REVISTA ROMÂN DE STATISTIC SUPLIMENT SUMAR / … · 2016-06-08 · Revista Român de Statistic -...

Revista Român de Statistic - Supliment nr. 5 / 2016

SUMAR / CONTENTS 5/2016REVISTA ROMÂN DE STATISTIC SUPLIMENT

NO IUNI GENERALE PRIVIND RISCURILE BANCARE 3GENERAL NOTIONS ON BANKING RISKS 7Prof. Constantin ANGHELACHE, PhDProf. Gabriela Victoria ANGHELACHE, PhDAssoc. prof. M d lina Gabriela ANGHEL, PhDGeorgiana NI PhD Student

CREDITELE NEPERFORMANTE I IMPACTUL ACESTORA ASUPRA STABILIT II FINANCIARE 11THE NON-PERFORMING CREDITS AND THEIR IMPACT ON THE FINANCIAL STABILITY 19Prof. Constantin ANGHELACHE, PhDProf. Mario G.R. PAGLIACCI PhDProf. Radu Titus MARINESCU PhDProf. Alexandru MANOLE PhDAssoc. prof. Aurelian DIACONU PhD

MODEL DE ANALIZ A PERFORMAN EI FINANCIARE A ÎMPRUMUTULUI I A ÎMPRUMUTATULUI 27MODEL ANALYSIS OF THE FINANCIAL PERFORMANCE OF THE LOAN AND THE BORROWER 32Prof. Constantin ANGHELACHE, PhDAssoc. prof. M d lina Gabriela ANGHEL, PhDDiana Valentina SOARE PhDAlexandru BADIU PhD Student

MODEL DE ANALIZ A RISCULUI DE CREDIT 37ANALYSIS MODEL OF CREDIT RISK 43Assoc. prof. M d lina Gabriela ANGHEL, PhDAssoc. prof. Aurelian DIACONU PhDGeorgiana NI PhD StudentEc. Andreea Ioana MARINESCU

ASPECTE SEMNIFICATIVE PRIVIND EVOLU IA ACTIVIT II ECONOMICE ÎN CONSTRUC II I TRANSPORTURI 49SIGNIFICANT ASPECTS REGARDING THE EVOLUTION OF ECONOMIC ACTIVITY IN CONSTRUCTIONS AND TRANSPORTS 58Prof. Constantin ANGHELACHE, PhDProf. Alexandru MANOLE, PhDGeorgiana NI PhD StudentGyorgy BODO PhD StudentEmilia STANCIU PhD Student

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Romanian Statistical Review - Supplement nr. 5 / 20162

CADRUL INTERNA IONAL DE SUPRAVEGHERE MACROPRUDEN IAL A PIE ELOR FINANCIAR-BANCARE 67THE INTERNATIONAL FRAMEWORK OF MACRO-PRUDENTIAL SUPERVISION OF FINANCIAL-BANKING MARKETS 73 Prof. Gabriela Victoria ANGHELACHE, PhDAssoc. prof. M d lina Gabriela ANGHEL, PhDDaniel DUMITRESCU PhD StudentMarius POPOVICI PhD Student

ELEMENTE PRIVIND INSTRUMENTELE MACROPRUDEN IALE PENTRU A ASIGURA STABILITATEA FINANCIAR 79ASPECTS REGARDING MACRO-PRUDENTIAL INSTRUMENTS ENSURING FINANCIAL STABILITY 83Prof. Constantin ANGHELACHE, PhDEmilia STANCIU PhD StudentMarius POPOVICI PhD StudentAlexandru URSACHE PhD Student

MODEL STATISTICO-ECONOMETRIC DE ANALIZ DISPERSIONAL 86STATISTICAL-ECONOMETRIC MODEL FOR DISPERSION ANALYSIS 94Prof. Constantin ANGHELACHE, PhDProf. Ioan PARTACHI, PhDAssoc. prof. M d lina Gabriela ANGHEL, PhDCristina SACAL PhD StudentEc. Andreea Ioana MARINESCU

MODEL DE EVALUARE A RISCURILOR BANCARE ÎN CONTEXTUL COMITETULUI BASEL 103BANKING RISK EVALUATION MODEL BASED ON BASEL COMMITTEE 110Prof. Constantin ANGHELACHE, PhDProf. Radu Titus MARINESCU PhDAssoc. prof. Aurelian DIACONU PhDDaniel DUMITRESCU, PhD Student

REDRESAREA ECONOMICA LA NIVEL MONDIAL SI EUROPEAN 116GLOBAL AND EUROPEAN ECONOMIC RECOVERY 121Assoc. prof. Raluca Andreea MIHALACHE PhD

MODEL DE ANALIZ A PIE EI DE ASIGUR RI. NOI PROVOC RI PENTRU MANAGEMENTUL COMPANIILOR DE PROFIL 126MODEL FOR AN INSURANCE MARKET ANALYSIS. NEW CHALLENGES FOR COMPANIES MANAGEMENT 134Assoc. prof. Cristina Elena PROTOPOPESCU PhD

MODELE DE IDENTIFICARE I ANALIZ A RISCURILOR BANCARE 141MODELS FOR THE IDENTIFICATION AND ANALYSIS OF BANKING RISKS 149Prof. Gabriela Victoria ANGHELACHE, PhDProf. Radu Titus MARINESCU, PhDAssoc. Prof. Anca Sorina POPESCU-CRUCERU PhDCristina SACAL PhD Student

Revista Român de Statistic - Supliment nr. 5 / 2016 3

No iuni generale privind riscurile bancareProf. univ. dr. Constantin ANGHELACHEAcademia de Studii Economice, Bucure ti, Universitatea !ARTIFEX" din Bucure tiProf. univ. dr. Gabriela Victoria ANGHELACHEAcademia de Studii Economice, Bucure tiConf. univ. dr. M d lina Gabriela ANGHELUniversitatea !ARTIFEX" din Bucure tiDrd. Georgiana NIAcademia de Studii Economice, Bucure ti

Abstract Riscul poate Þ deÞ nit ca o întâmplare cu consecin e negative asupra agen-tului economic. Este inß uen at de evenimente sau fenomene care ac ioneaz asupra afacerilor societ ilor comerciale, Þ ind expresia nerealiz rii câ tigului urm rit sau pierderea în tranzac iile economice. Riscurile bancare constituie riscurile cu care se confrunt b ncile, în realizarea opera iunilor curente. Riscul bancar constituie gradul de pierdere suferit de o banc , în cazul în care clientul falimenteaz f r a putea s î i achite obliga iile fa de aceasta. V prezent m în continuare aspecte caracteristice riscului, respectiv: deÞ ni-rea i con inutul no iunii de risc, aspectele generale ale riscurilor bancare, riscurile bancare în contextul pie ei Þ nanciare. Cuvinte cheie: risc, incertitudine, eveniment nefavorabil, risc bancar, pie e Þ nanciare.

1. DeÞ nirea i con inutul no iunii de risc Riscul reprezinta o categorie sociala, economica si politica a carei origine se aß a in incertudinea cu care poate s se produca o paguba datorita ezitarilor in luarea deciziei. Riscul poate devein o frana in desfasurarea i expansiunea vietii economice prin reducerea volumului de afaceri i suportarea unor pagube material. In sens general, riscul reß ecta o sansa de aparitie a unui eveniment nefavor-abil, ca posibilitate de pierdere sau sricaciune, de pericol, primejdie. Din punctul de vedere al vietii economico-sociale, riscul este sansa sau po-sibilitatea de aparitie a unui eveniment nefavorabil legat de variabilele de decizie i implica cunoasterea probabilitatilor de aparitie a evenimentelor. Riscul reprezinta o stare cu efecte negative care poat s apar . DeÞ nirea i masurararea riscului necesita folosirea unor concepte statistice cum ar: distributii de probabilitate (cu cat distrbutia de probabilitatea a rentabilitatii viitoare este mai ingusta cu atat mai mic este risul investitiei), rentabilitatea estimata (asteptata), deviatia standard, criteriul !medie varianta", coeÞ cientul beta, etc. Riscul nu poate Þ suprimat sau inlaturat deoarece exista in lumea afaceril-or, in viata economica, sociala i politica a societatii, existand unele activitati care sporesc riscul. Riscul reß ecta posibilitatea aparitiei unor eveneimente nedorite, iar cu cat consecintele negative sau mai nedorite cu atat decizia adoptata a fost mai riscanta. Din punct de vedere economico-social i politic se pot deÞ ni doua categorii de riscuri:


- Riscurile catastrofale, obiective, care sunt consecinta unor evenmente acci-dentale meprevazute, tragice (inundatii, razboaie, cutremure, uragane, incendii), caz in care exista probabilitatea aparitiei pierderii capitalului fara posibilitatea de a Þ recuperat; - Riscurile speculative legate de decizii, constituind evenimente cu probabili-tatea de apartitie i care depind de mediul in care se actioneaza. Riscul reprezinta un eveniment posibil i nedorit, previzibil sau imprevizibil care poate produce piederi materiale sau morale, manifestat in raporturile dintre oameni, dintre om i natura, omul straduindu-se sa- i creeze mijloacele de prevenire, micsorare, atenuare sau inlaturare a efectului riscului permanent. În acceptiunea larga reprezinta posbilitatea aparitiei unei pierderi in cazul unor tranzactii ca rezultat al producerii unor evenimente imprevizibile. Cauzele care gene-reaza riscurile sunt de natura comerciala sau de natura necomerciala. Pentru evitarea sau atenuarea acestor riscuri se impune cunoasterea legislatiei interne i internationale i a uzantelor speciÞ ce anumitor domenii.

2. Riscurile bancare, aspecte generale Bancile comerciale, private i de stat executa operatiunile universal aferente creditarii intreprinderilor industrial, comerciale, etc, preponderant din contul mijloacelor banesti, obtinute in forma de depozite. Se evidentiaza patru grupe de operatiuni bancare: operatiuni passive, operatiuni active, serviciile bancare i operatiunile proprii ale ban-cilor. Operatiunile passive sunt chemate sa mobilizeze mijloacele banesti, care , la randul lor, sunt utilizate pentru Þ nantarea operatiunilor active. Ele includ acceptarea de-pozitelor (la vedere, la termen), atragerea creditelor i emisia valorilor mobiliare. Operatiunile active ale bancilor includ creditarea i operatiunile cu valorile mo-biliare. Totodata, bancile efectueaza operatiunile de acceptare, tranzactiile valutare, tran-zactii ipotecare. Operatiunile de creditare pot Þ clasiÞ cate in functie de asigurare, termen de rambursare, mod de rambursare, mod de achitare a dobanzi, tipul debitorului. In functie de activitatile desfasurate de banci, de strategiile pe care acestea le adopta i de politicile pe care ele le aplica, acestea se expun la diverse risuri speciÞ c acti-vitatii bancare, motiv pentru care sunt cunoscute sub numele de riscuri bancare. Pentru a diminua posibilitatea obtinerii unor proÞ turi exagerate, dar mai ales pen-tru instituirea unui cadru bancar prudential, legea bancara recunoaste dreptul Bancii Natio-nale a Romaniei (BNR) ca unica autoritate in acest domeniu. Astfel Banca Nationala a Ro-maniei (BNR) este singura institutie care emite autorizatia de functionare in acest domeniu i totodata oblige la deschiderea de conturi de catre orice banca la BNR i la consituirea unor

fonduri d reserve minime din proÞ tul brut in limita a 20% pân la nivelul capitalului social. Riscul bancar Þ ind generat de o multime de operatii i proceduri trebuie privit ca un conglomerate sau ca un complex de riscuri, de cele mai multe ori interdependente, prin aceea ca pot avea cauze comune. Aceste operatii i procedure genereaza in perma-neta expunere la risc. Stabilitatea unei banci care operaeza pe diferete segmente ale pietei Þ nanci-are este direct inß uentata de modul de abordare a administrarii riscurilor. Existenta unui sistem eÞ cient de administrare a riscurilor genereaza efecte positive atat pentru banca, cate i pentru clientela sa. Astfel, beneÞ ciile bancii constau in diminuarea nivelului pierderilor neasteptate, optimizarea veniturilor i cheltuielilor asteptate, primelor pen-tru risc i micsorarea valatilitatii rezultatelor Þ nanciare etc. Acestea in afara de sporirea nivelului de stabilitate Þ nanciara a bancii , produc un ir de beneÞ cii pentru clientela: op-


timizare tarifelor, sporirea calitatii i gradului de diversiÞ care a serviciilor i operativitatii prestarii lor, majorarea gradului de protec ie a intereselor clientelei. In conformitate cu recomadarile Bancii Nationale a Romaniei (BNR), in ati-vitatea lor bancile comerciale din Romania se identiÞ ca urmatoarele grupuri de riscuri: riscul de creditare, riscul de piata (inclusiv riscul valutar), riscul operational (inclusiv riscul juridic), riscul dirijarii activelor i pasivelor (inclusiv riscul lichiditatii i riscul ratei dobanzii), riscul evenimentelor externe i riscul strategic. Avand in vedere importanta majora a administrarii riscurilor bancare, BNR a elaborate i a pus in aplicare un ir de acte normative menite sa asigure o abordare pru-denta din partea bancilor din Romania a riscurilor inerente activitatii lor. Bancile comer-ciale indeplinesc cu stricte e toate cerintele inaintate de catre BNR, i anume: formarea fondului rezervelor obligator pentru depozitele atrase, formarea rezervelor pentru reduc-eri pentru pierderi la credite, mentinerea structurii portofolului de credite in corespundere cu politica de creditare, mentinerea marimii capitalului normaiv total i suÞ cientei capi-talului ponderat la risc in limitele stabilite de BNR, respectarea limitelor fata de pozitia valutara deschisa, lichiditatea bancii, credite acordate etc.

3. Riscurile bancare in contextul pietei Þ nanciare Una din func iile principale a sistemului bancar modern axat pe activitatea pie ei economice const în gestionarea riscurilor. Problemele care apar în sisteml bancar ca urmare a gestion rii defectuoase a resurselor pe de o parte i a plasamentelor pe de alt parte, apar în toate economiile. Falimentele b ncilor pun în cauz stabilitatea sistemului Þ nanciar i în cazul statelor unde sistemul de supraveghere este bine pus la punct. Institu iile ce activeaz pe pie e globale au de aface cu o volatilitate majorat i cu efectele crizelor ce se pot transmite între diverse centre Þ nanciare ca urmare a riscului sistemic. Acest fenomen a ap rut în strâns leg tur cu majorarea volumului de opera iuni cu instrumente Þ nanciare derivate cum ar Þ futures, swaps, options. Riscul reprezint acele situa ii unde factorii exterior sau din interiorul unei institu ii de credit ac ioneaz într-un mod ce nu poate Þ prev zut cu efecte asupra valo-rilor de pia . Evaluarea riscului Þ nanciar bancar se face prin raportarea la un element de reper denumit benchmark. În raport cu benchmarkul deÞ ni ia riscului are dou variante, în primul rând in elegem pericolul de apari ie a unei pierderi (risk down side) sau oportu-nitatea unui câ tig (upside potential). Dezvoltarea pie elor Þ nanciare facilitate de cre terea tranzac iilor cu intrumente Þ nanciare derivate i de dezvoltarea ITC a dus la apari ia a trei direc ii importante: ma-jorarea expunerii la riscul de pia i la riscul de intermediere; perpetuarea activit ii de gestiune active minus passive i apari ia de noi situa ii de risc; modelarea riscului de Þ nan are i a riscului de pia prin folosirea de instrumente statistic-matematice. Gestiunea riscurilor bancare prezint urm toarele elemente componente: iden-tiÞ carea riscurilor are în vedere eviden ierea pozi iilor de risc ce pot inß uen a rezultatul institu iei de credit; evaluarea i m surarea riscurilor presupune exprimarea numeric a efectelor ce pot ap rea cu privire la proÞ tul institu iei Þ nanciare; realizarea unei politici relevante pentru gestionarea riscurilor ca urmare a aplic rii de instrumente speciÞ ce; con-trolul riscurilor trebuie realizat pentru a vedea dac reglement rile Þ nanciar-bancare au fost respectate i dac tipurile de instrumente de gestionare au fost correct utilizate; analiza performan elor presupune masurarea acestora ca urmare a acoperirii la expunerile de risc.


Concluzii Gestionarea riscurilor constituie una din func iile principale a sistemului bancar modern axat pe activitatea pie ei economice. Problemele care apar în sisteml bancar ca urmare a gestion rii defectuoase a resurselor pe de o parte i a plasamentelor pe de alt parte, apar în toate economiile. Falimentele b ncilor pun în cauz stabilitatea sistemului Þ nanciar i în cazul statelor unde sistemul de supraveghere este bine pus la punct. Institu iile ce activeaz pe pie e globale au de aface cu o volatilitate majorat i cu efectele crizelor ce se pot transmite între diverse centre Þ nanciare ca urmare a riscului sistemic. Acest fenomen a ap rut în strâns leg tur cu majorarea volumului de opera iuni cu instrumente Þ nanciare derivate cum ar Þ futures, swaps, options. Riscul reprezint acele situa ii unde factorii exterior sau din interiorul unei institu ii de credit ac ioneaz într-un mod ce nu poate Þ prev zut cu efecte asupra valo-rilor de pia . Evaluarea riscului Þ nanciar bancar se face prin raportarea la un element de reper denumit benchmark. În raport cu benchmarkul deÞ ni ia riscului are dou variante, în primul rând in elegem pericolul de apari ie a unei pierderi (risk down side) sau oportu-nitatea unui câ tig (upside potential). Dezvoltarea pie elor Þ nanciare facilitate de cre terea tranzac iilor cu intrumente Þ nanciare derivate i de dezvoltarea ITC a dus la apari ia a trei direc ii importante: ma-jorarea expunerii la riscul de pia i la riscul de intermediere; perpetuarea activit ii de gestiune active minus passive i apari ia de noi situa ii de risc; modelarea riscului de Þ nan are i a riscului de pia prin folosirea de instrumente statistic-matematice. Gestiunea riscurilor bancare prezint urm toarele elemente componente: iden-tiÞ carea riscurilor are în vedere eviden ierea pozi iilor de risc ce pot inß uen a rezultatul institu iei de credit; evaluarea i m surarea riscurilor presupune exprimarea numeric a efectelor ce pot ap rea cu privire la proÞ tul institu iei Þ nanciare; realizarea unei politici relevante pentru gestionarea riscurilor ca urmare a aplic rii de instrumente speciÞ ce; con-trolul riscurilor trebuie realizat pentru a vedea dac reglement rile Þ nanciar-bancare au fost respectate i dac tipurile de instrumente de gestionare au fost correct utilizate; analiza performan elor presupune masurarea acestora ca urmare a acoperirii la expunerile de risc.

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GENERAL NOTIONS ON BANKING RISKSProf. Constantin ANGHELACHE, PhDBucharest University of Economic Studies, !ARTIFEX" University of BucharestProf. Gabriela Victoria ANGHELACHE, PhDBucharest University of Economic StudiesAssoc. prof. M d lina Gabriela ANGHEL, PhD!ARTIFEX" University of BucharestGeorgiana NI PhD StudentBucharest University of Economic Studies

Abstract Risk can be deÞ ned as an accident with negative consequences for economic agent. Is inß uenced by events or phenomena that act on business companies, the ex-pression failure to gain or loss in economic transactions pursued. Banking risks constitute risks facing banks in the implementation of current operations. Credit risk is the degree of loss suffered by a bank, where the customer bankrupt and unable to pay its obligations to it. The following are speciÞ c aspects of risk, namely: deÞ nition and content of the concept of risk, the general aspects of banking risks, Þ nancial market risks in the context of banking. Key words: risk, uncertainty, adverse event, credit risk, Þ nancial markets.

