Catalog ALB 2014

Transcription

Catalog ALB 2014

Piata Institutiilor Financiare Nebancare din Romania
The Non-Banking Financial Institutions’ Market in Romania
2014
ISSN: 2067 – 5232
Piata Institutiilor Financiare
Nebancare din Romania – 2014
The Non-Banking Financial
Institutions’ Market in Romania – 2014
Coordonator al editiei:
Coordinator of edition:
Drd Adriana AHCIARLIU – Secretar General,
Asociatia Societatilor Financiare – ALB Romania
Drd Adriana AHCIARLIU - Secretary General,
Financial Companies Association – ALB Romania
Traducere:
Translation:
Diplomat Consult, Parte a Invigors EMEA
Euroverba
Diplomat Consult, Part of Invigors EMEA
Euroverba
Verificare traducere:
Proofreading:
Adriana AHCIARLIU
Dana LEPADATU
Adriana AHCIARLIU
Dana LEPADATU
Tehnoredactare si grafica:
Making-up and graph:
Bogdan PICIU - Director Adjunct, Diplomat Consult,
Parte a Invigors EMEA
Raluca CATANA - Referent Economist, Diplomat
Consult, Parte a Invigors EMEA
Bogdan PICIU - Deputy Director, Diplomat Consult,
Part of Invigors EMEA
Raluca CATANA - Referent Economist, Diplomat
Consult, Part of Invigors EMEA
Coperta:
SC Copertex SRL
Cover:
SC Copertex SRL
Publicatie realizata de
DIPLOMAT CONSULT SRL
Pentru ASOCIATIA SOCIETATILOR
FINANCIARE - ALB ROMANIA
Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10,
Bucuresti, sector 2, cod postal 020182,
Romania
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: [email protected]
Web: www.alb-leasing.ro
Made by
DIPLOMAT CONSULT SRL
For FINANCIAL COMPANIES
ASSOCIATION – ALB ROMANIA
Address: 3, Gaetano Donizetti Street, 4-th floor,
appart. 10, Bucharest, district 2, postal code 020182,
Romania
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: [email protected]
Web: www.alb-leasing.ro
ISSN: 2067 – 5232
ISSN-L: 2067 – 5232
ISSN: 2067 – 5232
ISSN-L: 2067 – 5232
Distributie gratuita prin: SC Diplomat Consult SRL
www.diplomatconsult.com
Free of charge by: SC Diplomat Consult Ltd
www.diplomatconsult.com
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Cuprins
Table of contents
I. Cuvant inainte
Adriana Ahciarliu, Secretar General ALB
I. Foreword
Adriana Ahciarliu, ALB Secretary General
II. Interviurile editiei 2014
II. Interviews of 2014 edition
II.1. Perspectivele pietei de leasing in anul 2015,
Interviu cu Felix Daniliuc, CEO Raiffeisen Leasing,
Presedinte ALB
II.1. Leasing market prospects for 2015,
Interview with Felix Daniliuc, CEO Raiffeisen
Leasing, President of ALB
10
II.2. Evolutia creditului de consum din perspectiva
Cetelem in 2014, Interviu cu Olivier Floris, CEO
Cetelem, Vice Presedinte ALB
II.2. The evolution of consumer credit in 2014
from the perspective of Cetelem, Interview with
Olivier Floris, CEO Cetelem, Vice President
of ALB
13
III. Actualitati ale creditului de consum IFN
III. Updates of NBFI’s Consumer Credit
III.1. Dinamica pietei creditelor de consum acordate
de IFN-uri sub umbrela concluziilor studiului
CE/DGSACNO privind “Supraindatorarea
gospodariilor europene”
III.1. The Dynamics of NBFI Consumer Credit 18
Market in Romania Under the Umbrella of the
DGSANCO/ EC Study on “The over-indebtedness
of European households”
pag/page
III.2. Piata Creditului de consum IFN in Romania III.2. NBFIs Consumer Credit in Romania
Septembrie 2013 – Septembrie 2014
September 2013 – September 2014
(prezentare grafica)
(graphic presentation)
IV. Actualitati ale leasingului financiar IFN
6
25
IV. Updates of Financial Leasing NBFI’s
IV.1. Industria de Leasing – Sprijin pentru crestere IV.1. Leasing Industry - Support for Growth in
Romania
in Romania
A study by Deloitte Romania
Studiu realizat de Deloitte Romania
IV.2. Financial Leasing Market in Romania
IV.2. Piata Leasingului Financiar in Romania
Septembrie 2013 – Septembrie 2014 (prezentare September 2012 – September 2013 (graphic
presentation)
grafica)
40
80
V. Texte legislative pentru IFN-uri publicate in V. Legislation for NBFI issued between
perioada iunie 2013 – iunie 2014 (doar versiunea in June 2013 to June 2014 (only the English version)
limba Engleza)
Prefata – Valeriu Popescu, CEO, Diplomat Consult,
parte a Invigors EMEA
Forward – Valeriu Popescu, CEO, Diplomat
Consult, part of Invigors EMEA
Legea nr. 193 din 6 noiembrie 2000 privind clauzele
abuzive din contractele incheiate intre profesionisti si
consumatori – Republicare
Law No. 193 of 6 November 2000 on the
99
abusive clauses in the contracts concluded
between professionals and consumers – republished
96
Legea nr. 85/2014 privind procedurile de prevenire a
insolventei si de insolventa. Articole cu referire la
IFN-uri.
