “Increasing of Ministry of Interns and Administrative Administrative Capacity” Reforms (www.983.423 14.521.739.358.207 1.584.2009 1.2009 56.11.733.446 5. “Environment” Development (www.739.03 Resources 31.304 24 303.72 730.669.862.459.276 1 1.638.423 13.408 17 3.887 2.107 - 30.515. 6.360 864 3.026.271 41 15.2009 56.719.157. Sector Operational Program Ministry of Labor.987.46 Assistance 31.061.892.104.236 4.481 117.2009 regarding submission and approval of projects Current Allocations UE Operational reporting/ 2007-2009 Program Previous (cumulate) reporting EURO 30. Cohesion Fund Regional Operational Program Ministry of Development.928 Transport 3.797 23.025 912 3.11. Sector Operational Program Ministry of Environment and Sustainable European Regional Development Fund.593.11.299 0 -355.234 19.902 4.www.447 228 818.34 32.635 14 130.maap.025 23.581.476 71.10.453.925 - PO Administrative 30. 2.266.874.700.2009 1.959 19.000 - PO Technical 30.423 1.082 3.455.638.981 28.190 121. Public Work and European Regional Development Fund Housing (www.820.508. 1.903.38 value (lei) (%) Difference - 246 2.665 48 62.429. The billions of Euros allocated via Structural Funds and Cohesion Fund come from taxes paid by EU citizens and ought to be managed in an Source: White Charter of Romanian SME’s in 2009.175.726 42.2009 31.307.10.828 29.705.833 43.797.178 654 647.920. 31.83 323 1. 8.2009 995.11.476 64.mfinanţe.075 648 6.220.236 11.2009 PO Regional Submitted Project Approved Projects Total projects Degree of fund absorption Number Total Value (Lei) Number Operational Program.468.545 133 European Regional Development Fund.841.62 Difference - 709 3.10.700.369.11. National Rural Development Ministry of Agriculture and Rural Program (NRDP) Development (www.89 Capacity 31.408 17 3.379 672 6. Table Difference - 0 49.355. The situation on 30.899 - TOTAL Source: White Charter of Romanian SME’s in 2009.067 22.182.311 Development Difference - 114 162.mfinanţe.740.358.2009 regarding submission and approval of projects.2009 89.2009 89.216 154 451.446 5.11. Family and Equal “Human Resources Development” Opportunities (www.545 133 13.083.650 64 5.mmediu.374.334 3.844 31.603.

taking into account the very high interest rates and their fluctuating character. financial in order to integrate them into the clusters and supply chains in various areas of economic activity. The aim of implementing the program is that.www. • development of entrepreneurship as an important factor in strengthening existing businesses and in supporting start-ups will be another major objective of financial support policies. • facilitating access to credit and financing by the introduction and development of financial instruments appropriate to small businesses. International Business Research Vol. organization of production. management and human resource development. implementation and certification of environmental management systems. 2012 Romania’s EU accession has brought more opportunities for small business financial support. European Bank for Reconstruction and Development. Further support will be given to the Romanian companies’ access to new markets and their internationalization by: • stimulating SME’ participation to fairs and exhibitions to promote their products and business internationalization. licenses and know-how. product certification and eco labeling. etc. • encouraging inter-firm cooperation. 5. acquisition of technology patents. namely “long-term development of economic competitiveness”. modern technologies. the average productivity increase will be of approx. marketing activities and promotion of companies. The program is funded by the European Regional Development Fund (ERDF).5% annually. contributing at the same time to the implementation of all the other priorities of the NSRF.IEC) is the most important resource for non-reimbursable financial assistance addressed to the SME in Romania. as well as the development of inter-firm corporations and joint investments. for product development and business strategies. • support for strengthening and upgrading the productive sector through investments in facilities.the World Bank. This funding will be ensured from the Structural Funds of the European Regional Development Fund (ERDF) in the programming documents. These credit lines are selectively available to SME in certain economic sectors and / or in certain areas of the country and for certain types of businesses. the European Union PHARE. • strengthening the National Credit Guarantee Fund for SME. investment consulting. innovation and protection of intellectual property rights. several credit lines for SME were opened. • promoting SME’ access to quality advice for the development of projects / business plans. The Romanian government participated with a certain quota to all these lines. information technology and e-business. implementation and certification of quality management systems. mostly having international financing . Loan financing schemes aim to meet separately or cumulatively two categories of requirements: • SME’ access to credit. The estimated value of European support given to the SME sector through the mentioned measures will be around 800 million Euros for the whole period 2007-2013 (http://ec. the 53 . Among the financial instruments. SOP IEC answers to the first priority of the National Development Plan (NDP) 2007-2013. metrology calibration. 