1. DeÞ nition and content of the risk concept The risk represents a social, economic and politic category, whose origin is in uncertainty that may occur due to damage hesitation in decision making. Risk can become a brake on the development and expansion of economic life by reducing the volume of business and incurring property damage. In a general sense, risk reß ects a chance of an adverse event to occur, as a pos-sibility of loss or damage, danger, jeopardy. From economic and social life point of view, risk is the chance or possibility of occurrence of an adverse event related to decision variables and involves knowledge of the occurance probability of events. The risk represents a state with negative effects that can happen. DeÞ ning and measuring risk require the use of statistical concepts such as: prob-ability distributions (the more narrow is the probability distribution of future returns, the lower is the investment risk), estimated return (expected), standard deviation, $medium variant$ criterion, beta coefÞ cient, etc. Risk can not be expressed or removed because it exists in business world, in the economic, social and political society, there are some activities that increase risk. The risk reß ects the occurrence possibility of undesirable events, and the more negative or unintended consequences are, then even more the decision taken is risky. Two categories of risks can be deÞ ned, in social, economic and political terms: - Catastrophic risks, objectives, which are the consequence of accidental events or tragic events (ß oods, wars, earthquakes, hurricanes, Þ res), in which case there is no likelihood of loss capital to be recovered;


- Hedge risks related to decisions, representing events with probability to occur, depending on the environment in which they operate. The risk represents a possible and unwanted event, predictable or unpredictable, that can produce material or moral losses, manifested between people relationships, be-tween man and nature, man striving to create the means of prevention, reduction, mitiga-tion or removal of risk permanent effect. The wide acceptance of risk is the possibility of a loss to occur, in the case of transactions as a result of the appearance of unforeseen events. The causes that generate risks are of commercial or noncommercial nature. To avoid or mitigate these risks it re-quires knowledge of domestic and international law and speciÞ c usage to certain areas.

2. Banking risks, general issues Commercial, private and national banks execute operations related to universal loans to industrial, commercial, etc. enterprises, predominantly from cash account, ob-tained in the form of deposits. It highlights four groups of banking operations: passive operations, active operations, banking services and banks' own operations. Passive operations are called to mobilize Þ nancial means, which, in turn, are used to Þ nance active operations. They include accepting deposits (spot, forward), at-tracting loans and issue securities. Bank active operations include loans and securities operations. Banks conduct acceptance operations, currency transactions, mortgage transactions. Lending operations can be classiÞ ed by insurance, repayment term, repayment mode, payment mode of inter-est, debtor type. Depending on banks& activities and strategies they adopt, and on the policies which they apply, banks are exposed to various speciÞ c banking activity risks, and are therefore known as banking risks. To decrease the possibility of obtaining excessive proÞ ts, but especially to es-tablish a prudential banking framework, banking law recognizes the right of the National Bank of Romania (NBR) as the sole authority in this area. Thus the National Bank of Romania (BNR) is the only institution issuing the authorization to operate in this area and also oblige the opening of accounts by any bank at NBR and at the establishment of funds of minimum reserves in the limit of 20% from the gross proÞ t up to the social capital level. Bank risk being generated by many operations and procedures should be viewed as a conglomerate or complex of risks, often interrelated, in that they have com-mon causes. These operations and procedures generate a permanent risk exposure. The stability of banks that operate on various Þ nancial market segments is di-rectly inß uenced by the approach to risk management. The existence of an efÞ cient risk management generates positive effects for both the bank and its customers. The bank beneÞ ts consist of: decreased level of unexpected losses, optimization of revenues, ex-pected expenditures and risk premiums, volatility reduction of Þ nancial results etc. Be-sides the increase of bank&s Þ nancial stability, a number of beneÞ ts result for customers as well: optimization of tariffs, increasing the quality, diversiÞ cation degree and promptness of their services, increase in the protection of customers& interests. In accordance with the NBR&s recommendations, commercial banks in Roma-nia identify the following risk groups: credit risk, market risk (including currency risk), operational risk (including legal risk), risks directing assets and liabilities (including li-quidity risk and interest rate risk), the risk of external events and strategic risk.


Given the importance of bank risk management, NRB developed and imple-mented a number of laws designed to ensure a prudent approach by banks in Romania, of inherent risks resulted from their activities. Commercial banks comply fully with all requests submitted by NBR, namely: training fund reserves mandatory for deposits, for-mation of reserves for losses on loans, maintaining the credit portofolio structure in ac-cordance with the credit policy, maintaining risk weighted capital in the limits set by NBR and compliance limits towards the open foreign currency position, bank liquidity, loans etc.

3. Banking risks in the context of Þ nancial market One of the main functions of modern banking system focused on economic market activity lies in the risk management. Banking system problems that arise due to mismanagement of resources on one hand and investment on the other hand, occur in all economies. Bankruptcies jeopardize the stability of the Þ nancial system also in countries where surveillance system is well developed. Institutions operating on the global market have to deal with increased volatility and the effects of crises that may be transmitted between different Þ nancial centers due to systemic risk. This phenomenon occurred in close connection with the higher volume of transactions in derivatives such as futures, swaps, options. Risk represents those situations where the outside or inside factors of a credit institution act in a manner that can not be predicted with effects on market values. Banking Þ nancial risk assessment is made by reference to a landmark called benchmark. Relative to the benchmark, risk deÞ nition has two options, Þ rst we under-stand the danger of a loss occurrence (risk down side) or the opportunity for a gain (up-side potential). Financial markets development facilitated by the growth of derivative Þ nancial instruments transactions and ITC development has resulted in three main ways: increas-ing exposure to market risk and risk intermediation; perpetuating management activity assets minus passive and the emergence of new risk situations; Þ nancing and market risk modeling by using statistical and mathematical tools. Managing banking risks shows he following components: risk identiÞ cation is aiming to detect the risk positions that can inß uence the outcome of the credit institu-tion; risk assessment and measurement requires numerical expression of effects that can occur regarding Þ nancial institution proÞ t; realization of a relevant risk management policy due to the application of speciÞ c tools; risk control should be conducted to see if the Þ nancial and banking regulations have been complied with and whether the types of management tools have been properly used; performance analysis involves measuring their due coverage and risk exposures.

Conclusions The risk management is one of the main functions of modern banking system focused on economic market activity . Banking system problems that arise due to mis-management of resources on one hand and investment on the other hand, occur in all economies. Bankruptcies jeopardize the stability of the Þ nancial system also in countries where surveillance system is well developed. Institutions operating on the global market


have to deal with increased volatility and the effects of crises that may be transmitted between different Þ nancial centers due to systemic risk. This phenomenon occurred in close connection with the higher volume of transactions in derivatives such as futures, swaps, options. Risk represents those situations where the outside or inside factors of a credit institution act in a manner that can not be predicted with effects on market values. Banking Þ nancial risk assessment is made by reference to a landmark called benchmark. Relative to the benchmark, risk deÞ nition has two options, Þ rst we under-stand the danger of a loss occurrence (risk down side) or the opportunity for a gain (up-side potential). Financial markets development facilitated by the growth of derivative Þ nancial instruments transactions and ITC development has resulted in three main ways: increas-ing exposure to market risk and risk intermediation; perpetuating management activity assets minus passive and the emergence of new risk situations; Þ nancing and market risk modeling by using statistical and mathematical tools. Managing bankimg risks shows he following components: risk identiÞ cation is aiming to detect the risk positions that can inß uence the outcome of the credit institu-tion; risk assessment and measurement requires numerical expression of effects that can occur regarding Þ nancial institution proÞ t; realization of a relevant risk management policy due to the application of speciÞ c tools; risk control should be conducted to see if the Þ nancial and banking regulations have been complied with and whether the types of management tools have been properly used; performance analysis involves measuring their due coverage and risk exposures.

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niÞ cative privind analiza riscului de faliment, ART ECO - Revist de studii i cercet ri eco-nomice, Vol.6/No.3, pg. 15-22

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aggregate risk, University Library of Munich, Germany in MPRA Paper


Creditele neperformante i impactul acestora asu-pra stabilit ii Þ nanciare

Prof. univ. dr. Constantin ANGHELACHEAcademia de Studii Economice, Bucure ti, Universitatea !ARTIFEX" din Bucure tiProf. univ. dr. Mario G.R. PAGLIACCIUniversita degli studi di PerugiaProf. univ. dr. Radu Titus MARINESCUProf. univ. dr. Alexandru MANOLEConf. univ. dr. Aurelian DIACONUUniversitatea !ARTIFEX" din Bucure ti

Abstract Stabilitate Þ nanciar reprezint situa ia în care sistemul Þ nanciar # interme-diari, pie e i infrastructuri de pia # poate s fac fa ocurilor f r perturb ri ma-jor, Þ ind capabil s atrag i s plaseze fonduri b ne ti în mod eÞ cient i s reziste la ocuri f r a aduce prejudicii economiei real. Creditele neperformante afecteaz stabili-

tatea Þ nanciar , prin faptul c nu mai aduc venituri, dar nu reprezinta in mod neaparat pierderi sau restante. Prezent m în continuare evolu ia dobânzii anuale medie efectiv , tehnica determin rii costului capitalului, principii i reguli generale privind activitatea de credi-tare, gestiunea portofoliului de credite. Cuvinte cheie: credite neperformante, cost, capital, activitate de creditare, portofoliul de credite, stabilitate Þ nanciar .

1. Date preliminare Creditele neperformante, reprezint riscul dominant la adresa stabilit ii Þ nan-ciare. Acestea au continuat s creasc atât ca volum, cât i ca rat , de la 14,3% în ultima luna a anului 2011 la nivelul de 16,8% , dar un volum mai redus fa de anii preceden i, în anul 2011 cre terea a fost de 2,5%, comparativ cu 4% în 2010 i 5% pentru 2009. Rata împrumuturilor neperformante a institu iilor de credit a crescut cu 2,2% între lunile decembrie 2011 i iunie 2013 de la nivelul de 8,2% la nivelul de 10,4% i volumul de împrumuturi de neperfomante s-a majorat cu 28% în acelasi interval. Evolu ia sus inut din prima lun a anului 2012 reß ect , în parte, ajust rile im-puse de IFRS, recunoa terea în bilan a crean elor neperformante înregistrate anterior în conturi în afara bilan ului, precum i reevaluarea calit ii unor credite restructurate în anii preceden i. Condi iile de Þ nan are companii i popula ie au evoluat ordonat în anul 2011 i 2012. Fluxurile de creditare tind s Þ e orientate tot mai mult c tre sectoarele mai eÞ ciente i cele care pot sus ine cre terea economic durabil a României.

Pân în prezent, planurile de restructurare ale marilor grupuri bancare prezente i în România nu au inß uen at negativ situa ia general a subsidiarelor i sucursalelor

din ara noastr : dinamica Þ nan rii companiilor i popula iei a redevenit pozitiv , iar vânz rile nete de active, plasate pe o tendin descresc toare, sunt efectuate în scopul îmbun t irii calit ii portofoliului de credite.


2. Evolu ia dobânzii anuale medie efectiv Unul dintre factorii cheie în activitatea bancar este dobânda, Þ ind caracteris-tica esen ial a creditului bancar. În mod curent, rata dobânzii se exprim f r a face referire la perioada de timp, deoarece aceasta este considerat implicit a Þ de 1 an. Nivelul ratei de dobând este reprezentat de cererea i oferta de fonduride Þ nan are. Oferta de Þ nan are este format din: persoanele Þ zice cu venituri ridicate; persoanele juridice care au excedent de disponibilit i; Cererea de de Þ nan ri este format din: - Persoanele Þ zice care au nevoie pentru a- i procura bunuri de folosin

îndelungat , pentru locuin e, automobile etc.; - Persoanele juridice care caut Þ nan are pentru stocurile proprii . - Guvernul. Statulse îndatoreaz având în vedere politica de investi ii de stat; Cererea de capital variaz invers propor ional cu nivelul ratei dobânzii. Cu cât rata dobânzii va Þ mai redus cu atât mai mare va Þ volumul creditelor pe care le vor contracta popula ia sau agen ii economici. Din punct de vedere teoretic, orice rat a inß a iei pozitiv implic un proces de erodare a dobânzii sau chiar a capitalului avansat, din punctul de vedere al b ncii, putem deosebi dou categorii de dobânzi: dobânda boniÞ cat i dobânda perceput .

!Evolu ia dobânzii anuale efective medie"

Sursa: date prelucrate dup rapoartele BNR, INSSE

Dobânda boniÞ cat (pl tit ) reprezint creditarea contului curent al Clientului cu dobanda cuvenita asa cum a fost comunicata acestuia calculata, dupa urmatoarea for-mula: Dobanda = Sold zilnic x Procent Dobanda/ 365 x 100. Dobanda încasat reprezint dobânda ce se aplic pentru acoperirea unor datorii ale Clientilor fata de Banca reprezentand dobanzi, comisioane, speze, penalitati. Penalitatea de intarziere este determinata pe baza unei rate a dobanzii Þ xe si este calculata dupa urmatoarea formula: Dobanda = Sold zilnic x Procent Dobanda/ 360 x 100 si va Þ aplicata fara avizarea prealabila, pe toata durata in care contul este debitor, pana in ziua acoperirii debitului.


O problem deosebit de important în activitatea bancar o constituie realiza-rea unei rela ii optime între dobânzile primite i cele pl tite, având în vedere c aceast diferen va reprezenta în Þ nal proÞ tul b ncii. Creditul Þ ind actualmente cel mai important produs al b ncilor comerciale din ara noastr determin dobânda ca Þ ind o parte a costului s u. Costul creditului apare

al turi de risc ca o component de baz a pre ului produsului bancar numit credit. Din punctul de vedere al b ncii creditoare sau debitoare conteaz foarte mult la calculul dobânzii dac aceasta este Þ x sau variabil . Uneori, la dobânda practicat de banc se adaug o marj în func ie de coeÞ cientul de risc. Clien ii vor s tie cât îi cost împrumutul, motiv pentru care acord o mare aten ie calculului dobânzii i vor s Þ e speciÞ cat în contractul de împrumut. B ncile comerciale au interesul s atrag depozitele de la agen ii economici i persoanele Þ zice, ace tia tinzând s devin cea mai important resurs de creditare.

3. Tehnica determin rii costului capitalului Pentru determinarea costului capitalului împrumutat sunt lua i în considerare mai mul i factori, printre care: creditele acordate; costul resurselor pentru banca ce acord creditele; serviciile de efectuare a pl ilor de c tre b nci; depozitele i economiile; taxa scontului; dobânzile practicate pe pia a Þ nanciar ; comisioanele; salariile personalului bancar, salariul custodelui gajului de m rfuri sau comisionul acestuia, onorarii, expertize, deplas ri etc. Dac unii din ace ti factori au un rol concret i pot Þ cuantiÞ ca i, al ii sunt de politic economic general . În general, costul capitalului concretizat în creditele acordate agen ilor econ-omici se stabile te în func ie de dobânda la aceste credite, care la rândul ei, are la baz costul resurselor i dobânda interbancar . Costul capitalului reprezint în primul rând, costul Þ nan rii. Agentul economic are în vedere nu numai costul împrumutului, ci i totalul cos-turilor de capital, inclusiv costurile de func ionare i de investi ii. Sc derea ratei dobânzii i deci a costului capitalului este o cale de încurajare a produc iei i investi iilor, i contri-

buie la sporirea produc iei de bunuri i servicii i la cre tere vitezei de circula ie a banilor.

4. Principii i reguli generale privind activitatea de creditare În întreaga activitate de creditare, banca va respecta întocmai prevederile Legii bancare nr.58/1998, Legii nr.101/1998 privind statutul BNR, a normelor, instruc iunilor i regulamentelor emise de BNR, cu atribu ii de reglementare în domeniile monetar, de

credit, valutar i de pia , precum i propriile norme i instruc iuni de lucru. Operatiunile de creditare sunt considerate, in principiu, ca avand risc scazut, insa trebuie sa se tina cont de toate elementele ce intra in componenta procesului de apro-bare, acordare, utilizare a creditelor, si, drept urmare in vederea unei clasiÞ cari corecte se prezinta documentatia detaliata, privind identitatea clientului, istoricul cu Banca si/sau cu alte institutii Þ nanciare bancare/nebancare, credibilitatea, natura activitatii clientului re-spectiv, obiectul si destinatia fondurilor solicitatei de utilizarile din credit, proÞ lul de risc al clientului, iar creditul este trimis inspre aprobare numai dupa o analiza cuprinzatoare si se acorda pe baza aprobarilor stabilite de normele interne de creditare. Facilitati de creditare- clientii bancii vor avea acces la facilitatile de creditare ale bancii daca indeplinesc conditii de eligibilitate, astfel cum sunt prevazute in normele de creditare speciÞ ce, de dispozitiile prezentei norme si de proÞ lul de risc al clientului.


Ca regula generala, nu se acorda facilitati de creditare: * Clientilor cu grad de risc critic si clientilor impotriva carora au fost luate

masuri restrictive de catre autoritatile nationale/internationale, prin emitere de sentinte deÞ nitive si irevocabile, pentru motive de spalare de bani sau alte infractiuni economice;

* Persoanelor juridice nerezidente, care provin din tari cu legislatie Þ scala re-laxata, fara o analiza aprofundata;

* Altor clienti care nu indeplinesc conditiile de eligibilitate impuse de banca B ncile trebuie s asigure deÞ nirea i emiterea politicilor i liniilor ghid în cadrul acordarii i alocarii credelor, garantând standardele calitative stabilite de Banca în analiza bonit ii, asigurând respectarea dispozi iilor normative în vigoare din România, s garanteze standarde calitative ridicate în analiza bonitatii, garantând determinarea i evolu ia criteriilor de evaluare în timp. Activitatea de creditare are în vedere i gestiunea optim a pozii iilor Þ nan ate, anaizând dinamica acestora i utilizarea lor în diverse forme tehnice, pe sectoare/ramuri de activitate economic . B ncile au obliga ia s asigure formalizarea corecta precum i gestiunea administrativ i contabil a garan iilor pentru creditele acordate, prin veriÞ carea corecta i perfectionarea contabil a garan iilor, atât reale cât i personale, constutuite în favoarea

bancii, garantând corectitudinea formala i substan ial a acestora.