Law no. 85/2014 on procedures to prevent
insolvency and of insolvency. Articles
referring to NBFIs.
105
Hotararea nr. 421 din 20 mai 2014 pentru
modificarea si completarea Normelor
metodologice de aplicare a Legii nr.
571/2003 privind Codul Fiscal
Decision No. 421 of 20 May 2014 to amend
and complement the Guidelines governing the
enforcement of Tax Code Law No. 571/2003
119
Ordonanta de Urgenta nr. 66 din 15 octombrie 2014
privind aprobarea Programului de stimulare a
cumpararii de autoturisme noi
Emergency Ordinance no. 66 of October 15th,
2014 regarding the approval of the Stimulus
program to purchase new cars
121
Adriana AHCIARLIU
Secretar General ALB
Adriana AHCIARLIU
ALB Secretary General
CUVANT INAINTE
FOREWORD
Incerc sa scriu aceste randuri cat mai putin
personalizat si cat mai mult din perspectiva
institutionala. Anul acesta, Asociatia Societatilor
Financiare Nebancare – ALB Romania implineste 10
ani de activitate. Voi incerca sa folosesc acest prilej,
pentru a dedica aceasta scurta introducere deceniului
care s-a implinit de la nasterea si renasterea IFNurilor, din perspectiva celor trei dimensiuni:
institutionala, profesionala, umana.
I am trying to write these lines as little personalized and
as much of the institutional perspective. This year, the
Association of Non-Banking Financial Companies ALB Romania is celebrating 10 years of activity. So I
will try to take this opportunity to dedicate this brief
introduction to this decade reached from birth and
rebirth of NBFIs (non-banking financial institutions)
from the perspective of following three dimensions:
institutional, professional and human.
Imi amintesc cu nostalgie de primavara anului 2004
cand, un grup de initiativa m-a invitat la o discutie
informala si mi-a prezentat proiectul ALB. Era vorba
de directorii generali ai Alpha Leasing, BRD
Sogelease, Finans Leasing (astazi Credit Europe
Leasing) si UniCredit Leasing care, prin leadership si
viziune profesionala, si-au asumat paternitatea si
start-up-ul acestei asociatii.
I wistfully remember the spring of 2004, when an
initiative group invited me to an informal meeting
and introduced me the ALB’s project. It was about
the managing directors of Alpha Leasing, BRD
Sogelease, Finans Leasing (presently Credit Europe
Leasing IFN SA) and UniCredit Leasing who,
through their leadership and professional vision,
assumed the paternity and the start-up of this
association.
Scopul anuntat era unul de constructie a cadrului de
reglementare pentru desfasurarea activitatii de
leasing in Romania si de promovare a celor mai bune
practici in domeniu. Acesta a fost motivul pentru care
asociatia a fost “botezata” cu numele de “Asociatia
de Leasing Bancar – ALB Romania”. Membrii
fondatori – subsidiare de leasing ale bancilor
comerciale, nu si-au propus nicio clipa sa
construiasca un instrument pentru acapararea intregii
activitati definite ulterior cu abrevierea “IFN”. S-a
intamplat insa ca, in procesul de promovare a
proiectului legii speciale a leasingului si a legislatiei
privind autorizarea si functionarea societatilor de
leasing, legiuitorul sa decida includerea unei liste
intregi de obiecte de activitate pe care le-a definit ca
“activitate de tip creditare” iar institutiile cu astfel de
6
The announced goal was to set up the regulatory
framework for the leasing activity in Romania and to
promote best practices in the field. That was why the
association was "christened" with the name "Banking
Leasing Association - ALB Romania". The founding
members - leasing subsidiaries of the commercial
banks, have not proposed any moment to build a tool
for dominating all activities further defined by the
abbreviation "NBFI". It happened, however, that in
the promotion of the leasing special law draft and
legislation regarding the authorization and operation
of leasing companies, the legislator decided to
include a full list of business activities defining as a
"lending activity" while the institutions with such
activity were required to bear the abbreviation NBFI.