5.europa. • encouraging the development of specific business infrastructure such as incubators and business centers. trademarks. namely “developing competitiveness and knowledge-based economy”. In Romania. Similarly. Funding will be granted for the following major areas: • productive investments and preparation for the market competition of enterprises. in the operationalization of which the Ministry of Finance. • partial subsidy of credits interest. on the other hand. development and accreditation of testing / analysis laboratories. On the one hand. given the difficulties of obtaining them from banks because of their distrust in this class of customers and the lack of necessary know-how on the side of banks. some programs of interest subsidies on loans were opened. equipment.pd). and.ccsenet. to the second priority of the National Strategic Reference Framework (NSRF). which will ensure the achievement of a level of about 55% of the EU average. • procurement of professional services and access to international standards certification. • creating and developing innovative financial instruments that will help entrepreneurs involved in research projects and implementation of research results. by the year 2015. 8. SOP Increase of Economic Competitiveness (SOP .

They offer further an overview of the types of accessible public funding to entrepreneurs.32% 5. helping them to determine the funding sources they need. from 100% for SME in hotels and restaurants sector to 51.73% 4.ccsenet.58%).58% 56. Issue of shares on the capital market 1‚28% 1‚74% 0.pdf). Concerning the ways of financing economic activities chosen by entrepreneurs / managers of SME in 2009.65% 4.54%) or loans from specialized financial institutions (2.64% 3. One should note that 3. Largest share have the own resources. while only 0.www.76% 3. 51.06% 2. SME in trade often apply for bank loans (59.05% of companies received bank loans.25% 5.54% 9.25%) and by grants (12.15% Source: White Charter of Romanian SME’s in 2.06% 4. • 5 to 10 years old companies have a higher percentage of SME that used factoring (4. • over 15 years old enterprises have the largest shares of economic units that were financed by issuing shares on the capital market (2.43% 48.65% 3. thirdly. the importance of bank loans tends to increase. SME have started to use more diversified portfolios of finance and the structure of portfolio is much different from one sector to another.58%).65%). 8.60% of the investigated agricultural enterprises intend to use this source of financing their investments. Although own resources remain the main source of financing investment projects.50% 8.16%).57% of companies used leasing.32%). and 1. This small share of this source in financing portfolio for investment in companies from the commercial sector stems from the fact that this sector is not eligible for financial assistance grant (http://www.70% in the case of agricultural enterprises.51% 59. Leasing 26. 29. as well as an reduced use of other methods of financing in most SME in Romania. Overview of methods of financing SME taking the age of SME as criterion No. Thus. 2012 Romanian Development Agency. the investigation reveals the following results: 64. No.61% Bank loans 46. The use of own resources in investment projects varies from sector of activity to sector of activity. 26. and those from agriculture (46. When taking the age of SME as criterion.82% 65. Loans from specialized financial institutions 3. With regard to financial assistance programs supported by the European Union.09% of SME acquired loans from specialized institutions. followed closely by SME from transport and communications (51. under certain conditions. One can thus observe a more pronounced diversification of financing methods in the case of companies younger than 10 years. followed by bank loans and. 8. and there is the highest proportion of SME that were credited (60. but a lower percentage using grants (7.42% of companies were self-financed. They targeted certain types of companies. loans from specialized financial institutions (5.17% 33.46% of companies issued shares on the capital market. and 3.99% 60.60% of SME from the commercial sector expressed this intention. The usefulness of these guaranteeing funds lays in their participation. enterprises from agriculture emerge as the ones applying most frequently for this source. to the partial credit guarantee required by entrepreneurs.73% had access to the National Credit Guarantee Fund for SME.16% 3.02% 32.10%).org/ibr International Business Research Vol.90% 3.70%). 