5. Gestionarea portofoliului de credite Creditele constituie actualmente în ara noastr , de departe cel mai important produs bancar. De aceea, urm rirea lor înc de la aprobare i acordare face parte din gestiunea creditelor acordate de b ncile comerciale. Cererile de credite se înregistreaz separat de alte documente în !Registrul de eviden a cererilor i contractelor de credite". În acest registru se înscriu: data, solicitan ii de credite, felul creditului solicitat, scopul acestuia, felul creditelor aprobate i data în-cheierii contractului de credite. Toate celelalte documente legate de credite se înscriu în registrul obi nuit de intr ri i ie iri. Un loc aparte în gestionarea creditelor îl constituie, pentru b ncile comerciale, identiÞ carea creditelor acordate efectiv. Aceast identiÞ care se realizeaz în primul num r de ordine al contractului de credite, a unui cod al contului analitic deschis beneÞ ciarului de credite. Gestionarea creditelor acordate de b ncile comerciale presupune îns , mai ales urm rirea permanent a modului de utilizare a fondurilor eliberate agen ilor economici. Aceast urm rire se face atât de conducerea b ncii, dar mai ales de oÞ erii de credite. Pe baza documentelor primite, organele abilitate ale b ncii efectueaz veriÞ carea scriptica a garan iei creditelor, veriÞ c realizarea încas rilor prev zute în bugetul de veni-turi i cheltuieli i a parametrilor proiecta i la obiectivele de investi ii puse în func iune. De asemenea, este veriÞ cat i modul de constituire a resurselor agentului economic. Este vorba de resursele b ne ti destinate ramburs rii creditelor pe termen lung i mediu i pl ii dobânzilor aferente. Informa iile rezultate din analiza documentelor sunt centralizate la agen ii, sucursale i apoi la centrala b ncii comerciale. Aceste raport ri poart denumirea de machete de rapoarte a situa iei creditelor pe termen scurt, mediu i lung. Gestionarea eÞ cient a creditelor presupune analiza portofoliului de credite al b ncii comerciale, sta-bilirea performan ei Þ nanciare a împrumutului i clasiÞ c ri privind utilizarea creditelor. La sfâr itul lunii decembrie 2012, Veneto Banca - Sucursala Bucure ti, a înregistrat circa 30.000 de clien i, dintre care peste 21.000 de persoane Þ zice i circa 9.000 de persoane ju-


ridice. Este vorba de o sc dere în comparatie cu exerci iul, care este imputabil închiderii masive de conturi curente inactive de mult timp, în preponderent persoane Þ zice, produs în primele zile ale anului 2013, dar cu efect începând cu 31.12.2012. Dac vom analiza clien ii în func ie de criteriul comercial $canal de vânz ri$la nivel de grup, cel mai mare segment este de departe cel al clien ilor Retail - $Afß uent i Universal$, reprezentând aproape 74% din total, urmat de segmentul IMM - "Small Busi-ness" , care a reprezentat circa 16,1%.Conform distribuirii clien ilor dup criteriul $canal de vânz ri" reiese c din baza de clien i aten ia se îndreapt spre segmentul Retail. Sfâr itul anului 2007, aduce o cifr de afaceri Grupului ce dep te 39 miliarde euro, astfel cre terea înregistrat este de peste 15,6 miliarde euro în 2006. Fostul Intra Group, a avut o contribu ie-cheie, deoarece a avut loc o infuzie de capital, ce a adus schimb ri în termeni relativi, în valoare de aproximativ 10,5 miliarde euro, reprezentând 26,8% din cifra de afaceri consolidat . La sfâr itul anului 2009, volumul de afaceri al Grupului a depasit pragul de 45.6 miliarde euro, reprezentând o cre tere de aproape 3,6 miliarde euro, astfel se înregistrat o majorare cu mai mult de 8%, comparativ cu situa ia de la sfâr itul anului 2008. Volumul de afaceri al Grupului a încheiat anul 2010 cu rezultate pozitive într-un context economic nefavorabil, înregistrând 74.1 miliarde euro, astfel se înregistrat o majorare de aproape 28,5 miliarde euro, comparativ cu situa ia de la sfâr itul anului 2009. Conjunctura economic diÞ cil a impactat în mod semniÞ cativ asupra activit ii bancare, acest lucru s-a f cut remarcat în bilan urile de sfâr it de an. Veneto Banca Group - Sucursala Bucure ti a reu it s men in un rezultat pozitiv mul umit capacit ii sale de adaptare la nevoile clien ilor cât i prin adoptarea unui management pruden ial. În anul 2011 se stabile te cifra de afaceri a Grupului la 77.2 miliarde euro, reprezentând o cre tere de 3,1 miliarde euro în termeni absolu i pe soldurile înregistrate la sfâr itul lunii decembrie a anului 2010. La sfâr itul anului 2012, volumul de afaceri al Grupului a depa it pragul de 80.1 miliarde euro, reprezentând o cre tere de aproape 2,9 miliarde euro, comparativ cu situa ia de la sfâr itul anului 2011.

!Evolu ia volumului de afaceri"

Sursa: date prelucrate dup rapoartele Þ nanciare publicate de c tre Veneto Banca - Sucursala

Bucure ti parte integrat din Veneto Banca Group


Valoarea creditelor acordate a continuat s creasc în 2007, încheind anul cu o cre tere de circa 10 puncte procentuale.Volumul de credite pentru Veneto Banca Group s-a ridicat la 14.2 miliarde euro, din care peste 3.3 miliarde de euro este rezultatul din fuziunea cu fosta Banca Popular di Intra Group.Dup cum se poate observa din graÞ c, b ncile din interiorul Veneto Banca Group au contribuit cu 2.3 miliarde de euro pentru cre terea în acest segment cu +26,8%, de la circa 8,6 miliarde euro la peste 10,8 miliarde euro. Performan ele celorlalte institu ii de credit din Veneto Banca Group au fost de asemenea pozitive, printre care s-au remarcat Banca di Bergamo cu o cre tere de 32.9%, Banca Meridiana a avut un trend pozitiv care a ajus la 41.5% i Veneto Banca - Sucursala Bucure ti, care a înregistrat cre tere cu peste 76,7%. Segmentul împrumuturilor a crescut de la 2.8 miliarde euro la 4.6 miliarde euro pe parcursul anului 2007 performan Þ ind pozitiv . Împrumuturile c tre clien ii retail au reprezentat aproximativ o treime din împrumuturile acordate de Grupul Veneto Banca. La sfâr itul exerci iului Þ nanciar al anului 2008, Veneto Banca Group realizeaz un volum de credite în valoare de 16.4 miliarde de euro. Într-un context caracterizat la o prim vedere de încetinire progresiv a ciclului economic i apoi de o criz pe pie ele Þ nanciare, Veneto Banca Group a înregistrat o cre tere important în segmentul de creditare. Creditele c tre persoanele Þ zice i întreprinderi conÞ rm faptul c economia a fost afectat , acest lucru Þ ind conÞ rmat de sectorul întreprinderilor mici i mijlocii, în special, care a fost cel mai afectat de cea mai acut faz a crizei, atunci când sistemul bancar s-a aß at într-o situa ie f r lichiditate i astfel a fost încetinit procesul de creditare. În ciuda contextului ce caracterizeaz anul 2009, prin criz economic profund i o restric ie generalizat în oferta de creditare, Veneto Banca Group a continuat s spri-

jine nevoia de fonduri deoarece aten ia a fost îndreptat c tre cerin ele segmentului retail cât i de întreprinderile mici i mijlocii. La încheierea anului Þ nanciar 2009, volumul creditelor la nivel consolidat a ajuns la 17.8 miliarde de euro, care arat evolu ia de aproximativ 1,4 miliarde euro, cu o tendin de cre tere cu 8,5 puncte procentuale fa de anul 2008. Portofoliul de credite la nivel consolidat al anului 2010 a crescut la 25.7 mili-arde euro, arat o cre tere de 7,9 de miliarde euro de la începutul anului, egal cu 44,6 puncte procentuale. Dezvoltarea portofoliului a fost determinat de împurmuturile date pe termen mediu i pe termen lung, în special prin creditele cu ipotec care, în acest perioada au înregistrat o cre tere de un total de 4,6 miliarde euro reprezentând astfel +56,8 puncte procentuale. În aceea i perioad , creditele pentru nevoi curente au înregis-trat o cre tere de 1.2 miliarde euro, +30.7 puncte procentuale, în timp ce sectorul de alte tranzac ii, care include în principal credite pentru avansuri, a înregistrat o cre tere de 479 de milioane euro, +16.4 puncte procentuale. În 2011 Veneto Banca Group, a continuat s sprijine nevoia de fonduri atât pentru segmentul retail cât i cel al întreprinderile mici i mijlocii. La sfâr itul lunii de-cembrie 2011, portofoliul de credite la nivel consolidat a dep it pragul de 27 miliarde de euro, o cre tere de 1,3 miliarde euro de la începutul anului.Evolu ia portofoliului a fost satisf c toare, luând în considerare contextul economic i deteriorarea progresiv a perspectivelor de cre tere a economiei reale. În cursul anului 2012, activitatea de credit la nivel de România a înregistrat o încetinire progresiv . De i persist cererea, condi iile economice i Þ nanciare din Româ-nia oblig aplicarea unui proces de creditare prudent bazat pe criterii drastice. În acest


context Veneto Banca Group a continuat s asigure în cea mai mare m sur sprijin pentru Þ nan area nevoilor persoanelor Þ zice cât i companii.

Sursa: date prelucrate dup rapoartele Þ nanciare publicate de c tre Veneto Banca Group

Concluzii Rata împrumuturilor neperformante a institu iilor de credit a crescut cu 2,2% între lunile decembrie 2011 i iunie 2013 de la nivelul de 8,2% la nivelul de 10,4% i volumul de împrumuturi de neperfomante s-a majorat cu 28% în acelasi interval. Evolu ia sus inut din prima lun a anului 2012 reß ect , în parte, ajust rile im-puse de IFRS, recunoa terea în bilan a crean elor neperformante înregistrate anterior în conturi în afara bilan ului, precum i reevaluarea calit ii unor credite restructurate în anii preceden i. Valoarea creditelor acordate a continuat s creasc în 2007, încheind anul cu o cre tere de circa 10 puncte procentuale.Volumul de credite pentru Veneto Banca Group s-a ridicat la 14.2 miliarde euro, din care peste 3.3 miliarde de euro este rezultatul din fuziunea cu fosta Banca Popular di Intra Group.Dup cum se poate observa din graÞ c, b ncile din interiorul Veneto Banca Group au contribuit cu 2.3 miliarde de euro pentru cre terea în acest segment cu +26,8%, de la circa 8,6 miliarde euro la peste 10,8 miliarde euro. Performan ele celorlalte institu ii de credit din Veneto Banca Group au fost de asemenea pozitive, printre care s-au remarcat Banca di Bergamo cu o cre tere de 32.9%, Banca Meridiana a avut un trend pozitiv care a ajus la 41.5% i Veneto Banca - Sucursala Bucure ti, care a înregistrat cre tere cu peste 76,7%. Segmentul împrumuturilor a crescut de la 2.8 miliarde euro la 4.6 miliarde euro pe parcursul anului 2007 performan Þ ind pozitiv . Împrumuturile c tre clien ii retail au reprezentat aproximativ o treime din împrumuturile acordate de Grupul Veneto Banca. La sfâr itul exerci iului Þ nanciar al anului 2008, Veneto Banca Group realizeaz un volum de credite în valoare de 16.4 miliarde de euro. În 2011 Veneto Banca Group, a continuat s sprijine nevoia de fonduri atât pentru segmentul retail cât i cel al întreprinderile mici i mijlocii. La sfâr itul lunii de-


cembrie 2011, portofoliul de credite la nivel consolidat a dep it pragul de 27 miliarde de euro, o cre tere de 1,3 miliarde euro de la începutul anului.Evolu ia portofoliului a fost satisf c toare, luând în considerare contextul economic i deteriorarea progresiv a perspectivelor de cre tere a economiei reale. În cursul anului 2012, activitatea de credit la nivel de România a înregistrat o încetinire progresiv . De i persist cererea, condi iile economice i Þ nanciare din Româ-nia oblig aplicarea unui proces de creditare prudent bazat pe criterii drastice. În acest context Veneto Banca Group a continuat s asigure în cea mai mare m sur sprijin pentru Þ nan area nevoilor persoanelor Þ zice cât i companii.

BibliograÞ e selectiv 1. Aikaterini-Foteini V. et. al. (2008). EfÞ ciency across alternative Þ nancial structures, bank types

and size classes: a comparison of the OECD countries, International Journal of Banking, Ac-counting and Finance, Volume (Year): 1 (2008), Issue (Month): 2, Pages: 168-188

2. Albort-Morant, G., Ribeiro-Soriano,D. (2016). A bibliometric analysis of international impact of business incubators, Journal of Business Research, Volume (Year): 69 (2016), Issue (Month): 5 () Pages: 1775-1779

3. Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 4. Anghelache, C. (2015). România 2015. Starea economic în continu cre tere, Editura

Economic , Bucure ti 5. Anghelache, C., Anghel, M.G. (2014). Modelare economic . Concepte, teorie i studii de caz,

Editura Economic , Bucure ti 6. Anghelache, C. i al ii (2013). Credit Risk Statistics Testing Methods, Romanian Statistical Re-

view, Supplement no. 3/2013, pp. 60-67 7. Anghelache, C. (2010). Metode i modele de m surare a riscurilor i performan elor Þ nanciar-

bancare # Edi ia a II-a, Editura Artifex Bucure ti 8. Covaci, B. (2008). Romanian commercial banks and credit risk in Þ nancing SME, University

Library of Munich, Germany in its series MPRA Paper with number 14790 9. Gherghinescu, O. (2012). Structural Funds& Use By The Sme Sector In Romania # Structural

Expectations, DifÞ culties And Impacts, Revista Tinerior Economisti (The Young Economists Journal), Volume (Year): 1 (2012), Issue (Month): 18 (April), Pages: 35-42

10. Hernández-Cánovas, G., Martínez-Solano, P. (2010). Relationship lending and SME Þ nancing in the continental European bank-based system, Small Business Economics, Volume (Year): 34 (2010), Issue (Month): 4 (May), Pages: 465-482


THE NON-PERFORMING CREDITS AND THEIR IMPACT ON THE FINANCIAL STABILITYProf. Constantin ANGHELACHE, PhDBucharest University of Economic Studies, !ARTIFEX" University of BucharestProf. Mario G.R. PAGLIACCI PhDUniversita degli studi di PerugiaProf. Radu Titus MARINESCU PhDProf. Alexandru MANOLE PhDAssoc. prof. Aurelian DIACONU PhD!ARTIFEX" University of Bucharest

Abstract Financial stability means a situation where the Þ nancial system market-and intermediaries, market infrastructures-may face major disruptions jolting, without being able to draw and to place monetary funds effectively and to withstand shocks without hurting the real economy. Loans affect Þ nancial stability, in that it does not bring more revenue, but not necessarily represent losses or outstanding. Further evolution of the present annual average effective interest, cost of capi-tal determination technique, principles and general rules concerning lending, credit portfolio management. Key words: non-performing credits, cost, equity, credit activity, credit portfo-lio, Þ nancial stability.

1. Preliminary data The non-performing credits are representing the dominant risk to the Þ nancial stability. They kept on increasing both as volume and rate, from 14.3% for the last month of the year 2011 to the level of 16.8% , but with a lower volume as against the previous years, in the year 2011 the increase counted for 2.5%, comparatively with 4% in 2010 and 5% for 2009. The rate of the non-performing loans of the crediting institutions increased by 2.2.% between the months December 2011 and June 2013 from the level of 8.2% to the level of 10.4% while the volume of non-performing increased by 28% over the same interval of time. The sustained evolution during the Þ rst month of the year 2012 is reß ecting, par-tially, the adjustments assigned by IFRS, the acknowledgement in the balance sheet of the non-preforming liabilities previously recorded in accounts outside the balance sheet, as well as the re-evaluation of the quality for certain credits restructured during the previous years. The conditions for Þ nancing companies and population developed in an ordered way in the years 2011 and 2012. The crediting ß ows tend to be directed to a larger extent towards the sectors more efÞ cient and those supporting the durable economic growth of Romania. Up to date, the plans of restructuring issued by the bug banking groups being present in Romania as well, did not inß uence negatively the general situation of their sub-sidiaries and branches from our country; the dynamics of the Þ nancing of companies and population became positive again while the net sales of assets, placed on a down warding tendency, are made with the purpose to improve the quality of the credits portfolio.


2. The evolution of the effective yearly average interest One of the key factors of the banking activity is the interest, which is the main characteristic of the banking credit. Currently, the interest rate is expressed without referring to the time period, since this one is implicitly considered as being 1 year. The level of the interest rate is given by the demand and offer for Þ nancial funds. The offer for Þ nancing is formed by: individuals with high income; legal per-sons holding availabilities in excess. The Þ nancing demand is formed by: - Individuals needing to acquire goods of long-term utilisation, dwellings, cars

etc.; - Legal persons searching Þ nancing for their own stock; - The Government of the state borrowing in accordance with the state invest-

ment policy; The demand of capital is varying in an inverse ratio with the interest rate. As much as the interest rate is lower, the volume of credits contracted by the population of economic agents is bigger. From a theoretical point of view, any positive interest rate implies a process of erosion of the interest or even of the advanced capital; from the bank point of view we can make the difference between two categories of interest: the discounted interest and the collected interest.

!The evolution of the effective yearly average interest"

Source: processed data out of the NBR, INSSE reports

The discounted interest (paid) is representing the crediting of the current ac-count of the Client with the interest due as communicated to him, calculated according to the following formula: Interest = Daily sold x Interest percentage/ 365 x 100. The collected interest is representing the interest applied for covering debts of the Clients towards the Bank, representing interests, commissions, fees, penalties. The delay penalty is established on the basis of a rate of Þ x interest being cal-culated according to the formula: Interest = Daily sold x Percentage of Interest / 360 x


100 being applied without prior notiÞ cation over the entire duration of the debtor account until the day the debit is covered. An issue particularly signiÞ cant in the frame of the banking activity consists of achieving an optimum relation between the collected interests and the paid ones, taking into consideration that this difference will eventually represent the proÞ t of the bank. The credit being nowadays the most important product of the commercial banks from our country, establishes the interest as a part of its cost. The credit cost stands along with the risk as a basic component of the price for the banking product called credit. From the point of view of the crediting or debiting bank for the calculation of the interest it is extremely important whether the interest is Þ x or variable. Sometime, a margin is added to the interest applied by the bank, depending on the risk coefÞ cient. The clients want to know how much the loan will cost and therefore, they are paying a great attention to the interest calculation which they want to be speciÞ ed in the loan contract. The commercial banks are interested to draw deposits from the economic agents and individuals who tend to become the main resource for the crediting activity.

3. The technique to set up the cost of the capital In order to set up the cost of the borrowed capital there are several factors to consider, among which: the credits being ranted; the cost of resources for the bank grant-ing the credits; services for payments made by the banks; deposits and savings; the dis-count tax; the interest applied on the Þ nancial market; the commissions; the wages of the banking personnel; the salary of the trustee of the goods deposit or the commission for this one; the emoluments, expertise, travelling etc. While some of these factors play a concrete role and can be quantiÞ ed, others are purely factors of general economic policy. Generally speaking, the cost of the capital materialized in the credits granted to the economic agents is established depending on the interest applied to these credits which, at its turn, is based on the resources cost and the inter-banking interest. The cost of the capital is representing Þ rst and foremost, the Þ nancing cost. The economic agent takes into consideration not only the cost of the loan but also the total costs of capital, including the costs for functioning and investment. The decrease of the interest rate and, hence, of the cost of the capital, is a way to encourage the production and investment and contributes to the increase of the production of goods and services as well as to the increase of the circulating speed of the money.

4. General principles and rules concerning the crediting activity By its crediting activity, the bank should strictly observe the provisions of the Banking Law no. 58/1998, Law no.101/1998 concerning the statute of the NBR, the norms, instructions and regulations issued by NBR, bearing regulating prerogatives in the monetary, crediting, foreign exchange and market domains, as well as their own norms and working instructions. The crediting operations are considered, basically, as being a low risk but they must take into account all the elements included in the process of approving, granting, utilizing credits and, consequently, in order to get a correct classiÞ cation, there is a de-tailed documentation to be submitted as regards the identity of the client, his historical with the Bank and/or other banking/non-banking Þ nancial institutions, its credibility, the


nature of the activity run by the respective client, the purpose and destination of the re-quired funds as utilizations from the credit, the risk proÞ le of the client, the credit being sent for approval only after a perusal analysis and approved on the basis of the approvals set up by the internal norms of crediting. The credit facilities # the clients of the bank would take advantage of the credit-ing facilities of the bank if complying with the conditions of eligibility, as provided by the speciÞ c crediting norms, the provisions of a speciÞ c norm and the risk proÞ le of the client. As a general rule, the crediting facilities are not granted to: * The clients with a degree of critical risk and the clients against who restrictive

steps have been taken by national/international authorities, through Þ nal and irrevocable decisions issued in the case of money laundering or other eco-nomic infringements;

* The non-resident legal persons originating in countries with relaxed Þ scal leg-islation, without a profound analysis;

* Other clients not complying with the eligibility conditions established by the bank. The banks must secure the deÞ nition and issue of the policies and guiding lines in the frame of credits granting, guaranteeing the qualitative standards set up by the Bank for the solvency analysis, securing the observance of the normative dispositions in force in Romania, guaranteeing also the setting up and the evolution of the evaluation criteria in time. The crediting activity takes into consideration also the optimum management of the Þ nanced positions by analysing their dynamics and utilization under various technical forms, by sectors/branches of economic activity. The banks have the obligation to secure a correct formalization as well as the administrative and accounting management of the warranties for the granted credits, by the corrects checking and accounting improvement of the warranties, both real and per-sonal, set up in the bank&s favour, guaranteeing their formal and substantiated correctness.