I can not help but remember that ALB’s members of
activitate au fost obligate sa poarte abrevierea IFN. that time reacted against a definition by negation and
Nu pot sa nu amintesc faptul ca membrii de atunci ai by comparison with another category of credit
ALB au reactionat impotriva unei definiri prin institutions!
negatie si prin comparatie cu o alta categorie de
institutii de credit!
Primul proiect concret al ALB a fost de a amenda
OG 51/1997 iar grupul de lucru dedicat proiectului a
inceput munca in toamna anului 2004. Tot atunci,
personal am initiat discutiile cu factorul decident,
politic, cu referire la oportunitatea instituirii unei
reglementari a activitatii de leasing. Au existat opinii
pro si contra, s-au descris modele de reglementare
comparative in diferite tari din Uniunea Europeana si
s-a concluzionat ca, in contextul anului 2004, al preaderarii Romaniei la Uniunea Europeana, este mai
sanatos sa incepem sa “desenam” o structura de
autorizare si monitorizare a societatilor de leasing.
Trebuie sa amintesc, pentru respectul fata de opinia
exprimata la acel moment, faptul ca au fost membri
ai Parlamentului doritori sa construiasca o structura
similara CSA-ului, pentru tot ceea ce se regasea activ
in piata financiara romaneasca si nu functiona sub
umbrela BNR. Cu toate acestea, tocmai pentru ca
ALB a actionat de la inceput ca o asociatie patronala,
a promovat instituirea unui model de autorizare si
monitorizare neutru, nepolitizat. Asa s-a nascut OG
28/2006 aprobata ulterior sub denumirea generica
“legea IFN”. Sub “palaria” acestei noi legi s-au
regasit si alte categorii de societati care insa, desi
poarta in titulatura abrevierea IFN, sunt departe de
domeniul de activitate al initiatorilor de facto a legii,
respectiv membrii fondatori ai ALB. Evident, ma
refer aici la societatile inscrise in Registrul de
Evidenta al BNR.
The first effective project of ALB was to amend the
Government Ordinance no. 51/1997 and the project
dedicated team started to work in the fall of 2004. At
the same time I have personally initiated discussions
with the political decision makers, on the opportunity
of establishing a regulation for the leasing activity.
There were pros and cons, regulatory models were
described in comparison with different EU countries
and they concluded that, in the context of 2004, the
period preceding Romania’s accession to the
European Union, it is healthier to begin to "draw" a
structure for authorizing and monitoring the leasing
companies. I have to mention, with respect for the
opinion expressed at that time, that members of
Parliament wanted to build a structure similar to ISC
(Insurance Supervisory Commission) for all that was
actively found on the Romanian financial market and
did not work under the umbrella of NBR. However,
as ALB acted from the beginning as an employers’
association, ALB has promoted the establishment of
a non-politicized neutral authorizing and monitoring
model. This is how the Government Ordinance no.
28/2006 was born, subsequently approved under the
generic name "NBFI law". Under the "hat" of this
new law, other categories of companies were found
and although NBFI abbreviation is included in their
name, they are far from the field of activity of de
facto initiators of the law, namely the founding
members of ALB. Here I am obviously referring to
the companies recorded in NBR’s Evidence Register.
Pornind de la aceste proiecte de inceput, proiecte care
au construit “Constitutia” societatilor de leasing, am
continuat constructia institutionala a ALB prin
convingerea unei majoritati semnificative a jucatorilor
din piata sa adere la asociatie. In acest context, in 2005
ponderea de reprezentare a ALB, din punctul de vedere
al volumului nou finantat dar si al portofoliilor
existente, depasea cu mult 50% din totalul pietei.Au
urmat apoi perioade in care am invatat impreuna cum
sa standardizam munca noastra in ALB, in cadrul
comitetelor tehnice, cum sa organizam mai bine metoda
de oglindire a domeniului de activitate pe care il
reprezentam si cum sa transparentizam rezultatele
muncii noastre asociative.
Based on these early projects that have set up the
"Constitution" of the leasing companies, we
continued ALB’s institution building by convincing a
significant majority of the market players to join the
association. In this context, in 2005 the rate of ALB’s
representation in terms of new financed volume and
existing portfolios exceeded 50% from the market
total. There were further periods when we have
learned together how to standardize our work in ALB
within technical committees, how to organize better
method of reflecting the activity field that we
represent and how to make our associative work
results more transparent.