5.15% 6.80%). Factoring 3. have turned to leasing (33.04% 2. The share of capital market sources is insignificant. 54 . • among the 10 to 15 years old firms no economic units were financed by issuing shares on the capital market. Table 3. were involved.85% over 15 years 62. 2.19% 12. Grants 7. and the relative maintaining of the degree of bank loans and leases compared to previous years.cnipmmr. etc.11%).11% 7. by the sources of financial assistance grant. Ministry of Labor and Social Protection.82%).65% 7.64%). one notices the following (Table 3): • companies not older than 5 years are mostly self-financed (65. the budget allocations and grants from the European Union. This highlights the average self-financing capacity of businesses. alleviating this way their access to credits. often generating jobs or exporting activities. and accessed the National Credit Guarantee Fund for SME (3. due to superior expertise and higher credibility in front of the banks / financial institutions. Guarantee of the National Credit Guarantee Fund for SME 2.58% 29.00% 2. Age of SME 0-5 years 5-10 years 10-15 years Self-financing 65.91% of them used factoring as a source of funding.74% of SME used grants. Method of financing 1.

but present an increased percentage of firms that used grants (12. leases.90% 39. 55 . Grants 4. South West.63% 5.00%).90% 11.61%).69%).96%) and the National Credit Guarantee Fund for SME (4.58% 4. and SME in the West did not use the National Credit Guarantee Fund for SME. Centre region and Bucharest are singled out by the absence of SME that issued shares on the capital market. Bank loans 40. • SME in constructions sector recorded the highest percentage of companies that turned to leasing (39. • the highest percentage of firms which resorted to leasing.94% 11.14% 3. • economic units in the North-Eastern region have the highest percentage of SME that resorted to bank loans (60. Turning to size of SME as criterion. 5.93%) and factoring (8. Self-financing 65. • medium-sized enterprises turned to a greater extent to loans from banks (66. Guarantee of the National Credit Guarantee Fund for SME 1.00%).70%).33%) and used to lesser extent bank loans (38. Factoring 1. tourism and transport are marked out by the absence of SME that were financed by issuing shares on the capital market.44% 38.24% 8.45% 4. and registered the smallest share of firms were self-financed (52. • companies from the Western region were mostly self-financed (77. loans from specialized financial institutions or using guarantees from the National Credit Guarantee Fund for SME is among the small businesses. West and Central region were not funded by factoring.ccsenet. factoring.00%) and loans from other specialized financial institutions (12.33% 66.94% Medium enterprises Source: White Charter of Romanian SME’s in 2009.11%) and factoring (10. Table 4.14%).69% 63. Assessing the methods of financing SME by industry highlights the following features (Table 5): • companies from services sector have the lowest share of SME that used the funding by bank loans (37.81%). grants (18. No.96%).47%). 8. Issue of shares on the capital market 0‚82% 3‚06% 0. the firms in the South. Leasing 21. used grant funds (14. Overview of methods of financing SME taking the size of SME as criterion Firms’ dimension No. but also used factoring as a source of financing (5.www.56% 10.17% 3. while the small-sized enterprises are mostly self-financed (65. Loans from specialized financial institutions 2.17% 3.63% 4.15% 7. • companies in North East. 2012 An analysis of the financing methods according to the regional affiliation of SME reveals the following main aspects: • businesses in the South-Western region recorded a higher share of firms that issued shares on the capital market (4.82%) and to the National Credit Guarantee Fund for SME (7. one obtains the following results (Table 4): • the lowest share of firms that were financed by bank loans.99% 2.00% 5. issues of shares on the capital market.48%).67%). loans from specialized financial institutions or using guarantees from the National Credit Guarantee Fund for SME is among small International Business Research Vol.08%). Method of financing Micro Small enterprises 1. grants.78% 62. • tourism and transport companies turned to the National Credit Guarantee Fund for SME. • most companies from industrial sector were self-financed (70.24%). • companies from tourism sector registered higher percentages of SME that contracted bank loans (64.82%) and leasing (26.61%).69% 62.11% 6. • companies operating in constructions.