5. The management of the credits portfolio Presently, the credits are by far the most important banking product in our coun-try. This is why, their monitoring since the moment of approval and granting makes part of the management of the credits granted by the commercial banks. The credit applications are registered separately from other documents in the !Register for the evidence of the credits applications and". In this register the following items are inscribed: date, credits applicants, the type of the requested credit, its purpose, type of the approved credits and the date of the termination of the credit contract. All the other documents connected with the credits are inscribed in the ordinary register of inputs-outputs. A particular position in the management of the credited by the commercial banks is held by the identiÞ cation of the credits actually granted. This identiÞ cation is achieved Þ rstly through the order number of the credit contract, the code of the analytic account opened to the credits beneÞ ciary. The management of the credits granted by the commercial banks implies, main-ly, the permanent monitoring of the way in which the funds put at the disposal of the economic agents are utilized. This monitoring is made by the bank management but mainly by the credit ofÞ cers. On the basis of the received documents, the organs in charge of the bank are proceeding to the scriptural veriÞ cation of the credits guarantee, the accomplishment


of the cashing up as scheduled by the incomes and expenses budget and the forecasted parameters for the investment objectives put in function. Meantime, the mode in which the economic agent constitutes its resources is also veriÞ ed. Here we talk about the money resources meant to reimburse the long and me-dium term credits and to the payment of the related interests. The information arising from the analysis of the documents is centralized at the agencies, branches and Þ nally the headquarters of the commercial banks. These references are called reference model of the situation of the long, medium and short term credits. The efÞ cient management of the credits implies the analysis of the credits port-folio of the commercial bank, the setting up of the Þ nancial performances of the loan and classiÞ cations concerning the credits utilization. By the end of December 2012, Veneto Banca # Bucure ti Branch, recorded about 30,000 clients, out of which over 21,000 individuals and about 9,000 legal persons. This shows a decrease as comparatively the previous exercise, due to the massif closing of current long time inactive accounts, mostly of individuals, occurring within the Þ rst days of the year 2013 but with effect starting with 31.12.2012. If analysing the clients depending on the commercial criterion $sales channel$ at group level, the largest segment is by far that of the clients Ritail - $Afß uent and Universal$, representing almost 74% of the total, followed by the segment IMM - "Small Business" , which represented about 16.1%. According to the distribution of the clients by the criterion $sales channel$, the outcome is that, out of the clients &basis, the attention goes to the Retail. The end of the year 2007, brings a turn-over Þ gure to the Group exceeding 39 billion euro, so that the increase recorded counts for over 15.6 billion euro in 2006. The ex Intra Group, had a key contribution since an infusion of capital took place, which brought changes in relative terms, amounting about 10.5 billion euro, repre-senting 26.8% of the consolidated turn-over Þ gure. By the end of the year 2009, the business volume of the Group exceeded the threshold of 45.6 billion euro, representing an increase of almost 3.6 billion euro, so that there is an increase of more than 8% to be recorded comparatively with the situation by the end of the year 2008. The business volume of the Group closed the year 2010 with positive results in a un-favourable economic context, recording 74.1 billion euro, so that an increase of almost 28.5 billion euro is recorded comparatively with the situation by the end of the year 2009. The tough economic conjuncture had a signiÞ cant impact on the banking activ-ity, correspondingly reß ected by the balance sheets at the end of the years. Veneto Banca Group - Bucure ti Branch managed to maintain a positive result due to its capability to line up with the needs of the clients as well as through adopting a prudential management. In the year 2011 the turn-over Þ gure of the Group is set at 77.2 billion euro, representing an increase of 3.1 billion euro in absolute terms on the sold recorded by the end of December 2010. By the end of the year 2012, the business volume of the Group exceeded the threshold of 80.1 billion euro, representing a increase of almost 2.9 billion euro, com-paratively with the situation by the end of the year 2011.


!The evolution of the business volume"

Source: processed data out of the Þ nancial reports published by Veneto Banca - Bucure ti Branch, integrant part of Veneto Banca Group

The value of the credits granted kept on increasing in 2007, the year being closed with an increase of about 10 percentage points. The volume of credits for Veneto Banca Group amounted 14.2 billion euro, out of which over 3.3 billion euro resulted out of the merge with the ex Banca Populara di Intra Group. As we can notice from the graphic, the banks from inside Veneto Banca Group contributed with 2.3 billion euro for the increase in this segment +26.8%, from about 8.6 billion euro to over 10.8 billion euro. The performances of the other institutions of credit from Veneto Banca Group have been also positive, with a bench mark for Banca di Bergamo with an increase of 32.9%, Banca Meridiana also with a positive trend reaching 41.5% and Veneto Banca # Bucure ti Branch, which recorded an increase of over 76.7%. The loans segment increased from 2.8 billion euro la 4.6 billion euro during the year 2007 which is a positive performance. The loans to the retail clients represented approximately a third of the granted loans by the Group Veneto Banca. By the end of the Þ nancial exercise of the year 2008, Veneto Banca Group achieved a volume of credits counting for 16.4 billion euro. In a context characterized, at a Þ rst glance, by a progressive slowing down of the economic cycle, followed by a crisis on the Þ nancial markets, Veneto Banca Group recorded a signiÞ cant increase of the crediting segment. The credits to individuals and companies conÞ rm the fact that the economy has been affected, mainly in the sector of the small and medium companies, which was the most affected by the most acute phase of the crisis, when the banking system faced a situa-tion of shortage in liquidities and, consequently, the slowing down of the crediting process. Despite the context characterizing the year 2009, respectively the profound economic crisis and a generalized restriction of the crediting offer, Veneto Banca Group kept on supporting the funds requirements as the attention was directed towards the retail segment and small and medium companies. By the closing of the Þ nancial year 2009, the volume of the credits at consolidat-ed level, counted for 17.8 billion euro, showing the evolution of approximately 1.4 billion


euro, with an up warding tendency by 8.5 percentage points as against the year 2008. The portfolio of credits at consolidated level of the year 2010 increased up to 25.7 billion euro, showing an increase of 7.9 de billion euro as from the beginning of the year, equal to 44.6 percentage points. The development of the portfolio has been generated by the loans granted on me-dium and long term, mainly through mortgage credits which, during that period recorded an increase amounting 4.6 billion euro, representing thus +56.8 percentage points. During the same period, the credits for current needs recorded an increase of 1.2 billion euro, +30.7 percentage points, while the sector of other transactions, includ-ing basically credits for payments in advance, recorded an increase of 479 million euro, +16.4 percentage points. In 2011 Veneto Banca Group kept on supporting the funds requirements for the retail segment and small and medium companies. By the end of December 2011, the portfolio of credits at consolidated level exceeded the threshold of 27 billion de euro, an increase of 1.3 billion euro from the beginning of the year. The evolution of the portfolio was satisfactory if considering the economic context and the progressive deterioration of the prospects of growth for the real economy. During the year 2012, the crediting activity at the level of Romania recorded a progressive slowing down. Although the demand keeps on persisting, the economic and Þ nancial conditions in Romania imply a prudent process of crediting based on drastic criteria. Under the circumstances, Veneto Banca Group kept on securing to the largest extent the support for Þ nancing the requirements of both individuals and companies.

Source: processed data based on Þ nancial reports published by Veneto Banca Group

Conclusions The rate of the non-performing loans of the crediting institutions increased by 2.2.% between the months December 2011 and June 2013 from the level of 8.2% to the level of 10.4% while the volume of non-performing increased by 28% over the same interval of time. The sustained evolution during the Þ rst month of the year 2012 is reß ecting, par-tially, the adjustments assigned by IFRS, the acknowledgement in the balance sheet of the


non-preforming liabilities previously recorded in accounts outside the balance sheet, as well as the re-evaluation of the quality for certain credits restructured during the previous years. The value of the credits granted kept on increasing in 2007, the year being closed with an increase of about 10 percentage points. The volume of credits for Veneto Banca Group amounted 14.2 billion euro, out of which over 3.3 billion euro resulted out of the merge with the ex Banca Populara di Intra Group. As we can notice from the graphic, the banks from inside Veneto Banca Group contributed with 2.3 billion euro for the increase in this segment +26.8%, from about 8.6 billion euro to over 10.8 billion euro. The performances of the other institutions of credit from Veneto Banca Group have been also positive, with a bench mark for Banca di Bergamo with an increase of 32.9%, Banca Meridiana also with a positive trend reaching 41.5% and Veneto Banca # Bucure ti Branch, which recorded an increase of over 76.7%. The loans segment increased from 2.8 billion euro la 4.6 billion euro during the year 2007 which is a positive performance. The loans to the retail clients represented approximately a third of the granted loans by the Group Veneto Banca. By the end of the Þ nancial exercise of the year 2008, Veneto Banca Group achieved a volume of credits counting for 16.4 billion euro. In 2011 Veneto Banca Group kept on supporting the funds requirements for the retail segment and small and medium companies. By the end of December 2011, the portfolio of credits at consolidated level exceeded the threshold of 27 billion de euro, an increase of 1.3 billion euro from the beginning of the year. The evolution of the portfolio was satisfactory if considering the economic context and the progressive deterioration of the prospects of growth for the real economy. During the year 2012, the crediting activity at the level of Romania recorded a progressive slowing down. Although the demand keeps on persisting, the economic and Þ nancial conditions in Romania imply a prudent process of crediting based on drastic criteria. Under the circumstances, Veneto Banca Group kept on securing to the largest extent the support for Þ nancing the requirements of both individuals and companies.

References 1. Aikaterini-Foteini V. et. al. (2008). EfÞ ciency across alternative Þ nancial structures, bank types

and size classes: a comparison of the OECD countries, International Journal of Banking, Ac-counting and Finance, Volume (Year): 1 (2008), Issue (Month): 2, Pages: 168-188

2. Albort-Morant, G., Ribeiro-Soriano,D. (2016). A bibliometric analysis of international impact of business incubators, Journal of Business Research, Volume (Year): 69 (2016), Issue (Month): 5 () Pages: 1775-1779

3. Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 4. Anghelache, C. (2015). România 2015. Starea economic în continu cre tere, Editura

Economic , Bucure ti 5. Anghelache, C., Anghel, M.G. (2014). Modelare economic . Concepte, teorie i studii de caz,

Editura Economic , Bucure ti 6. Anghelache, C. i al ii (2013). Credit Risk Statistics Testing Methods, Romanian Statistical Re-

view, Supplement no. 3/2013, pp. 60-67 7. Anghelache, C. (2010). Metode i modele de m surare a riscurilor i performan elor Þ nanciar-

bancare # Edi ia a II-a, Editura Artifex Bucure ti 8. Covaci, B. (2008). Romanian commercial banks and credit risk in Þ nancing SME, University

Library of Munich, Germany in its series MPRA Paper with number 14790 9. Gherghinescu, O. (2012). Structural Funds& Use By The Sme Sector In Romania # Structural

Expectations, DifÞ culties And Impacts, Revista Tinerior Economisti (The Young Economists Journal), Volume (Year): 1 (2012), Issue (Month): 18 (April), Pages: 35-42

10. Hernández-Cánovas, G., Martínez-Solano, P. (2010). Relationship lending and SME Þ nancing in the continental European bank-based system, Small Business Economics, Volume (Year): 34 (2010), Issue (Month): 4 (May), Pages: 465-482


Model de analiz a performan ei Þ nanciare a împrumutului i a împrumutatului

Prof. univ. dr. Constantin ANGHELACHEAcademia de Studii Economice, Bucure ti, Universitatea !ARTIFEX" din Bucure tiConf. univ. dr. M d lina Gabriela ANGHELUniversitatea !ARTIFEX" din Bucure tiDr. Diana Valentina SOAREDrd. Alexandru BADIUAcademia de Studii Economice, Bucure ti

Abstract În vederea evalu rii performan elor Þ nanciare ale împrumuta ilor sunt utiliza i o serie de indicatori economico-Þ nanciari, proprii Þ ec rei b nci, dintre care: gradul de lichiditate, gradul de solvabilitate, rata proÞ tului i gradul de îndatorare. Este necesar utilizarea unui num r cât mai mare de indicatori determinând cre terea timpului necesar pentru fundamentarea deciziei de creditare, cât i determinarea bonit ii împrumutatului. Pornind de la aceste considerente, vom prezenta în cadrul articolului un model de analiz asupra performan ei Þ nanciare a împrumutului, cât i a împrumutatului. Cuvinte cheie: performan Þ nanciar , model, analiz , împrumut, împrumu-tat, portofoliu, credite neperformante.

1. Prezentarea cadrului general Determinarea calit ii debitorului se apreciaz de c tre b nc prin încadrarea într-una din categoriile prezentate mai jos i are la baz un sistem de clasiÞ care a riscului de portofoliu de creditare, prin sistemul de raiting sub forma matricei bidimensionela de cuantiÞ care a probabilitatii de producere a riscului si a impactului producerii acestuia asupra proÞ tabilitatii bancii, dup cum reiese din tabelul urm tor. Incadrarea portofoliului de credite pe categorii de risc,conform matricei bidi-mensionale, dupa cum urmeaza: - risc scazut zona reprezentata de clasele A, AA si BBB - risc moderat zona reprezentata de clasa BB - risc mediu zona reprezentata de clasa B - risc ridicat zona reprezentata de clasele C, CC si CCC

!Încadrarea portofoliului de credite pe categorii de risc"

Pondere de risc conform cerintelor privind determinarea necesarului de capital Categoria de clasiÞ care

0%20-35%

50-75%

100%Categoria

împrumutatului

Standard AA A BBB BB Împrumutat categ. AIn observatie A BB BB B Împrumutat categ. BSubstandard BB BB B B Împrumutat categ. CIndoielnic BB B B CC Împrumutat categ. DPierdere B CCC CC C Împrumutat categ. ESursa: date prelucrate dup reglement rile BNR privind modul de încadrare a împrumuta ilor de c tre Veneto Banca Group


Categoria A: împrumuta ii cu activitate economico-Þ nanciar rentabil , având asigurate toate condi iile de aprovizionare, desfacere, tehnologie, organizatorice i de personal ce determin rambursarea la termen a ratelor scadente aferente creditelor con-tractuale cât i a dobânzilor bancare. Categoria B: bun situa ie economico-Þ nanciar în prezent, î i realizeaz indi-catorii de bonitate la un nivel superior, dar pentru perioada urm toare nu sunt perspective privind men inerea performan elor Þ nanciare la acela i nivel, existând Þ e probleme de natur organizatoric , tehnologic , de personal, Þ e legate de natura i obiectul activit ii. Categoria C: în prezent situa ie Þ nanciar i economic satisf c toare, existând tendin a de înr ut ire a indicatorilor de produc ie, eÞ cien a activit ii, organizatorice i de personal. Categoria D: situa ia economico Þ nanciar caracterizat prin indicatori infe-riori, oscilând în perioadele relativ scurte de timp între o activitate nesatisf c toare i una satisf c toare. Categoria E: activitatea nerentabil , înregistrând pierderi ce implic incertitu-dine privind capacitatea de a rambursa creditul i dobânzile. Cuprinderea agen ilor economici într-o categorie sau alta din cele 5, trebuie f cut pe baza analizei performan elor economico-Þ nanciare potrivit unui set de criterii i anume: forma de organizare a agen ilor economici; sectorul în care î i desf oar

activitatea i pozi ia unit ii în cadrul ramurii sau subramurii; lichiditatea patrimonial ; rata autonomiei Þ nanciare; structura economico Þ nanciar ; rota ia activelor circulante; garan iile asiguratorii; sezonalitatea activit ii desf urate; dependen a de pie ele de aprovizionare i desfacere; nivelul sprijinului guvernamental; calitatea conducerii; per-spectiva economico-Þ nanciar a unit ii. Dintre toate aceste criterii cele mai importante sunt: # Lichiditatea patrimonial . Reprezint , a a cum am mai ar tat, un criteriu de baz în aprecierea calit ii creditelor prin prisma posibilit ii de rambursare a acestora de c tre debitori pe baza transform rii rapide a activelor circulante i a crean elor în lichidit i. În structura activelor circulante ce pot Þ transformate rapid în lichiditate se in-clud: disponibilit i în conturi i în cas ; alte mijloace b ne ti; crean e i alte sume de încasat; titluri de credit i alte hârtii de valoare; alte active (cu excep ia stocurilor i chel-tuielilor imobilizate i f r perspectiv de valoriÞ care). În structura obliga iilor exigibile se includ: datorii exigibile c tre personal, furnizori, buget etc; credite curente pe termen scurt ajunse la scaden sau care vor deveni exigibile în urm toarele trei luni; credite restante. # Rata autonomiei Þ nanciare Reprezint gradul în care agen ii economici sunt nevoi i s apeleze la credite bancare datorit insuÞ cien ei resurselor proprii. # Situa ia economico-Þ nanciar . Acest important criteriu trebuie împ r it la rândul lui în 3 subcriterii i anume: cifra medie de afaceri; proÞ tul brut realizat lunar; rata rentabilit ii. Cea mai bun situa ie economico-Þ nanciar este aceea în care ace ti trei indica-tori înregistreaz valori medii normale. Agen ii economici care realizeaz valorii medii la ace ti indicatori prezint o garan ie mai mare decât cei la care indicatorii respectivi sunt cu mult peste sau sub medie. Respectivii agen i economici sunt mai mobili, mai adapt-abili la schimb rile care au loc în structura produc iei, a proÞ lului de fabrica ie, a surselor


de aprovizionare i a pie elor de desfacere. Agen ii economici care înregistreaz pierderi se încadreaz în categoria E. # Garan iile. Criteriile esen iale în acordarea creditelor, existen a garan iilor d posibilitatea b ncilor s - i recupereze sumele plasate în acestea. În cadrul lor o importan deosebit o prezint cele care pot Þ transformate u or în lichidit i. Lipsa unor garan ii certe încadreaz agen ii economici în categoria E. VeriÞ carea garan iei creditelor se face atât faptic, prin constatari la fa a locului, cât si scriptic, pe baza datelor din eviden ele clientului i ale b ncii, cel pu in anual la to i agen ii economici i ori de câte ori este necesar la agen ii economici care înregistreaz credite i/sau dobânzi neachitate la scaden .