7
Start up-ul ALB a reprezentat un proiect de pionierat
de sistem pe care incercam sa il promovam in
contextul in care in Romania, ne-membra UE la acea
data, nu exista si prin urmare, nu functiona legea
dialogului social. Cu toate acestea, in anul 2005
Guvernul Romaniei recunoaste ALB, printr-o
scrisoare oficiala semnata de primul ministru de la
acea data, ca partener de dialog in procesul de
armonizare a legislatiei Romaniei in contextul preaderarii la Uniunea Europeana. Astfel, agenda ALB
pentru perioada 2005-2007 s-a concentrat pe
identificarea acelor texte de legislatie care urmau sa
fie amendate si promovate in perioada de preaderare. Dincolo de acest aspect, consider oportun sa
amintesc faptul ca “to do list” a cuprins si obligatiile
pe care le-am asumat in cadrul Asociatiei fata de
membrii sai dar si fata de autoritatile cu care eram in
dialog permanent (Ministerul Finantelor Publice,
Banca Nationala a Romaniei, Parlamentul Romaniei)
sa propunem, pornind de la exemplele si practicile
europene, o agenda legislativa care sa fie amendata,
cu scopul armonizarii cu legislatia si practica
europeana. In acest context, in anul 2006 a fost
aprobata legea speciala a leasingului, legea IFN, a
fost definit concret leasingul financiar si operational
in Codul fiscal ca activitate de tip creditare. A urmat
apoi pachetul de norme emise de BNR pentru a caror
intelegere si aplicare pot spune ca era necesar sa
construim un adevarat spirit de echipa in ALB. Cu
acea echipa am reusit sa identificam la maximum
felul in care putem sa construim un standard al
profesiei si al produsului pe care il reprezentam.
ALB’s start-up represented a project of pioneering
system that we are trying to promote in the context in
which Romania, a non-EU member state at that time,
did not exist and therefore the law of social dialogue
was not functioning. However, in 2005 the Romanian
Government recognizes ALB, through an official
letter signed by the Prime Minister at that time, as a
dialogue partner in the process of harmonizing
Romanian legislation in the context of Romania’s
pre-accession to the European Union. Thus, ALB’s
agenda for the period 2005 -2007 focused on
identifying those texts of legislation that were to be
amended, promoted during the pre-accession period.
Beyond this, I consider it is appropriate to remind
you that "to do list" also included the obligations that
we have assumed within the Association to its
members but also to the authorities we were in
constant dialogue with (Ministry of Public Finance,
National Bank of Romania, the Romanian
Parliament) to propose, based on the examples and
European practices, a legislative agenda to be
amended in order to harmonize with European
legislation and practice. In this context, the leasing
special law, NBFI law, was approved in 2006, the
financial and operational leasing was effectively
defined in the Fiscal Code as lending activity.
Afterwards, NBR issued the package of rules for
whose understanding and application I can say that it
was necessary for us to build a real team spirit within
ALB. Together with that team, we have succeeded to
identify the maximum way we can establish a
standard regarding the profession and the area of
activity that we represent.
Trecerea de la statutul de SRL la cel de SA, auditarea
externa, un nou standard contabil, impunerea unui
sistem IT adecvat si a unei organigrame minimale
prin text de lege in scopul autorizarii, toate acestea au
constituit un moment de renastere a leasingului in
Romania, care de aceasta data a fost urmat de
“certificatul de nastere” mentionat in Registrul IFN al
BNR.
The transformation from a limited liability company
into a joint-stock company, the external audit, a new
accounting standard, the demand by law of a suitable
IT system and of a minimal organization chart for
purpose of authorization, all of the above-mentioned
represented the rebirth of the leasing in Romania,
that, this time, was followed by the "birth certificate"
mentioned in NBR’s NBFI Register.
Am constatat in timpul acestor 10 ani ca este mai
usor sa amendezi o lege decat sa impui un standard
corect, din zona bunelor practici, de aplicare a legii.
Acest deziderat a ramas pe lista actiunilor planificate
in Asociatie ca un subiect de neinlaturat pana la
momentul punerii lui in practica. Am reusit din acest
punct de vedere sa promovam Codul de bune
practici, insa caracterul permanent a ramas, intrucat
aplicarea si imbunatarirea standardelor in industria
8
During these 10 years we have found out that it is
easier to amend a law than to set a correct standard
for the law application in the area of good practices.