19% 7.07% 5.23% 28. 4.00% 67. Creating a database with information on funding opportunities for SME (financial aid grant.).24% 52. Financing is perceived by Romanian SME as a crucial constraint for their development. mostly non reimbursable money. 2012 Table 5.00% 1.21% 65. at least 5-7 years. Transforming a state bank in a development bank (investments) for SME.00% 1. at least in certain sectors with competitive advantages and for certain groups (youth. Practicing more attractive interest on loans from the unemployment insurance budget. Developing a national training program for entrepreneurs in order to access structural funds based on the principle of public .00% 1. SME by Industry Industry Construction Trade Tourism Transport Services Self-financing 70. Overview of methods of financing SME taking the industry of SME as criterion No.44% 0. Other measures that may be adopted in order to improve SME’ access to finance are: 1.51% 26. Concluding Discussion Considering the results presented above. the government. etc.26% 5. These two measures would facilitate a comprehensive and rapid development of SME.00% 40. 3. 50% of projects are completed exceeding the budget.private partnership. 56 .61% 6. No.96% 6. it is necessary to act on multiple levels.29% 61. disabled persons. 2. especially since the European Union provides Romania with millions of euros. 5.47% 4.18% 12.98% 37.00% 29. Loans from specialized financial institutions 3. Providing adequate grace period on loans for investment. 5. 4. guarantee funds.ccsenet. 6.95% 7.15% 12. Method of financing 1. 2008).64% 2.31% 2.52% Source: White Charter of Romanian SME’s in 2009. 2. Simplifying procedures for obtaining credit.28% 2. 25% fail completely. Bank loans 57.64% 12.26% 64. These funds were not absorbed because there was not a public-private partnership based on fair principles in line with the practices of the EU acquis (Nicolescu.pdf). and for certain interest groups that could initiate and develop business that fall within the SME sector.00% 2.87% 0. Bureaucracy and lack of information are considered by SME as main obstacles in the way of accessing grants.02% 39. such as students or the unemployed. Leasing 32. one can identify and outline areas where the following priority actions are recommended: 1.46% 53.94% 7. Significant reduction of the amount of guarantees and fees required by banks in lending in accord with the EU practices. venture capital funds). International Business Research Vol.31% 3. effective and fair development of a range of tools meant to support SME. In order to improve this situation. and simplifying guarantee mechanisms on the other hand. Grants 10. Guarantee of the National Credit Guarantee Fund for SME 3. Gradual establishment of a system of guarantee funds for financing entrepreneurs at national and regional level. and only 25% of projects are successfully completed (http://www. the National Agency for Employment.00% 3.82% 28.82% 3.00% 0.59% 4.00% 2. A more intense publicity concerning the guarantee funds in Romania on the one hand.97% 2.61% 59. which represents an intriguing problem.www. Factoring 5. banks and institutions having the main role in ensuring the transparent.70% 5.10% 1‚67% 0. It is also necessary to give credits for investment for a longer period of time. Promoting the use of non-traditional financial instruments such as venture capital funds.00% 0.cnipmmr. Interest subsidy on loans to SME. Issue of shares on the capital market 0. 8. 5. 3.94% 8. There is a paradox in the financing SME by grants: they are relatively small and yet Romania does not succeed in successfully absorbing funds.