2. ProÞ lul portofoliului credite neperformante În urma fuziunii cu fostul Intra Group proÞ lul de calitate al activelor consoli-date a c zut, a a cum era de a teptat, astfel trendul este cresc tor în mod semniÞ cativ i raportul împrumut non-performant/performant. Totalul creditelor neperformante, a fost de aproximativ 307 milioane euro, reprezentând 8.77% din creditele agregate pentru clien i comparativ cu 10.51% în de-cembrie 2006. La sfâr itul exerci iului Þ nanciar din 2008, expunerea net a creditelor neper-formante la nivel consolidat a ajuns la 794 milioane euro, ceea arat inß uen a în mod inevitabil de deteriorare brusc a situa iei macroeconomice.Expunerea net a creditelor restructurate, în valoare de 33 milioane euro, nu modiÞ ca semniÞ cativ în ceea ce prive te sfâr itul ultimului exerci iu Þ nanciar. În ceea ce prive te gradul de acoperire a creditelor depreciate, la sfâr itul lunii decembrie 2008, valoarea total reprezinta 27,3% din expunerea brut , considerabil mai mic decât cea raportat la sfâr itul din decembrie 2007, când s-a declarat o valoare de aproximativ 39%. În 2009, recesiunea grea care a afectat economiile lumii principale au avut re-percusiuni inevitabile asupra calitatii portofoliului de credite. La sfâr itul perioadei, a a cum era previzibil, de altfel, credite îndoielnice au crescut în mod semniÞ cativ, atât în ceea ce prive te expunerea brut , care a fost de aproxi-mativ 1,6 miliarde euro, reprezentand 48.6 puncte procentuale.Aceast tendin se reß ect in total portofoliu credite, care a crescut în perioada de 12 luni de la 4.84% la 7.13%. În ceea ce prive te reducerea riscului de credit prin intermediul politicilor apli-cate, raporturile de acoperire a creditelor neperformante, de la 21,69%, a fost considerabil mai mic decât la sfâr itul lunii decembrie 2008. Sfâr itul exerci iului Þ nanciar din 2010, arata îmbun t irea treptat a progno-zei economice, care a implicat, de asemenea si ara noastr insa se atenueaza doar par ial efectele crizei în conturile b ncilor, având în vedere c deteriorarea portofoliului de credite. La sfâr itul anului 2011, valoarea creditelor deteriorate, atât în ceea ce prive te expunerea brut i net , expunerea bruta ramanand constanta 2.66 miliarde euro si expu-nerea net s-a ridicat tot la valoarea de 1.96 miliarde euro, practic la acela i nivel ca la sfâr itul anului 2010. În termeni relativi, i anume în ceea ce prive te portofoliul de credite net, inciden a de creante incerte în schimb au ar tat o reducere semniÞ cativ , trecând de la 7,26% la 7,62% la sfâr itul lunii decembrie 2010.


Cu referire la creditele nete neperformante s-a stabilit un volum de 922 milio-ane de euro, ce arat un nivel de inciden in crestere asupra portofoliului de credite de 3,41% fata de 3,20% la sfâr itul anului 2010. În ceea ce prive te reducerea riscului de credit, prin intermediul politicilor aplicate la sfâr itul anului 2011, nivelul de acoperire a creditelor neperformante au fost 26.25%, ceea ce arat o u oar cre te în compara ie cu rata de acoperire, la sfâr itul anu-lui 2010. Efectele imediate pe proÞ luri de calitate a portofoliului de creditare a Grupului, efecte notabile în dinamica activelor depreciate sunt: - la sfâr itul lui decembrie 2012, cantitatea total de credite depreciate brut a

fost de 3,7 miliarde de euro care arat o cre tere de 38.7% în soldul la decem-brie 2011;

- sold brut al creditelor neperformante s-au stabilit la aproximativ 2.1 miliarde de euro, o cre tere de 605 milioane peste 12 luni (+39.7%).

Conform anticipa iilor, situa ia continu s Þ e negativ i gradul ridicat de in-certitudine, cât despre perspectivele de schimbare în cadrul macroeconomic induse de Grup se hot r te s adopte un regim extrem, o politic riguroas i pruden ial în evalu-area împrumuturilor, în special în ceea ce prive te creditele imobiliare, garan ii în contex-tul procedurii de executare i a teptatrea de recuperare a crean elor.

Concluzii În 2007, valoarea total a creditelor neperformante, a fost de aproximativ 307 milioane euro, reprezentând 8.77% din creditele agregate pentru client, comparativ cu 10.51% în decembrie 2006. La sfâr itul exerci iului Þ nanciar din 2008, expunerea net a creditelor neper-formante la nivel consolidat a ajuns la 794 milioane euro, ceea arat inß uen a în mod inevitabil de deteriorare brusc a situa iei macroeconomice. Expunerea net a creditelor restructurate, în valoare de 33 milioane euro, nu modiÞ ca semniÞ cativ în ceea ce prive te sfâr itul ultimului exerci iu Þ nanciar. În ceea ce prive te gradul de acoperire a creditelor depreciate, la sfâr itul lunii decembrie 2008, valoarea total reprezinta 27,3% din expunerea brut , considerabil mai mic decât cea raportat la sfâr itul din decembrie 2007, când s-a declarat o valoare de aproximativ 39%. În 2009, recesiunea grea care a afectat economiile lumii principale au avut re-percusiuni inevitabile asupra calitatii portofoliului de credite. La sfâr itul perioadei, credite îndoielnice au crescut în mod semniÞ cativ, atât în ceea ce prive te expunerea brut , care a fost de aproximativ 1,6 miliarde euro, reprezentand 48.6 puncte procentuale.Aceast tendin se reß ect in total portofoliu cred-ite, care a crescut în perioada de 12 luni de la 4.84% la 7.13%. Referitor la reducerea riscului de credit prin intermediul politicilor aplicate, ra-porturile de acoperire a creditelor neperformante, de la 21,69%, a fost considerabil mai mic decât la sfâr itul lunii decembrie 2008. La Þ nele anului 2010, s-a eviden iat o îmbun t ire treptat a prognozei eco-nomice, care a implicat, de asemenea si ara noastr insa se atenueaza doar par ial efectele crizei în conturile b ncilor, având în vedere c deteriorarea portofoliului de credite. La sfâr itul anului 2011, valoarea creditelor deteriorate, atât în ceea ce prive te expunerea brut i net , expunerea bruta ramanand constanta 2.66 miliarde euro si expu-nerea net s-a ridicat tot la valoarea de 1.96 miliarde euro, practic la acela i nivel ca la


sfâr itul anului 2010. În ceea ce prive te portofoliul de credite net, inciden a de creante incerte în schimb au ar tat o reducere semniÞ cativ , trecând de la 7,26% la 7,62% la sfâr itul lunii decembrie 2010. Cu referire la creditele nete neperformante s-a stabilit un volum de 922 milio-ane de euro, ce arat un nivel de inciden in crestere asupra portofoliului de credite de 3,41% fata de 3,20% la sfâr itul anului 2010. La sfâr itul anului 2011, nivelul de acoperire a creditelor neperformante au fost 26.25%, ceea ce arat o u oar cre te în compara ie cu rata de acoperire, la sfâr itul anu-lui 2010. Efectele imediate pe proÞ luri de calitate a portofoliului de creditare a Grupului, efecte notabile în dinamica activelor depreciate sunt:- la sfâr itul lui decembrie 2012, cantitatea total de credite depreciate brut a fost de 3,7 miliarde de euro care arat o cre tere de 38.7% în soldul la decembrie 2011;- sold brut al creditelor neperformante s-au stabilit la aproximativ 2.1 miliarde de euro, o cre tere de 605 milioane peste 12 luni (+39.7%).Situa ia continu s Þ e negativ i gradul ridicat de incertitudine, cât despre perspec-tivele de schimbare se are în vedere adoptarea unui regim extrem, o politic riguroas i pruden ial în evaluarea împrumuturilor, în special în ceea ce prive te creditele imobili-are, garan ii în contextul procedurii de executare i a teptatrea de recuperare a crean elor.

BibliograÞ e selectiv 1. Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 2. Anghelache, C. (2010). Metode i modele de m surare a riscurilor i performan elor Þ nanciar-

bancare # Edi ia a II-a, Editura Artifex Bucure ti 3. Crété, E. (2012). Analysis of banking activity by business line, Quarterly selection of articles -

bulletin de la Banque de France, Volume (Year): (2012), Issue (Month): 26 (Summer), Pages: 53-64

4. Chen, G., Wu, Y. (2014). Bank Ownership and Credit Growth in Emerging Markets During and After the 2008-2009 Financial Crisis A Cross-Regional Comparison, International Monetary Fund in its series IMF Working Papers

5. Dobrin, M., Nitu, M. (2010). Modern Þ nancial instruments of the European Union, Osterreich-ish-Rumanischer Akademischer Verein in its series Papers

6. Dumitrescu, D., Soare, D.V. (2013). State Intervention in Financial # Banking Environment in Order to Increase GDP, Revista Român de Statistic # Supliment Trim II, pg. 268-264

7. Ferrando, A. (2015). Discussion of The Dynamics of Trade Credit and Bank Debt in SME Fi-nance: International Evidence, in: Angus Moore < John Simon (ed.) Small Business Conditions and Finance, Reserve Bank of Australia

8. Holló, D., Nagy, M. (2006). Analysis of banking system efÞ ciency in the European Union. MNB Bulletin, Volume (Year): 1 (2006), Issue (Month): 1 (June), Pages: 21-26

9. Levratto, N., Tessier, L. (2016). Business angels et performance des entreprises: une analyse empirique sur données françaises, Innovations, Volume (Year): n° 49 (2016), Issue (Month): 1 (), Pages: 141-176

10. Manole, A. (2015). Multidimensional Analysis of Performances in a Credit Brokerage Entity, Economie Teoretic i Aplicat , Vol. 22, Nr. 4, 2015, pp.171-176

11. Mundy, W., Bryant, M. (2015). Discussion of SME Access to Intermediated Credit: What Do We Know and What Don't We Know?, in Angus Moore < John Simon (ed.) Small Business Conditions and Finance, Reserve Bank of Australia


MODEL ANALYSIS OF THE FINANCIAL PERFORMANCE OF THE LOAN AND THE

BORROWERProf. Constantin ANGHELACHE, PhDBucharest University of Economic Studies, !ARTIFEX" University of BucharestAssoc. prof. M d lina Gabriela ANGHEL, PhD!ARTIFEX" University of BucharestDiana Valentina SOARE PhD Alexandru BADIU PhD StudentBucharest University of Economic Studies

Abstract In order to assess the Þ nancial performance of borrowers are using a num-ber of Þ nancial indicators, speciÞ c to each bank, including: degree of liquidity, capital adequacy, leverage and proÞ t rate. It is necessary to use a larger number of indicators resulting in increased time required to substantiate the credit decision and determining the borrower's creditworthiness. Based on these considerations, we present a model of the article analysis of the Þ nancial performance of the loan and the borrower. Key words: Þ nancial performance, model, analysis, loan, loan, portfolio, non-performing loans.

1. Presentation of the general Determining the quality of the borrower is assessed by banks through employ-ment in one of the categories listed below and is based on a classiÞ cation system portfolio risk lending, through the evaluation agencies as matrix bidimensionela of quantifying the probability of risk and the impact of its production on bank proÞ tability, as shown in the following table. Framing loan portfolio by risk categories, according to two-dimensional matrix, as follows: * Low risk area represented by Class A, AA and BBB * Moderate risk area represented by Class BB * Medium risk area represented by Class B * High risk area represented by classes C, CC and CCC

$Framing loan portfolio risk categories$Risk weight according to the deter-mination of capital requirements

ClassiÞ cation Category0% 20-35% 50-75% 100%

Borrower category

Standard AA A BBB BB on loan categ. AIn observation A BB BB B on loan categ. BSubstandard BB BB B B on loan categ. C

Doubtful BB B B CC on loan categ. DLoss B CCC CC C on loan categ. E

Source: Data processed by the NBR regulations on how to frame the borrowers by Veneto Banca Group


Category A: Borrowers with Þ nancial-economic activity proÞ table, having se-cured all the conditions for purchasing, sales, technology, organizational and staff rise to the repayment of term loans outstanding contractual rates and the bank interest. Category B: good economic and Þ nancial situation currently makes its indica-tors of creditworthiness at a higher level, but for the next period are not prospects for continued Þ nancial performance at the same level, there are problems of organizational, technological, personnel or related the nature and purpose of the activity. Category C: Þ nancial and economic situation currently satisfactory, with the trend of worsening indicators of production, efÞ ciency of work, organizational and per-sonnel. Category D: Þ nancial and economic situation characterized by lower indica-tors, ranging in relatively short periods of time between a poor performance and a satis-factory one. Category E: unproÞ table business incurred losses involving uncertainty regard-ing the ability to repay the loan and interest. Economic inclusion in either category of the 5 must be made based on analysis of economic and Þ nancial performance according to a set of criteria, namely: the orga-nization of businesses; the sector in which it operates and the position in the branch or unit subramurii; patrimonial liquidity; Þ nancial autonomy rate; Þ nancial and economic structure; rotation of current assets; guarantees insurers; seasonal activity; dependence on market supply and delivery; the level of government support; quality management; economic and Þ nancial outlook of the unit. Of all these criteria the most important are: # Liquidity heritage. It is, as I mentioned, a key criterion in assessing credit quality through the pos-sibility of repayment by borrowers based on their rapid change in current assets and receivables in cash. In the structure of current assets that can be readily converted into cash include: availability and house accounts; other funds; receivables and other accounts receivable; Bonds and other securities; other assets (except for inventories and Þ xed costs and no prospect of recovery). The structure is outstanding obligations include liabilities due to staff, suppli-ers, budget etc; Current short-term loans falling due or will become due in the next three months; outstanding loans. # The rate of Þ nancial autonomy The degree to which operators are forced to seek bank loans due to insufÞ cient own resources. # Economic and Þ nancial situation. This important criterion in turn be divided into 3 sub-criteria, namely: the aver-age turnover; monthly gross proÞ t; rate of return.The best economic-Þ nancial situation is one in which these three indicators recorded nor-mal averages. Operators that accomplished the average value for these indicators show a higher guarantee than those to which these indicators are far above or below average. Those businesses are more mobile, more adaptable to the changes taking place in the structure of production, proÞ le manufacturing, supply sources and markets. Operators that losses fall into the category E.


# Guarantees. The essential criteria in lending, collateral in a bank to recoup placed in them. Their particular importance within the presents that can quickly be converted to cash. Lack of guarantees within certain economic operators in category E. VeriÞ cation of loan guarantees is both factual, the Þ ndings on site, as well as scripted, based on data from the records of the customer and the bank, at least annually to all operators and whenever it is necessary for the companies that recorded credit and / or unpaid interest due.

2. ProÞ le NPL portfolio Following the merger with the former Intra Group proÞ le as consolidated total assets fell, as expected, so the trend is increasing signiÞ cantly and non-performing loan ratio / performance. Total non-performing loans was approximately 307 million euros, representing 8.77% of aggregate loans to customers compared to 10.51% in December 2006. At year end 2008, the net exposure to bad loans on a consolidated basis reached 794 million euros, which shows the inß uence inevitably sudden deterioration of the situ-ation macroeconomice.Expunerea net restructured loans, worth > 33 million, not change signiÞ cant in terms end of the last Þ nancial year. Regarding coverage of impaired loans at the end of December 2008, the total represents 27.3% of gross exposure, much lower than that reported at the end of Decem-ber 2007, when it was declared a value of approximately 39%. In 2009, the recession has hit hard the main world economies had inevitable repercussions on the quality of the loan portfolio. At the end, as was predictable, moreover, doubtful loans have increased signiÞ -cantly, both in terms of gross exposure, which was about 1.6 billion euros, representing 48.6 points procentuale.Aceast trend is reß ected in total loan portfolio, which increased during the 12 months from 4.84% to 7.13%. Referring to reducing credit risk through policies applied NPL coverage ratios, at 21.69%, was considerably less than at the end of December 2008. End of Þ nancial year 2010, showing a gradual improvement of the economic outlook, which involved, but also our country is only partially mitigates the effects of the crisis in bank accounts, since the deterioration of the loan. In late 2011, the loans deteriorated, both in terms of exposure gross and net, gross exposure remained constant 2.66 billion euros and net exposure was high all the value of 1.96 billion euros, virtually the same level as the end of 2010. In relative terms, ie in terms of net credit portfolio, the incidence of doubtful debts in exchange showed a signiÞ cant reduction, going from 7.26% to 7.62% at the end of December 2010. With reference to net non-performing loans was established a volume of 922 million euros, showing a level of incidence in the loan portfolio growth of 3.41% com-pared to 3.20% at the end of 2010. In terms of reducing credit risk through policies implemented at the end of 2011, the coverage ratio of non-performing loans was 26.25%, showing a slight increase compared with the rate of coverage at the end of 2010. Immediate effects on quality proÞ les of the loan portfolio of the Group, notice-able effects in the dynamics of impaired assets are:


* the end of December 2012 the total gross impaired loans was 3.7 billion show-ing an increase of 38.7% in the balance at December 2011;

* gross balance of non-performing loans were set at about 2.1 billion euros, an increase of 605 million over 12 months (+ 39.7%).

As anticipated, the situation remains negative and the high degree of uncer-tainty, as the prospects for change in the macroeconomic induced group decides to adopt a highly a rigorous policy and prudent in evaluating loans, especially regarding real estate loans guarantees in the context of the pending enforcement and asset recovery.

Conclusions In 2007 the total amount of non-performing loans was approximately 307 mil-lion euros, representing 8.77% of aggregate loans to customers compared to 10.51% in December 2006. At year end 2008, the net exposure to bad loans on a consolidated basis reached 794 million euros, which shows the inß uence inevitably sudden deterioration of the situ-ation macroeconomice.Expunerea net restructured loans, worth > 33 million, not change signiÞ cant in terms end of the last Þ nancial year. Regarding coverage of impaired loans at the end of December 2008, the total represents 27.3% of gross exposure, much lower than that reported at the end of Decem-ber 2007, when it was declared a value of approximately 39%. In 2009, the recession has hit hard the main world economies had inevitable repercussions on the quality of the loan portfolio. At the end, as was predictable, moreover, doubtful loans have increased signiÞ -cantly, both in terms of gross exposure, which was about 1.6 billion euros, representing 48.6 points procentuale.Aceast trend is reß ected in total loan portfolio, which increased during the 12 months from 4.84% to 7.13%. In terms of reducing credit risk through policies applied NPL coverage ratios, at 21.69%, was considerably less than at the end of December 2008. At the end of 2010, was showen a gradual improvement of the economic out-look, which involved, but also our country is only partially mitigates the effects of the crisis in bank accounts, since the deterioration of the loan. In late 2011, the loans deteriorated, both in terms of exposure gross and net, gross exposure remained constant 2.66 billion euros and net exposure was high all the value of 1.96 billion euros, virtually the same level as the end of 2010. In relative terms, ie in terms of net credit portfolio, the incidence of doubtful debts in exchange showed a signiÞ cant reduction, going from 7.26% to 7.62% at the end of December 2010. With reference to net non-performing loans was established a volume of 922 million euros, showing a level of incidence in the loan portfolio growth of 3.41% com-pared to 3.20% at the end of 2010. In terms of reducing credit risk through policies implemented at the end of 2011, the coverage ratio of non-performing loans was 26.25%, showing a slight increase compared with the rate of coverage at the end of 2010. Immediate effects on quality proÞ les of the loan portfolio of the Group, notice-able effects in the dynamics of impaired assets are: * the end of December 2012 the total gross impaired loans was 3.7 billion show-ing an increase of 38.7% in the balance at December 2011;


* gross balance of non-performing loans were set at about 2.1 billion euros, an increase of 605 million over 12 months (+ 39.7%).

The situation continues to be negative and the high degree of uncertainty as prospects of change is envisaged adopting a highly a rigorous policy and prudent in eval-uating loans, especially regarding real estate loans, guarantees in the context of enforce-ment proceedings and a teptatrea recovery.

References 1. Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 2. Anghelache, C. (2010). Metode i modele de m surare a riscurilor i performan elor Þ nanciar-

bancare # Edi ia a II-a, Editura Artifex Bucure ti 3. Crété, E. (2012). Analysis of banking activity by business line, Quarterly selection of articles -

bulletin de la Banque de France, Volume (Year): (2012), Issue (Month): 26 (Summer), Pages: 53-64

4. Chen, G., Wu, Y. (2014). Bank Ownership and Credit Growth in Emerging Markets During and After the 2008-2009 Financial Crisis A Cross-Regional Comparison, International Monetary Fund in its series IMF Working Papers

5. Dobrin, M., Nitu, M. (2010). Modern Þ nancial instruments of the European Union, Osterreich-ish-Rumanischer Akademischer Verein in its series Papers

6. Dumitrescu, D., Soare, D.V. (2013). State Intervention in Financial # Banking Environment in Order to Increase GDP, Revista Român de Statistic # Supliment Trim II, pg. 268-264

7. Ferrando, A. (2015). Discussion of The Dynamics of Trade Credit and Bank Debt in SME Fi-nance: International Evidence, in: Angus Moore < John Simon (ed.) Small Business Conditions and Finance, Reserve Bank of Australia

8. Holló, D., Nagy, M. (2006). Analysis of banking system efÞ ciency in the European Union. MNB Bulletin, Volume (Year): 1 (2006), Issue (Month): 1 (June), Pages: 21-26

9. Levratto, N., Tessier, L. (2016). Business angels et performance des entreprises: une analyse empirique sur données françaises, Innovations, Volume (Year): n° 49 (2016), Issue (Month): 1 (), Pages: 141-176

10. Manole, A. (2015). Multidimensional Analysis of Performances in a Credit Brokerage Entity, Economie Teoretic i Aplicat , Vol. 22, Nr. 4, 2015, pp.171-176

11. Mundy, W., Bryant, M. (2015). Discussion of SME Access to Intermediated Credit: What Do We Know and What Don't We Know?, in Angus Moore < John Simon (ed.) Small Business Conditions and Finance, Reserve Bank of Australia


Model de analiz a riscului de creditConf. univ. dr. M d lina Gabriela ANGHELConf. univ. dr. Aurelian DIACONUUniversitatea !ARTIFEX" din Bucure tiDrd. Georgiana NIAcademia de Studii Economice, Bucure tiEc. Andreea Ioana MARINESCU

Abstract Riscul de credit poate Þ deÞ nit ca riscul care apare atunci când clientul b ncii nu î i îndepline te obliga iile, în conformitate cu termenele i prevederile contractului, suferind pierderi de in torul activelor. Riscul de creditare reprezinta cea mai periculoasa categorie de riscuri bancare, întrucât se inÞ ltreaza la nivelul unei game mai largi de servicii si expuneri. În cele ce urmeaz vom prezenta etapele parcurse de banc în asumarea riscu-lui, analiza ratei riscului de credit în perioada 2007-2015, cât i o analiz Þ nanciar a întreprinderii în rela ia cu banca. Cuvinte cheie: model, analiz , client, obliga ii, risc de credit, banc , analiza SWOT.

Riscul de credit este deÞ nit ca Þ ind riscul ca partenerul de afaceri sa nu Þ e ca-pabil sa i i onoreze datoria partial sau total la data prestabilita in contract.În România, b ncile au reglementat calcul provizioanelor prin norme metodologice în care se reg sesc ponderile care se aplic pentru creditele acordate având in vedere garan ia acestora i valorea de lichidare a imobilelor rezultat în urma evalu rii acestora.ClasiÞ carea provizioanelor se aplica creditelor cu garan ii si fara garan ii cu procente diferite, depinzând de tipul garan iei, în cazul unui credit cu garan ie teren vom avea un coefÞ cient mai mare fa de un credit cu garan ie imobil cu construc ie. B ncile aplic urm torii coeÞ cien i de provizoane:

CoeÞ cien i de provizioane

Standard În observa ie Substandard Îndoielnic Pierdere

0 0,05 0,2 0,5 1 Sursa: BNR

CoeÞ cien ii de previziune se aplic pentru a creea fondul necesar acoperirii riscului bancar în contextul activit ii de creditare. Acest risc se analizeaz i stabile te în func ie de creditele neperformante care au fost investigate pe intervalle de timp. In graÞ cul urm tor sunt reprezentate creditele neperformante înregistrate pe o perioad de cinci ani (2008-2013), care a corespuns crizei economico-Þ nanciare.


Creditele neperformante la nivel agregat în perioada 2008 %2013

In asumarea riscului, banca parcurge urm toarele etape: # Acceptarea cererii de credit La acceptarea cererii de credit, interdic iile i restric iile trebuie veriÞ cate, i se atribuie un cod de tranzac ie clientului i se veriÞ ca grupul de clien i aß a i în leg tur al clientului. În cursul evalu rii urm torii clien i trebuie veriÞ ca i: clientul (solicitantul credi-tului); participan ii în cadrul tranzac iei solicitate: co-aplicantul, Þ deiusorii, gran ii, debi-torul ipotecar, persoana care ganaranteaz cu deposit collateral; p r ile aß ate în leg tur cu debitorul principal: ac ionarii ce de in o participa ie de cel pu in 50% sau nu de in cel pu in din drepturile de vot, reprezentatul legal al entit ii. Clien ii sunt supu i unor veriÞ c ri de preÞ ltrare cum sunt: lista neagr intern a B ncii; participan ii nu sunt in lista CIP; participan ii nu se aß în CRC; participan ii vor Þ obligatoriu înregistra i în RECOM; participan ii nu au poprire activ ; participan ii nu au datorii la bugetul de stat. # Evaluarea creditului Evaluarea clientului (ratingul) precum i eveluarea tranzac iei din punctul de ve-dere al afacerii i riscului se realizeaz în cadrul procesului de evaluare a creditului, împreun cu eveluarea garan iilor i a titlurilor de valoare , în baza c rora se va realiza o propunere cu privire la urm toarele: condi iile de risc ale tranzac iei inclusive mixul de garan ii; riscul de credit maxim care poate Þ asumat fa de un anumit client, limita de credit; condi ii de monitorizare pentru segmentele altele decât segmental clien i peroane Þ zice. # Decizia cu privire la asumarea riscului se va lua în func ie de limita credi-

tului acordat conform Competen elor de aprobare a Þ ec rei B nci. # Încheierea contractului de credit Dup luarea deciziei, administratorul de credit din cadrul B ncii veriÞ ca in-deplinirea condi iilor necesare pentru încheierea contractelor în conformitate cu intruc iunile i reglement rile interne i rezolu ia de aprobare. Tragerea creditului se poate realiza doar atunci când condi iile necesare prev zute în contract au fost respectate. Monitorizarea se va realiza dup asumarea riscului i pân la expirarea/rezilierea con-tractului de credit.


În România situa ia creditelor acordate versus rata riscului de credit se prezint dupa cum este se reg se te în tabelul de mai jos:

Rata riscului de credit

Data

Credite acordate / Depozite atrase de la clien i

Rata riscului de credit

(%) (%)

IAICT_CC_DC IAICT_RRC

mar. 2015 93,68 -dec. 2014 91,33 -sep. 2014 99,65 -iun. 2014 103,56 -mar. 2014 105,36 32,60dec. 2013 104,59 32,14sep. 2013 111,50 31,77iun. 2013 113,71 30,49mar. 2013 114,30 29,98dec. 2012 117,37 29,91sep. 2012 120,69 26,78iun. 2012 120,65 26,06mar. 2012 119,61 25,56dec. 2011 116,65 23,28sep. 2011 118,63 23,03iun. 2011 118,42 21,89mar. 2011 114,78 22,00dec. 2010 113,46 20,82sep. 2010 116,26 20,24iun. 2010 117,46 17,81mar. 2010 113,24 17,17dec. 2009 112,80 15,29sep. 2009 117,55 14,18iun. 2009 119,23 11,76mar. 2009 124,69 9,40dec. 2008 122,03 6,52sep. 2008 124,71 5,28iun. 2008 119,64 4,71mar. 2008 116,10 4,42dec. 2007 108,72 4,00


În perioada 2009 - 2014, sistemul bancar a înregistrat o pierdere net consolidat de 1,6 mld. euro. Aporturile suplimentare de capital s-au ridicat la 1,8 mld. euro în perioada 2009 - 2014. * Lichiditatea reprezint capacitatea elementelor de activ de a Þ transformate în bani. Cu cât un activ este mai lichid, cu atât este mai u or transformabil în cash. Cele mai lichide elemente din activul bilan ier sunt chiar disponibilit ile b ne ti, iar cel mai pu in lichide, imobiliz rile. Pentru aceasta se calculeaz fondul de rulment, utilizând formula:

Fr = Rs - Ai, unde: Fr = fond rulment; Rs = resursele ; Ai = activ imobilizat. În cazul în care Fr@0, întreprinderea va putea s reziste la anumite riscuri Dac FRX0, întreprinderea realizeaz împrumuturi pe termen scurt; Echilibrul pe termen lung poate Þ identiÞ cat prin fondul de rulment permanent, indicator deÞ nit prin rela ia.

FRP = CPT + IDF - TAI, unde: FRP = fondul de rulment permanent; TAI = total active imobilizate. IDF = împrumuturi i datorii Þ nanciare între 1 i 5 ani i peste; Existen a unui fond de rulment permanent pozitiv certiÞ c o stare de echilibru Þ nanciar pe termen lung. Pentru a nu ne îndep rta de o gestiune performant , dimensi-unile fondului de rulment permanent pozitiv nu trebuie exagerate întrucât costurile capi-talurilor procurate pe termen lung sunt superioare celor pe termen scurt. Un fond de rulment negativ va eviden ia imposibilitatea Þ rmei de a asigura un excedent de resurse Þ nanciare pe termen lung din care s poat Þ acoperite necesit ile de Þ nan are pe termen scurt. Pentru caracterizarea st rii de echilibru pe termen lung realizat pe seama resurselor proprii se utilizeaz ca indicator de analiz fondul de rulment propriu, al c rui rela ie de calcul îmbrac forma:

FRp = CpT - TAI, unde: FRp = fondul de rulment propriu; CpT = capital propriu total; TAI = total active imobilizate. Existen a unui Fr pozitiv certiÞ c faptul c Þ rma se aß într-o stare de echilibru Þ nanciar pe termen lung realizat pe baza capitalurilor proprii.


# Analiz Þ nanciar a întreprinderii în rela ia cu banca Analiza solvabilit ii întreprinderii este foarte important . Vom analiza activul net al întreprinderii, utilizând rela ia Activ Net = Total Activ - Total Datorii * Limita calculat a clientului În cursul evalu rii creditului, limita calculat este determinate pe baza opera iunilor i datelor Þ nanciare ale clientului (situa iile Þ nanciare Þ nale aferente ul-timului an incheiat) Acesta este un indicator obiectiv care ofer informa i cu privire la bonitatea clientului. * Limita de credit Este suma dintre valoarea existent a asum rilor de risc de credit aprobate i valoarea asum rilor de risc de credit care sunt în curs de aprobare. La aprobarea limitei de credit B ncile nu iau în considerare Þ nan rile planiÞ cate. În cazul creditelor de tip revolving, linia de credit total acordat va Þ considerate ca asumare de risc existent. Limita de credit poate Þ limit pera ionalp sau limit individual .

Metode de calculare a limitei de credit În func ie de tipul situa iilor Þ nanciare utilizate, limita calculate poate Þ deter-minate în baza urm toarelor metode: clien i cu contabilitate în partid ; clien i cu cont-abilitate în partid simpl ; clien i cu alte tipuri de contabilitate; al i clien i corporate. * Determinarea limitei calculate pentru clien ii cu contabilitate în partid dubl este determinat în baza datelor Þ nanciare planiÞ cate, estimat . Limita calculat = ProÞ t opera ional planiÞ cat pentru urm torul an/ costul cre-ditului # Expunere existent la alte institu ii Þ nanciare. Limita calculat poate Þ determinat în baza datelor istorice, dac : Clientul nu prezint planul de afaceri; Limita este stabilit în scopuri de achizi ie; Planul de afaceri prezentat este considerat de c tre Banca prea optimist; Banca utilizeaz analiza SWOT, care determin atât beneÞ ciile care duc la atin-gerea obiectivelor (surse interne) cât i elementele care pun în pericol atingerea obiec-tivelor (surse externe).

Modelul SWOT


Concluzii CoeÞ cien ii de previziune se aplic pentru a creea fondul necesar acoperirii riscului bancar în contextul activit ii de creditare. Acest risc se analizeaz i stabile te în func ie de creditele neperformante care au fost investigate pe intervalle de timp. In graÞ cul urm tor sunt reprezentate creditele neperformante înregistrate pe o perioad de cinci ani (2008-2013), care a corespuns crizei economico-Þ nanciare. În perioada 2009 - 2014, sistemul bancar a înregistrat o pierdere net consolidat de 1,6 mld. euro. Aporturile suplimentare de capital s-au ridicat la 1,8 mld. euro în perioada 2009 - 2014.

BibliograÞ e selectiv 1, Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 2. Anghelache, C., Anghel, M.G. (2014). Modelare economic . Concepte, teorie i studii ce caz,

Editura Economic , Bucure ti 3. Anghelache, C. (2006). Elemente privind managementul Þ nanciar, Note de curs, Editura Artifex,

Bucure ti 4. Covaci, B. (2008). Romanian commercial banks and credit risk in Þ nancing SME, University

Library of Munich, Germany in its series MPRA Paper with number 14790 5. Galindo, A., Micco, A., (2005). Bank Credit To Small and Medium Sized Enterprises: The role

of Creditor Protection, Universidad de Los Andes-Cede in Documentos Cede 6. Petre, M.C. (2007). The Cost of Bank Credit Financing, Acta Universitatis Danubius, Oeco-

nomica, Issue 1 7. Pirvu, C., Mehedin u, A. (2010). Considerations Concerning The Banking Credit And Its Optimi-

zation, Annals of the University of Petro ani - Economics, Issue 4 8. Sfetcu, M. (2011). Indicatori de evaluarea situa iilor Þ nanciare ale clien ilor i gestiunii resurselor,

Revista Român de Statistic , Supliment, Trim III, pp.82-89, ISSN 1018-046Z, CNCSIS catego-ria B+

9. Sfetcu, M. (2008). Lending Risk - The quality function ofbanking loans portofolio, Revista Român de Statistic , nr. 10, pp. 29-48, CNCSIS, Categoria B+, ISSN 1018-046Z

10. Vorniceanu, M., Covaci, B., Coco atu, C.C. (2009). Credit Risk In Financing Sme In Romania, Osterreichish-Rumanischer Akademischer Verein in its series Papers with number 2009/24

11. Wehinger, G. (2013). SMEs and the credit crunch: Current Þ nancing difÞ culties, policy mea-sures and a review of literature, OECD Journal: Financial Market Trends, Volume (Year): 2013 (2013), Issue (Month): 2 (), Pages: 115-148


ANALYSIS MODEL OF CREDIT RISKAssoc. prof. M d lina Gabriela ANGHEL, PhDAssoc. prof. Aurelian DIACONU PhD!ARTIFEX" University of BucharestGeorgiana NI PhD StudentBucharest University of Economic StudiesEc. Andreea Ioana MARINESCU

Abstract Credit risk can be deÞ ned as the risk that arises when the bank customer does not fulÞ ll its obligations in accordance with the terms and provisions of the contract by losses holder of assets. Credit risk represents the most dangerous category of banking risks, as it permeates to the level of a wider range of services and exposures. In the following we present the stages of bank risk taking, credit risk analysis rate in the period 2007-2015 and a Þ nancial analysis of the business relationship with the bank. Key words: model, analysis, client, liabilities, credit risk, bank, SWOT analy-sis.

Credit risk is deÞ ned as when the business partner is not able to accomplish it&s partially or totally debt at the date set in the contract. In Romania, banks regulated provision calculation through methodological norms, which lists the weights applicable to loans considering their security and liquida-tion value of the properties resulting from their evaluation. Provisions& classiÞ cation applies to loans with and without guarantees with dif-ferent percentages, depending on the guarantee type, in the case of a credit with guar-antee land we will have a higher coefÞ cient than a credit with a building constuction guarantee. Banks apply the following provisioning coefÞ cients :

Provisioning coefÞ cients

Standard In remark Substandard Bias Loss

0 0,05 0,2 0,5 1 Source: National Bank of Romania

Prediction coefÞ cients are applied to create the neccessary fund to cover the risk in the context of bank lending activity. This risk is analyzed and determined by un-derperforming loans that have been investigated on time interval. In the chart below we Þ nd the underperforming credits made over a period of Þ ve years (2008-2013), which corresponded to the Þ nancial crisis.


Underperforming credits at the aggregate level during 2008 %2013

In assuming the risk, the bank takes the following steps: * Accepting credit demand When accepting credit application, prohibitions and restrictions should be checked, a transaction code is given to a client and also client connection with customers group is veriÞ ed. During the evaluation the following customers should be check: the client (the borrower); participants in the transaction required: co-applicant, mortgage borrower, the person who guarantees with collateral deposit; parties in relation to the principal debtor: shareholders holding a stake of at least 50% or not holding 50% of voting rights, the legal representative of the entity. Customers are subjected to preÞ ltered veriÞ cations such as: Bank&s internal black list; participants are not in the CIP list; participants are not in the CRC list; partici-pants will be registered in RECOM; participants do not have active garnishment; partici-pants do not have debts to the state budget. * Credit evaluation Customer evaluation (rating) as well as transaction evaluation from the business point of view and risk are achieved in the process of the credit assessment, together with guarantees and securities evaluation, under which we will make a proposal regarding the following: transaction risk conditions including the mix of guarantees; maximum credit risk that can be assumed for a speciÞ c customer, the credit limit; monitoring conditions for customer segments other than those of individual persons, * The decision on risk-taking will be made depending on the credit limit granted under the Competency approval of each bank. * Closing the credit agreement After the decision, the Bank credit manager veriÞ es the conditions fulÞ llment for closing contracts in accordance with the instructions and internal regulations and res-olution of approval. Drawdown can be achieved only when the conditions required under the contract have been met. Monitoring will be done after risk taking and until the expiry / termination of the credit agreement.


In Romania, the report on loans versus credit risk rate is found in the table below:Credit risk rate

Date

Loans/ Deposits from customers

Credit risk rate

(%) (%)

IAICT_CC_DC IAICT_RRC

Mar 2015 93,68 -Dec 2014 91,33 - Sep 2014 99,65 -Jun 2014 103,56 -Mar 2014 105,36 32,60Dec 2013 104,59 32,14Sep 2013 111,50 31,77Jun 2013 113,71 30,49Mar 2013 114,30 29,98Dec 2012 117,37 29,91Sep 2012 120,69 26,78Jun 2012 120,65 26,06Mar 2012 119,61 25,56Dec 2011 116,65 23,28Sep 2011 118,63 23,03Jun 2011 118,42 21,89Mar 2011 114,78 22,00Dec 2010 113,46 20,82Sep 2010 116,26 20,24Jun 2010 117,46 17,81Mar 2010 113,24 17,17Dec 2009 112,80 15,29Sep 2009 117,55 14,18Jun 2009 119,23 11,76Mar 2009 124,69 9,40Dec 2008 122,03 6,52Sep2008 124,71 5,28Jun 2008 119,64 4,71Mar 2008 116,10 4,42Dec 2007 108,72 4,00


In 2009-2014, the banking system recorded a consolidated net loss of 1.6 billion Euro. Additional capital contributions amounted to 1.8 billion Euro in the same period. Liquidity is the ability of assets items to be converted into cash. The more liquid an asset is, the more easily to be converted into cash. The most liquid asset items from the balance sheet are even the available money, and the less liquid are the immobilizations. For this, ß oating capital is calculated using the formula:

Fr = Rs - Ai, where: Fr = ß oating capital; Rs = resources ; Ai = asset. In case of Fr@0, the company will be able to withstand the risks If FRX0, the company will make short-term loans; Long-term equilibrium can be identiÞ ed by permanent ß oating capital, deÞ ned by:

FRP = CPT + IDF - TAI, where: FRP = permanent ß oating capital; TAI = total assets IDF = Loans and Þ nancial debts between 1 and 5 years and over;

The existence of a permanent positive ß oating capital certiÞ es a balance state for long-term Þ nance. To not departing from a performant management, permanent posi-tive ß oating capital dimensions must not be exaggerated since purchased long-term capi-tal costs are higher than the short-term ones. A negative ß oating capital will highlight the company's inability to provide a surplus of Þ nancial resources in the long term that can cover the short-term Þ nancing needs. To characterize the balance state achieved on long-term at the expense of own resources, the indicator used to analyze the ß oating capital takes the form:

FRp = CpT - TAI, where: FRp = own ß oating capital; CpT = total equity; TAI = total current assets. The existance of a positive Fr certiÞ es the fact that the company is in a state of long-term Þ nancial equilibrium based on the equity. Financial analysis of the company in relationship with the bank The analysis of company&s solvency is very important. We analyze the com-pany's net assets, using the relationship Net asset = Total Asset - Total Debt

* Customer set limit In assessing credit, the calculated limit is determined based on the customer's operations and Þ nancial data (Þ nal Þ nancial statements for the last year closed). It is an objective indicator that provides information on customer solvency.It is the sum of the existing value of the assumptions on credit risk approved and credit risk value assumptions that are pending. In approving the credit limit banks do not con-sider funding planned. In case of revolving, the line credit granted will be considered as total risk-taking existing. The credit limit can be on rational or individual limit. * Methods for calculating the credit limit Depending on the Þ nancial statements used, calculated limit can be determined based on the following methods: customers with bookkeeping; customers with simple bookkeeping; customers with other types of accounting; other corporate customers.