in order to support SME sector development in a sustainable way. Not only is the number of SME in Romania lowest. 59(2). special purpose grants.html Klein. 239-265.ub. International Journal of Entrepreneurship Education. International Business Research Vol. 70(1).ccsenet. (2008). References Audretsch. have acknowledged how to develop their range of products and services and have learned to attract new customers or to support those existing during the development SME financing has come a long way in recent years in Romania.animmc. C. Nicolescu. O. (2003). 221. International business. (2004). Multinational enterprises and the global economy.pdf. 1st ESPON Scientific Conference. & http://ec. Maniu. & Anghel.aspx?economyid= 158 http://www. D. 16-40. http://ec. Munich Personal RePEc Archive.worldbank. B.rol. accessed on February 21. eliminating barriers to cross-borders work and facilitating SME access to finance. Malmo. Their financing programs for SME started to adapt to the needs of this segment of customers. (2010). C. S. (2011). & Slade. Ed. Incentives such as tax reduction. They perceived these programs as useful in working with SME. Polverari. since each of these schemes has both advantages and weaknesses. Formal Human Resource Management Practices in Small Growing Firms.www.PDF http://rru.pdf pagina 64 http://ec.europa. as in many other countries in the region..eif. R.htm http://epp. & Thurik. reducing bureaucracy. 143-166. increasing their participation in public Olimp. micro-loan and mezzanine but still need improvements.htm http://www. After the involvement of banks in these financing programs offered by foreign institutions or by the Romanian government. etc. 2012. I. & Nicolescu. Dunning. However. the commercial banks have become more interested in financing SME. Job creation. & Triest. No. The Small Business Act is an important step towards a Europe of entrepreneurs and provide active support for the development of SME in Europe by facilitating access of SME to European programs. R. 57 .finantare. producing little more than 50% of GDP. p. and the real exchange rate. W..europa. there is still a long way to go until one reaches the appropriate support for the development potential of SME. 5. (2005). established a general framework for development of SME private sector and paved the way for future funding programs from alternative internal or external sources. A model of the entrepreneurial economy. while in the EU they produce over 70% (www. Schuh.. & McMaster. January 14. Journal of Small Business Management. (2011). 8. 2012 The programs funded by the Romanian government were not the most important in terms of allocated sums.. I. Editura Economică. 43(1). but were a partial solution to social issues arising from economic reforms. because they helped identifying the main needs of private SME. Bucureşti.europa. but also their long-term viability is paper no. The different financing schemes for SME can be considered useful only if they reach the target market and are properly implemented.uni-muenchen. particularly risk capital.. Territorial cohesion and new cohesion policy: Challenges for old and new Member States. 920.. are necessary. A. A. Nicolescu. the main problems in carrying out such programs and helped training funds beneficiaries to participate in other grant programs. job destruction. Berica. Journal of International Economics. B. technical assistance. [Online] available at http://mpra. J. O. L. de/28151/4/MPRA_paper_28151. F. L. M. P. 402-409. C. H. ‘Structural Funds – Value Added and Costs’. Intreprenoriatul si managementul întreprinderilor mici si mijlocii. White Charter of Romanian SME’s in 2009. M.. (2008).europa. 2011.. but it would be beneficial to be also implemented and monitored carefully. 2. www. Notes Note 1. apart from the large number of SME that declared bankruptcy in Romania.europa. A further aspect playing an important role when choosing this research period (2007-2009) is related to the impact of the economic crisis on the Romanian economy generally and on SME sector in particular. There was a two years delay in making public the statistical data concerning the Romanian SME during this period. many others. www.espon. Compared to other European countries. the statistical data was made public in 2011. Starting with International Business Research Vol. 8. No. according to a survey conducted in May 2009 by the National Credit Guarantee Fund for Small and Medium 5. the general impact of economic crisis on SMEs in Romania became White Charter of Romanian SME’s in 2009. Thus the policy of access to funds slowed down.ueapme.cnipmmr. The European Charter for Small Enterprises. 58 . had faced a decrease in sales figures (21-50%). 2012 http://www.ccsenet. www. and an inquiry on the present topic during 2010 would not be so rewarding. and they were no longer able to meet the criteria and requirements for access to Annexes.

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