* The limit calculated for customers with double-entry bookkeeping is deter-mined based on Þ nancial data planned, estimated Calculated limit = Operational gain planned for the next year/ credit cost # Ex-isting exposure to other Þ nancial institutions. Calculated limit can be determined based on historical data, if: the customer has no business plan, the limit is established for the purpose of acquisition; the business plan presented is considered by the Bank too optimistic; The Bank uses SWOT analysis, determining both the beneÞ ts that lead to goals& achieving (internal sources) and elements that endanger goals& achieving (outsourcing).

SWOT Model

Conclusions Prediction coefÞ cients are applied to create the neccessary fund to cover the risk in the context of bank lending activity. This risk is analyzed and determined by underper-forming loans that have been investigated on time interval. In the chart below we Þ nd the underperforming credits made over a period of Þ ve years (2008-2013), which corresponded to the Þ nancial crisis. In 2009-2014, the banking system recorded a consolidated net loss of 1.6 billion Euro. Additional capital contributions amounted to 1.8 billion Euro in the same period.

References 1, Anghel, M.G. (2015). Analiz Þ nanciar-monetar , Editura Economic , Bucure ti 2. Anghelache, C., Anghel, M.G. (2014). Modelare economic . Concepte, teorie i studii ce caz,

Editura Economic , Bucure ti 3. Anghelache, C. (2006). Elemente privind managementul Þ nanciar, Note de curs, Editura Artifex,

Bucure ti 4. Covaci, B. (2008). Romanian commercial banks and credit risk in Þ nancing SME, University

Library of Munich, Germany in its series MPRA Paper with number 14790 5. Galindo, A., Micco, A., (2005). Bank Credit To Small and Medium Sized Enterprises: The role

of Creditor Protection, Universidad de Los Andes-Cede in Documentos Cede 6. Petre, M.C. (2007). The Cost of Bank Credit Financing, Acta Universitatis Danubius, Oeco-

nomica, Issue 1 7. Pirvu, C., Mehedin u, A. (2010). Considerations Concerning The Banking Credit And Its Optimi-

zation, Annals of the University of Petro ani - Economics, Issue 4


8. Sfetcu, M. (2011). Indicatori de evaluarea situa iilor Þ nanciare ale clien ilor i gestiunii resurselor, Revista Român de Statistic , Supliment, Trim III, pp.82-89, ISSN 1018-046Z, CNCSIS categoria B+

9. Sfetcu, M. (2008). Lending Risk - The quality function ofbanking loans portofolio, Revista Român de Statistic , nr. 10, pp. 29-48, CNCSIS, Categoria B+, ISSN 1018-046Z

10. Vorniceanu, M., Covaci, B., Coco atu, C.C. (2009). Credit Risk In Financing Sme In Romania, Osterreichish-Rumanischer Akademischer Verein in its series Papers with number 2009/24

11. Wehinger, G. (2013). SMEs and the credit crunch: Current Þ nancing difÞ culties, policy mea-sures and a review of literature, OECD Journal: Financial Market Trends, Volume (Year): 2013 (2013), Issue (Month): 2 (), Pages: 115-148


Aspecte semniÞ cative privind evolu ia activit ii economice în construc ii i transporturi

Prof. univ. dr. Constantin ANGHELACHEAcademia de Studii Economice, Bucure ti, Universitatea !ARTIFEX" din Bucure tiProf. univ. dr. Alexandru MANOLEUniversitatea !ARTIFEX" din Bucure tiDrd. Georgiana NIDrd. Gyorgy BODODrd. Emilia STANCIUAcademia de Studii Economice, Bucure ti

Abstract Economia na ional în România este compus din economia de pia , construc ii i transporturi. Este absolut Þ resc pentru aceste activit i, în special construc iile, s se

deplaseze în sectorul privat, cât i în sectorul popula iei. În aceste condi ii, sectorul de stat i-a redus activitatea in constructii, care are drept consecin reducerea contribu iei sale la realizarea PIB. Cuvinte cheie: evolu ie, economic, activitate, construc ii, transporturi, investi ii

1. Principalele elemente privind rolul construc iilor i transporturilor În condi iile economiei române ti, aß at în tranzi ie c tre economia de pia , construc iile i transportul continu s ocupe un loc semniÞ cativ pe ansamblul economiei na ionale. Având în vedere procesul pe care îl traverseaz economia în ara noastr în prezent, este normal ca ponderea acestor activit i, mai ales în domeniul construc iilor, s se deplaseze în sfera sectorului privat i al popula iei. În aceste condi ii, sectorul de stat i-a restrâns activitatea în construc ii ceea ce are ca efect i reducerea contribu iei acestei

ramuri la realizarea PIB. Un element negativ în activit ile de construc ii i trans¬porturi îl reprezint faptul c investi iile în aceste domenii s-au diminuat, de la un an la altul, pân în 2000, iar în perioada 2001-iulie 2014 au avut o evolu ie oscilant . În perioada 2010-iunie 2013 sc derea investi iilor a fost pronun at , în trimes-trele II (70,3%), III (69,4%), IV (60,1%) din 2010 Þ ind la nivelele prezentate, fa de 2009, trimestre comparabile. i în 2011 i 2012 s-au conÞ rmat reducerile fa de trimes-trele comparabile din anii preceden i. În anul 20014 investi iile trimestriale au fost: 9,6% în trimestrul I; 10% în trimestrul II; 0,2% în trimestrul III i o cre tere de 3% în trimestrul IV. Anul 2015 eviden iaz un salt deosebit, Þ ind de 7,9% în trimestrul I i 6,7% în tri-mestrul II. În ceea ce prive te activitatea în construc ii, este de semnalat c investi ii înce-pute înainte de anul 1990 nu au fost continuate i nici nu au fost valoriÞ cate integral prin scoaterea la privatizare. De aceea, în multe cazuri, valoarea practic a lucr rilor deja executate s-a di-minuat, iar procesul de continuare a acestora a impus, de cele mai multe ori, lucr ri supli-mentare ce au condus la cre terea costurilor de produc ie.


Lucr rile de construc ii preluate de societ ile comerciale cu capital privat au fost unele puse în conservare, iar acolo unde s-a continuat activitatea ritmul a fost lent. Toate acestea s-au petrecut pe fondul unei acute lipse de locuin e pentru popula ie. Cele mai multe dintre aceste blocuri, înainte de 1990, s-au privatizat în condi ii curioase, neexistând o politic prea clar în domeniu. S sper m c guvernul va face ceva concret, astfel încât acestui sector de activi-tate s i se acorde importan a cuvenit . Desigur, în ultimii ani (2001-2015), s-a lansat programul de construc ii de locuin e pentru popula ie, dar acestea, realizate prin credit ipotecar, nu sunt accesibile tocmai acelora care au mare nevoie (cuplurile tinere, salaria ii cu venituri modeste etc.). Dac anul 2008 a reprezentat un !bum" al investi iilor, mai ales private, în construc ii, criza, declan at brutal, a lovit cel mai puternic acest sector. Creditele ipotecare, sursa principal de Þ nan are, a condus la cre terea pre ului construc iilor (locuin elor) i paradoxal, imposibilitatea vânz rii la nivelul costurilor.

2. Evolu ii în domeniul construc iilor În perioada de dup anul 1990, aceast activitate s-a realizat, într-un proces treptat, de c tre societ ile comerciale cu capital privat. În întreaga perioad , din 1990 i pân în prezent, s-a realizat o compensare a reducerii volumului de lucr ri de c tre stat, prin ritmul sus inut în care popula ia a realizat construc ii.

Investi iile realizate în economia na ional pe elemente de structur în perioada 1.I-30.VI.2015

Sursa de date: Institutul Na ional de Statistic , Buletinul Statistic nr. 7/2015.


Indicii investi iilor realizate i ai lucr rilor de construc ii


Din datele publicate de Institutul Na ional de Statistic se constat c , în anul 2015, valoarea lucr rilor de construc ii a crescut, în cifre reale, fa de perioada corespunz toare a anului precedent.

Indicii investi iilor realizate în economia na ional pe elemente de structur

Indicatorul Anii În % fa de perioada corespunz toare din anul precedent trim.I trim.II trim.III trim.IV

Investi ii - total 2008 134,3 130,2 123,2 102,32009 102,7 70,3 69,4 60,12010 72,0 93,0 82,9 94,72011 96,3 93,5 115,6 122,12012 119,3 117,6 115,0 105,02013 99,0 96,4 89,2 84,62014 90,4 90,0 99,8 1032015 107,91 106) - -

din total, pe elemente structur :- construc ii noi 2008 132,5 134,8 127,8 107,3

2009 106,6 91,4 81,4 77,42010 70,6 83,2 77,9 89,02011 93,4 91,5 104,3 114,52012 119,5 115,8 106,7 93,32013 85,3 84,0 97,7 92,52014 91,9 91,7 92,4 106,62015 114,81) 105,72) - -

- utilaje (total) 2008 134,7 123,9 114,4 103,62009 95,0 46,7 56,3 42,92010 96,2 95,4 135,9 135,42011 96,2 95,4 135,9 135,42012 118,7 124,8 127,1 115,92013 113,8 113,2 76,8 69,72014 84,9 83,0 104,0 100,32015 103,61) 110,22) - -

- alte cheltuieli [P)P 2008 146,7 149,9 136,3 78,92009 121,6 95,7 51,4 73,02010 82,2 109,7 95,4 93,32011 103,4 83,9 109,6 112,62012 107,5 94,6 102,6 111,22013 98,7 104,7 102,4 106,32014 115,7 119,3 124,1 98,62015 100,11) 98,22) - -


[ Sunt cuprinse cheltuielile efectuate pentru lucr ri geologice i de foraj, planta ii de vii, pomi, împ duriri, cump r ri de animale, achizi ionarea obiectelor de inventar gospodaresc de natura mijloacelor Þ xe etc., la sfâr itul Þ ec rui trimestru raportat.1) Date rectiÞ cate 2) Date provizoriiSursa de date: Institutul Na ional de Statistic , Buletinul Statistic nr. 7/2015

Lucr rile de investi ii efectuate în 2011 au manifestat sc deri fa de 2010. Sc derile au fost de -6,5% în trimestrul I, -3,7% în trimestrul II. În 2012-2013 s-a eviden iat o tendin de reducerea tuturor cheltuielilor. În perioada analizat , investi iile pentru utilaje i construc ii au fost superioare. Investi iile agen ilor economici cu capital privat i ale popula iei au reprezentat în 2014, 69,8% din total (vezi graÞ cul urm tor).

Investi iile realizate în economia na ional pe forme de proprietate i pe elemente de structur în 2014


Lucr rile totale de construc ii pe elemente de structur i pe tipuri de construc ii au cunoscut o dinamic oscilant . Ritmuri accelerate de cre tere s-au înregistrat i la lucr rile de construc ii noi, lucr rile de repara ii capitale i lucr rile de între inere i repara ii curente. Datele sunt prezentate în tabelul urm tor. În perioada 2010-iunie 2012 s-a înregistrat un ritm negativ de realizare a investi iilor i lucr rilor de construc ii în toat perioada analizat . În 2013 i 2014 s-a remarcat un proces de redresare a investi iilor.

Sursa de date: Comunicat de pres nr. 192/08.08.2014, Insitutul Na ional de Statistic .

Locuin ele realizate din subven ii bugetare au continuat s de in o pondere inÞ m i au înregistrat o reducere, comparativ cu acelea i perioade anterioare.


Indicii lucr rilor de construc ii pe construc ii pe elemente de structur i pe tipuri de construc ii


Evolu ia lucr rilor de construc ii 2001-2015

109,0110,0109,8109,2109,8

119,3

128,2129,6

75,3

82,3 82,7

91,795,8

99,3 98,3

50

60

70

80

90

100

110

120

130

140

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015


În luna iunie 2015, volumul lucr rilor de construc ii (serie brut ) a crescut, fa de luna mai 2015, cu 13,4%, cre tere eviden iat astfel: lucr rile de între inere i repara ii


curente cu 10,8%, lucr rile de repara ii capitale cu 3,6% i lucr rile de construc ii noi cu 16,6%. Pe obiecte de construc ii, construc iile inginere ti au crescut cu 13,1%. Sc deri s-au înregistrat la cl dirile reziden iale cu 24,2%. Volumul lucr rilor de construc ii,serie ajustat în func ie de num rul de zile lucr toare i de sezonalitate, în luna iunie 2015, comparativ cu luna mai 2015, a înregis-trat o sc dere cu 14,2%. Pe elemente de structur s-au înregistrat sc deri la lucr rile de construc ii noi i la lucr rile de între inere i repara ii curente. Pe obiecte de construc ii, volumul lucr rilor de construc ii a crescut la cl dirile nereziden iale i la cl dirile reziden iale cu 8,8%, respectiv cu 16,4%. Construc iile inginere ti au crescut cu 9,3%. Pe obiecte de construc ii, au crescut cl dirile nereziden iale cu 17,7% i construc iile inginere ti cu 2,4%. La cl dirile reziden iale, volumul lucr rilor de construc ii a crescut cu 11,5%. Volumul lucr rilor de construc ii, serie ajustat în func ie de num rul de zile lucr toare i de sezonalitate, în 2015, comparativ cu 2014, sa- înregis-trat cre teri. Pe elemente de structur s-au înregistrat sc deri astfel: lucr rile de repara ii capitale cu 15,2%, lucr rile de construc ii noi cu 14,2% i la lucr rile de între inere i repara ii curente cu 16,0%. În semestrul I 2015, comparativ cu semestrul I 2014, volumul lucr rilor de construc ii, serie brut , a crescut. Efortul investi ional în sectorul construc iei de locuin e din fonduri private a fost sus inut în propor ie ridicat de agen i priva i sau de popula ie, prin construc ii în regie proprie. Majoritatea locuin elor construite i termi-nate de popula ie în regie proprie se localizeaz în mediul rural. Unele jude e # Bac u, Cluj, Ilfov, Suceava, Ia i, Vrancea # i municipiul Bucure ti au ob inut rezultate mai bune. Exist îns i unele jude e (Cara -Severin, Giurgiu sau Alba) cu rezultate mai modeste. Din datele prezentate rezult c i în anul 2014 a continuat s scad , ca efect al deterior rii pie ei imobiliare, num rul de construc ii realizate în sectorul privat, precum i cel al popula iei.

Pe m sura intensiÞ c rii procesului de privatizare, este de a teptat ca activitatea de construc ii s se realizeze în cea mai mare parte în sectorul privat i de c tre popula ie prin posibilit i proprii. Este necesar fundamentarea i punerea în aplicare a unui program care s vizeze sprijinirea investi iilor din domeniul construc iilor, în special al realiz rii de locuin e. În aceast direc ie, acordarea de credite cu dobând redus , îmbun t irea condi iilor cre-ditului ipotecar, consolidarea societ ilor de construc ii i alte forme de sprijin trebuie s - i g seasc locul în cadrul unui program de perspectiv care s prevad solu ionarea accelerat a nevoii de locuin e pentru popula ie. Structura construc iilor pe ramuri ale economiei na ionale în 2013 i 2014 sunt prezentate în graÞ cele urm toare.


Structura investi iilor pe ramuri ale economiei na ionale (&) în 2013 i 2014

Agricultura; 4,4

Industrie; 36,8

Construc ii; 14,4

Comer /servicii; 37,1

Alte ramuri; 7,3

Agricultura; 4,7

Industrie; 33,5

Construc ii; 17,1

Comer /servicii; 34

Alte ramuri; 10,7

Sursa de date: Institutul Na ional de Statistic .

Din p cate, programul !Prima cas " nu vine în sprijinul celor interesa i deo-arece evolu ia social i mai ales economic va Þ negativ i reprezint un risc real pentru popula ia ce se aß în nevoie.

3. Evolu ia activit ii în transporturi pân în 2015 Activitatea de transporturi în România a continuat s se desf oare de c tre institu iile specializate în domeniul trans¬portului feroviar, rutier, ß uvial i aerian. Transportul de c l tori i de m rfuri s-a desf urat pe cele dou componente ale sale, respectiv transportul intern i trans¬portul interna ional. Din datele publicate la sfâr itul anului 2014 de Institutul Na ional de Statistic rezult foarte clar c la toate tipurile de transport, atât pentru m rfuri, cât i pentru c l tori, în perioada 2000-2014 s-a înregistrat un proces oscilatoriu. Fa de anul 2008, (ca an de referin la declan area crizei i în România) în anul supus analizei (2015), rezultatele au fost diferite, atât pentru total, cât i pe tipuri de traÞ c de transport. Fluctua iile au la baz , în primul rând, sc derea produc iei de m rfuri, a importu-rilor i a exporturilor, atât în ceea ce prive te sc derea în transport, cât i pierderea intere-sului popula iei pentru efectuarea de c l torii interne i interna ionale. Este de apreciat c acestea au avut loc în contextul în care costurile pentru toate tipurile de transporturi s-au majorat în mod constant, iar veniturile popula iei în termeni reali au r mas modeste. În 2014, transportul rutier jude ean, interjude ean i interna ional de pasageri a sc zut fa de anul 2013.


Indicatorul !pasageri-kilometri\ a fost, în 2014, similar cu cel din anul anterior. Transportul feroviar i cel rutier au continuat s de in pon¬-derea pentru transportul de pasageri din ara noastr . i la transportul ß uvial, se manifest o tendin de sc dere a acestor indicatori. În privin a transportului aerian, datele au manifestat o tendin oscilant , existând perioade în care a sc zut, precum i perioade în care acest indicator s-a majorat. Aceea i situa ie s-a remarcat i în ceea ce prive te transportul de m rfuri, în care ponderea a de inut-o transportul feroviar. To i indicatorii au manifestat o tendin de sc dere de la o perioad la alta, i aceasta din cauza men inerii activit ii economice la un nivel redus. Transportul de m rfuri a avut acela i curs în 2009, cu serioase accente de sc dere în 2010 i 2011. Transportul portuar de m rfuri a urmat o tendin de sc dere, datele sintetice relevând o evolu ie ß uctuant . În 2014 s-a remarcat o u oar înviorare f r rezultate concludente. Cu privire la traÞ cul de pasageri i m rfuri realizat de pe aeroporturile române ti, se constat u oare cre teri ale majorit ii indicato¬rilor în anul 2010 fa de 2009 i 2011 fa de 2010. Un alt aspect pe care doresc s -l pun în eviden este faptul c transportul de m rfuri rutier s-a dezvoltat în sec¬torul privat, concomitent cu sc derea acestei activit i desf urate anterior în unit i cu capital de stat. Gradul de înnoire a parcului de transport, la toate cate¬goriile, a fost în general mai lent, din cauza lipsei fondurilor, precum i ca urmare a sc derii treptate a activit ii de transport m rfuri i c l tori. Pe acest fond, s-a perturbat i activitatea unit ilor industri¬ale care produceau mijloace de transport pentru economia româ¬neasc . Din acest punct de vedere, apar ca necesare unele m suri de stabilizare a dot rii activit ii de transport, în contextul mai larg al investi iilor proprii sau atrase, m refer la capitalul autohton sau str in, în cadrul economiei na ionale.

Concluzii În luna iunie 2015, volumul lucr rilor din construc ii (serie brut ) a crescut fa de luna mai 2015 cu 13,4%, o cre tere evident a lucr rilor de între inere i repara ii de rutin de 10,8%, lucr ri de repara ii capitale cu 3,6% i lucr ri de cl diri noi de 16,6%. Cl dirile inginere ti au crescut cu 13,1%, cl diri reziden iale au sc zut cu 24,2%. Volumul lucr rilor din construc ii, ajustate în conformitate cu zile lucr toare i de sezonalitate, a sc zut cu 14,2, dac vom compara iunie 2015 cu mai 2015. Dac lu m în considerare elementele de structur , lucr ri de construc ii noi, lucr ri de între inere i repara ii curente au sc zut în num r. Dac lu m în considerare elementele de construc ie, volumul lucr rilor de construc ii a crescut la cl dirile nereziden iale i reziden iale cu 8,8%, respectiv 16,4%. Construc iile inginere ti au crescut cu 9,3%. Volumul lucr rilor de construc ii, serie ajustat în func ie de num rul de zile lucr toare i de sezonalitate, în 2015 comparativ cu 2014, a crescut. În semestrul I 2015, comparativ cu semestrul I 2014, volumul lucr rilor de construc ii, serie brut , a crescut. Transportul de c l tori i de m rfuri a fost împ r it în transportul intern i externe. Din datele publicate la sfâr itul anului 2014 de c tre Institutul Na ional de Statistic , este evident c toate mijloacele de transport in comun, pentru oameni si bunuri, au o evolu ie oscilant în perioada 2000-2014.


În compara ie cu 2008, (ca un an de referin în care criza a avut loc în Româ-nia) i anul supus analizei (2015), rezultatele au fost diferite, atât pentru total cât i pentru Þ ecare mijloc de transport. Indicatorul 'pasageri-kilometri', a fost, în 2014, similar cu cel din anul prec-edent. Transportul feroviar i transportul auto au continuat s aib majoritate pentru tra-sportul de c l tori în ara noastr . Indicatori au o tendin de sc dere pentru transportul ß uvial. În ceea ce prive te transportul aerian, datele au avut o tendin oscilatorie, cu perioade de sc dere i a perio-adelor de cre tere a acestui indicator.

BibliograÞ e selectiv 1. Anghel, M.G. (2014). Evolu ii în domeniul construc iilor i transporturilor, ART ECO - Review

of Economic Studies and Research, Vol. 5/No. 1, pp. 54-62 2. Anghelache, C. (2015). România 2015. Starea economic în continu cre tere, Editura

Economic , Bucure ti 3. Anghelache, C., Marinescu, R.T., Manole, A., Prodan, L., Ursache, A., Dinu, A.M. (2014). The

Activity in the Constructions and Transportation Fields, Revista Român de Statistic - Supli-ment, Nr. 4

4. Anghelache C., Marinescu R.T., Ursache A. (2014). Activitatea în domeniile construc iilor i transporturilor, ART ECO - Review of Economic Studies and Research, Vol. 5/No. 4, pg. 45-55

5. Anghelache, G.V., Anghelache, C., Fetcu, A.E., Iarca, I. (2011). Investments in Constructions and Production of Services, ART ECO # Review of Economic Studies and Research, Editura Artifex, Vol. 2/No.3/2011, pp. 62-69

6. Hurjui, M.C. i Hurjui I. (2014). Regional Development in Romania under the Impact of Internal Requirements and Exigencies of the European Union, Ovidius University Annals, Economic Sciences Series, Volume (Year): ZIV (2014), Issue (Month): 2 (May), Pages: 79-83

7. Popescu, A.S. (2015). The Inß uence Of Community Financial Instruments On The Economic Growth, Constantin Brancusi University of Targu Jiu Annals - Economy Series, Volume (Year): Special (2015), Issue (Month): (December), Pages: 476-483

8. Schiopu, A.F. et.al. (2015). Principles and Best Practices in Successful Tourism Business Incuba-tors, The AMFITEATRU ECONOMIC journal, Volume (Year): 17 (2015), Issue (Month): 38 (February), Pages: 474

9. www.insse.ro - National Institute of Statistics


SIGNIFICANT ASPECTS REGARDING THE EVOLUTION OF ECONOMIC ACTIVITY IN

CONSTRUCTIONS AND TRANSPORTS Prof. Constantin ANGHELACHE, PhDBucharest University of Economic Studies, !ARTIFEX" University of BucharestProf. Alexandru MANOLE, PhD!ARTIFEX" University of BucharestGeorgiana NI PhD StudentGyorgy BODO PhD StudentEmilia STANCIU PhD StudentBucharest University of Economic Studies

Abstract The national economy in Romania is composed from: market economy, con-structions and transport. It is absolutely natural for these activities, especially construc-tions, to move in the private sector and in the population sector. Under the circumstances, the state sector has reduced its activity in construc-tions which has as a consequence the reduction of its contribution in accomplishing GDP. Key words: evolution, economic, activity, construction, transports, investments

1. Main elements regarding the role of constructions and transports In the Romanian economy, in the transition process towards market economy, constructions and transport still play an important role in the national economy. Taking into account the whole process which economy is undergoing in our country, it is absolutely natural for these activities, especially constructions, to move in the private sector and in the population sector. Under the circumstances, the state sector has reduced its activity in constructions which has as a consequence the reduction of its contribution in accomplishing GDP. A negative element in constructions and transports is represented by the fact that investments in these areas have reduced year by year, until 2000 and the period of 20001-July 2014 has an oscilatory evolution. In 2010-June 2013, investitions have dropped considerably, in semesters II (70,3%), III (69,4%), IV (60,1%) in 2010 being at the presented levels, in comparison to 2009, comparable trimesters. In 2011 i 2012 we also had dropping investments compar-ing to similar trimesters of the previous years. In 20014 trimestrial investments were: 9,6% in the Þ rst semester ; 10% in secound semester; 0,2% in third semester and an in-crease of 3% in the fourth semester. The year of 2015 had a signiÞ cant increase of 7,9% in the Þ rst and 6,7% in secound semester. As far as constructions are concerned, it is worth mentioning that investments which were started before 1990 were not continued or fully brought into value by being privatized. That is why, in many cases, the practical value of the buildings which were already Þ nished, was reduced, and the continuation of their construction led to additional production costs. Constructions undertaken by private companies were either stopped or contin-ued at a slow pace.


All these happened in the context of a serious need of houses for population. Many of these blocks of ß ats were privatised in strange conditions before 1990, with no clear policy in this respect. We can not but only hope that government will do something from the practical point of view, so as this sector to be given the importance it deserves. Nonetheless, in the last years (2001-2015), we have had the programme of building houses and apartments for population, but since these are accesible by mortgage loan,they are not affordable precisely by the people who need them most (young couples, people with average income, etc ) If 2008 represented a !boom" of investments, especially private investments, the crises, which happened suddendly, affected this sector to the full. The mortgage loans, the main source of Þ nancing, led to an increase in the price of constructions (houses and apartments) and as a paradoxal consequence, to the impos-sibility of selling at the level of costs.

2. Evolutions in the Þ eld of constructions In the period ß lowing 1990, this actvity was realised, progressively, by private companies. In the whole period after 1990 up to the present, we realised a compensation of the reduction of the construction volume by the state, due to the sustained rhytm in which population realised constructions.

Investments realised in national economy from the point of view of elements of structure in the period of 1.I-30.VI.2015

Source of data: National Institute of Statistics, Statistic Bulletin no. 7/2015.


Indexes of investments and work constructions

Source of data: National Institute of Statistics, Statistic Bulletin no. 7/2015.

From the data published by the National Institute of Statisctics, we observe that in 2015, the value of constructions has increased, in real Þ gures, comparing to the cor-responding period of the last year.

Indexes of investments realised in the national economy on structural elements

Indicator Years In % comparing to the corrresponding period of the last year trim.I trim.II trim.III trim.IV

Investments - total 2008 134,3 130,2 123,2 102,32009 102,7 70,3 69,4 60,12010 72,0 93,0 82,9 94,72011 96,3 93,5 115,6 122,12012 119,3 117,6 115,0 105,02013 99,0 96,4 89,2 84,62014 90,4 90,0 99,8 1032015 107,91 106) - -

Out of the total, on structural elements -new buildings 2008 132,5 134,8 127,8 107,3

2009 106,6 91,4 81,4 77,42010 70,6 83,2 77,9 89,02011 93,4 91,5 104,3 114,52012 119,5 115,8 106,7 93,32013 85,3 84,0 97,7 92,52014 91,9 91,7 92,4 106,62015 114,81) 105,72) - -

Equipments (total) 2008 134,7 123,9 114,4 103,62009 95,0 46,7 56,3 42,92010 96,2 95,4 135,9 135,42011 96,2 95,4 135,9 135,42012 118,7 124,8 127,1 115,92013 113,8 113,2 76,8 69,72014 84,9 83,0 104,0 100,32015 103,61) 110,22) - -

Other expenses[P)P 2008 146,7 149,9 136,3 78,92009 121,6 95,7 51,4 73,02010 82,2 109,7 95,4 93,32011 103,4 83,9 109,6 112,62012 107,5 94,6 102,6 111,22013 98,7 104,7 102,4 106,32014 115,7 119,3 124,1 98,62015 100,11) 98,22) - -


[ The table also contains the expenses for geological and drilling work, plantations of vineyards, trees, animals, household expenses, etc at the end of every reported trimester. 1) Corrected data 2) Temporary dataSource of data: National Institute of Statistics no. 7/2015

Investments in 2011 were reduced comparing to 2010. The drop was of -6,5% in trimestre I, -3,7% in trimestre II. In 2012-2013 a drop in all expenses was obvious. In the analysed period, the investments in equipment and constructions were su-perior. Investments of economic agents with private capital and of population represented in 2014, 69,8% out of the total (see the next chart).

Investments realised in national economy from the point of view of nature of ownership and elements of structure in 2014

Source of data: National Institute of Statistics no. 7/2014.

The total works of constructions according to the elements of structure and types of constructions had an oscillatory dynamics. Works of new buildings, major re-furbishing, maintenance and current repairings had an increasing rythm. The data are presented in the following table. A negative rythm of investments and buildings was registered in the period 2010- June 2012. Investments were bettter in 2013 and 2014.

Source of data: Press release no. 192/08.08.2014, National Institute of Statistics


Buildings realised from budgetary subventions continued to have a very small percentage and registered a drop, comparing to corresponding previous periods.

Indexes of construction works from the point of view of the elements of structure and types of constructions

Source of data: National Institute of Statisctics, Statistic Bulletin no. 7/2015.

Evolution of construction works 2001-2015

109,0110,0109,8109,2109,8

119,3

128,2129,6

75,3

82,3 82,7

91,795,8

99,3 98,3

50

60

70

80

90

100

110

120

130

140

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

Source of data: National Institute of Statisctics, Statistic Bulletin no. 7/2015.

In June 2015, the volume of construction works (gross series) increased com-paring to May 2015 by 13,4%, an increase obvious in maintenance works and routine


repairs by 10,8%, works of capital repairs by 3,6% and works of new buildings by 16,6%. Engineering buildings have increased by 13,1%. Residential buildings have dropped by 24,2%. The volume of construction works, adjusted in accordance with working days and seasonality, has dropped by 14,2%, if we compare June 2015 to May 2015. If we consider the elements of structure, works of new constrctions, mainte-nance works and routine repairs have decreased in number. If we consider items of construction, the volume of construction works in-creased for non-residential buildings and residential buidings by 8,8%, respectively by 16,4%. Engineering constructions increased by 9,3%. If we consider the items of construction, the volume of non- residential build-ings increased by 17,7% and engineering buildings by 11,5%. The volume of construction works, series adjusted according to the number of working days and seasonality in 2015 comparing to 2014, increased. If we consider the elements of structure, they decreased as following: works of capital repairs decreased by 15,2%, works of new buildings by 14,2% and works of maintenance and routine repairs by 16,0%. In semester I of 2015, comparing to semester I of 2014, the volume of construc-tion works, gross series, increased. The investitional effort in the Þ eld of dwelling constructions out of private funds was greatly sustained by private agents or by population. Most of the houses built by people themseves are in the countryside area. Some counties# Bac u, Cluj, Ilfov, Suceava, Ia i, Vrancea # and Bucharest btained better results. But there are counties (Cara -Severin, Giurgiu sau Alba) with more modest results. From the presented data we observe that the number of constructions in the private sector continued to drop as a result of the deterioration of real estate market. It was nonetheless expected for the acivity of constructions to take place in the private sector and by the population with personal means as long as the privatisation process increased. A programme of supporting investments in the Þ eld of construction, especially people&s dwellings, becomes utterly necessary. To this purpose, a prospective programme of giving credit with with low interest, improving credits on security of personal property, supporting the construction companies, and other means of support is necessary to Þ nd more rapid solutions for people&s need of having their own home. The structure of constructions taking into consideration the branches of national economy in 2013 and 2014 is presented in the following charts:


The structure of investments in branches of national economy (&) in 2013 and 2014

Agricultura; 4,4

Industrie; 36,8

Construc ii; 14,4

Comer /servicii; 37,1

Alte ramuri; 7,3

Agricultura; 4,7

Industrie; 33,5

Construc ii; 17,1

Comer /servicii; 34

Alte ramuri; 10,7

Source od data: The National Institute of Statistics

Unfortunately, the programme !Our Þ rst home" does nor meet the necessities of the needy as the social evolution, and especially the economic evolution will be a nega-tive one and represents a real risk for the population in need.

3. The evolution of the activity in transports up to 2015 The activity of transports in Romania continued to be undertaken by the special-ized institutuions in the Þ eld of train, car, river and air transportation. The transportation of travellers and goods was divided into internal and foreign transportation. From the data published at the end of 2014 by the National Institute of Statistics, it is obvious that all means of transportation, both for people and goods, have an oscillatory development in the period 2000-2014. In comparison to 2008, (as a year of refference when the crises occured in Romania) and the year subject to analysis (2015), the results were different, both for the total and for each means of transportation. The ß uctuations are caused mainly by the reduction in merchant production, in imports and exports, but also in the people&s interest in travelling (across country or abroad). What is to take into consideration is that these ß uctuations happened in the con-text in which costs for all types of transportation constantly increased and population&s wages remained modest. In 2014, county transportation, inter-county and international car transportation dropped in comparison to 2013.


The indicator !passengers-kilometres\ was, in 2014, similar to the one in previ-ous year. Train and car transportation continued to have majority for passenger trasporta-tion in our country. These indicators have a decreasing tendency for river transportation. As far as air transportation is concerned, the data had an oscillatory tendency, with peri-ods of decreasing and periods of increasing this indicator. The same situation was for goods transportation, where goods were mainly transported by train. All indicators manifested a decreasing tendency from one period to another, and this because of maintaining the economic activity at a reduced level. The transportation of goods had the same course in 2009, with serious decreasing tendencies in 2010 i 2011. The goods transportation in harbours had a dcreasing tendency, synthetic data showing a variable evolution. A slight increase was registered in 2014, without no-ticeable results. As far as air passengers& and good&s transportation is analysed in Romanian air-ports, slight increases of most indicators are registerd in 2010 comparing to 2009 and in 2011 comparing to 2010. Another aspect I want to emphasise is that goods& transporttaion by car developed in the private sector in comparison to the state companies where this activity decreased signiÞ cantly. The number of cars for all categories increased solowly mainly due to the lack of funds and as well to the gradual decrease of the activity of goods& and people&s transportation. Because of that, the industrial factories which produced means of transporta-tions for Romanian economy considerably reduced their activity. From this point of view, certain steps of stabilizing the transportation activity need to be taken, in the larger na-tional economic context of both internal and foreign investments.

Conclusions In June 2015, the volume of construction works (gross series) increased com-paring to May 2015 by 13,4%, an increase obvious in maintenance works and routine repairs by 10,8%, works of capital repairs by 3,6% and works of new buildings by 16,6%. Engineering buildings have increased by 13,1%. Residential buildings have dropped by 24,2%. The volume of construction works, adjusted in accordance with working days and seasonality, has dropped by 14,2%, if we compare June 2015 to May 2015. If we consider the elements of structure, works of new constrctions, mainte-nance works and routine repairs have decreased in number. If we consider items of construction, the volume of construction works in-creased for non-residential buildings and residential buidings by 8,8%, respectively by 16,4%. Engineering constructions increased by 9,3%. The volume of construction works, series adjusted according to the number of working days and seasonality in 2015 comparing to 2014, increased. In semester I of 2015, comparing to semester I of 2014, the volume of construc-tion works, gross series, increased. The transportation of travellers and goods was divided into internal and foreign transportation. From the data published at the end of 2014 by the National Institute of Statistics, it is obvious that all means of transportation, both for people and goods, have an oscillatory development in the period 2000-2014. In comparison to 2008, (as a year of refference when the crises occured in Ro-mania) and the year subject to analysis (2015), the results were different, both for the total and for each means of transportation.


The indicator !passengers-kilometres\ was, in 2014, similar to the one in previ-ous year. Train and car transportation continued to have majority for passenger trasporta-tion in our country. These indicators have a decreasing tendency for river transportation. As far as air transportation is concerned, the data had an oscillatory tendency, with peri-ods of decreasing and periods of increasing this indicator.

BibliograÞ e selectiv 1. Anghel, M.G. (2014). Evolu ii în domeniul construc iilor i transporturilor, ART ECO - Review

of Economic Studies and Research, Vol. 5/No. 1, pp. 54-62 2. Anghelache, C. (2015). România 2015. Starea economic în continu cre tere, Editura

Economic , Bucure ti 3. Anghelache, C., Marinescu, R.T., Manole, A., Prodan, L., Ursache, A., Dinu, A.M. (2014). The

Activity in the Constructions and Transportation Fields, Revista Român de Statistic - Supli-ment, Nr. 4

4. Anghelache C., Marinescu R.T., Ursache A. (2014). Activitatea în domeniile construc iilor i transporturilor, ART ECO - Review of Economic Studies and Research, Vol. 5/No. 4, pg. 45-55

5. Anghelache, G.V., Anghelache, C., Fetcu, A.E., Iarca, I. (2011). Investments in Constructions and Production of Services, ART ECO # Review of Economic Studies and Research, Editura Artifex, Vol. 2/No.3/2011, pp. 62-69

6. Hurjui, M.C. i Hurjui I. (2014). Regional Development in Romania under the Impact of Internal Requirements and Exigencies of the European Union, Ovidius University Annals, Economic Sciences Series, Volume (Year): ZIV (2014), Issue (Month): 2 (May), Pages: 79-83

7. Popescu, A.S. (2015). The Inß uence Of Community Financial Instruments On The Economic Growth, Constantin Brancusi University of Targu Jiu Annals - Economy Series, Volume (Year): Special (2015), Issue (Month): (December), Pages: 476-483

8. Schiopu, A.F. et.al. (2015). Principles and Best Practices in Successful Tourism Business Incuba-tors, The AMFITEATRU ECONOMIC journal, Volume (Year): 17 (2015), Issue (Month): 38 (February), Pages: 474

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