This goal has remained on the list of planned actions
within the Association as an unavoidable subject by
the time of its implementation. In this regard we have
succeeded to promote the Code of Best Practice, but
the permanent character has remained, as the
application and improvement of standards in the
financiara trebuie sa fie un proces, o preocupare financial industry should be a process, an ongoing
continua.
concern.
Desi a aderat mai tarziu la ALB, creditul de consum
a reusit sa recupereze viata asociativa si rezultatele
aferente ei, in doar 6 ani de istorie in ALB, fiind
astfel prima industrie reprezentativa care si-a asumat
Codul de bune practici in creditul de consum in anul
2012. Consiliul creditului de consum a simtit
necesitatea asumarii cat mai rapide a acestui Cod mai
ales in contextul creat in practica prin armonizarea
Directivei Creditului de Consum in Romania. Un an
mai tarziu, leasingul financiar semneaza un Cod de
bune practici asumat nu doar in relatia comerciala cu
persoanele fizice dar si cu cele juridice.
Although later joined ALB, the consumer credit
companies have succeeded to recover the associative
life and related results in only six years of history
within ALB becoming the first representative industry
assuming the Code of Best Practice on consumer
credit in 2012. The Consumer Credit Council has
perceived the need of assuming this Code as fast as
possible in the context created in practice by the
harmonization of the Consumer Credit Directive in
Romania. One year later, the financial leasing signs
The Code of Best Practice undertaken not only in the
commercial relationship with the natural persons but
also with the legal entities.
Dincolo de o lista intreaga de texte de legislatie
promovate de la zero sau amendate in contextul
enuntat mai sus, asumarea cu toata responsabilitatea
profesionala a Codului de bune practici reprezinta un
succes al oricarei organizatii patronale, o dovada a
unei tendinte de autocontrol si autosupraveghere a
unui standard autodefinit ca fiind cea mai buna
practica in domeniu.
Beyond a full list of legislation texts promoted from
scratch or amended in the above-mentioned context,
the undertaking with full professional responsibility
of the Code of Best Practice represents a success of
any employers’ organization, proving a self-control
and self-monitoring tendency of a standard selfdefined as being the best practice in the field.
Chiar daca primul proiect al ALB a fost sa
promoveze un sistem de reglementare legislativa a
domeniului de activitate pe care il reprezinta, faptul
ca la 10 de ani de activitate, reprezentand acum mai
mult de 90%din totalul afacerilor de leasing financiar
si creditelor de consum acordate de IFN-uri din punct
de vedere al volumelor finantate, poate puncta
asumarea unui sistem impus de autocontrol al
bunelor practici in domeniu, reprezinta atat o
recunoastere a maturizarii actorilor din acest
domeniu dar si un succes in identificarea acelui
nucleu al industriei avand puterea sa uneasca jucatori
care, zi de zi, se confrunta cu respect si loialitate la
masa competitionala.
Although ALB’s first project was to promote a
regulatory system for the field of activity
represented, the fact that after 10-year activity ALB,
representing now more than 90% out of the total
business in financial leasing and NBFI consumer
credit in terms of financed volumes, may point out
the undertaking of a system demanded by selfcontrolling the best practices in the field represents
both a recognition of the maturity of the actors in this
field, but also a success in identifying that core of the
industry having the power to put together players
who are respectfully and fairly facing up at the
competition table every day.
10 ani de istorie ai ALB reprezinta si o decada de
experienta in coordonarea zilnica nu doar a
secretariatului Asociatiei ci si a membrilor sai…e
vorba nu de o coordonare in scop de impunere, ci cu
scopul de a comunica zilnic cu ei pentru a le intelege
problemele si prioritatile individuale si a-i aduce la
acel numitor comun–liant, care construieste
increderea, singura fundatie si singurul motor
generator de crestere sustenabila.
10 years of history of ALB represent a decade of
experience in the daily coordination not only of the
Association’s Secretary office but also of its
members ... it is not about a coordination for purpose
of command but for daily communication with them
in order to understand their problems and individual
priorities and bring them to that common ground that
should build confidence, which is the only
foundation and the only engine for generating a
sustainable growth.
9
II.1. Perspectivele pietei de leasing in anul 2015,
Interviu cu Felix Daniliuc, CEO Raiffeisen
Leasing IFN SA, Presedinte ALB
II.1. Leasing market prospects for 2015,
Interview with Felix Daniliuc, CEO Raiffeisen
Leasing IFN SA, President of ALB
Perspectivele pietei de leasing in
anul 2015
Leasing market prospects
for year 2015
Estimarile ALB privind volumele pietei de leasing
financiar, inregistrate in primele 9 luni ale anului
2014, indica o crestere de 19% fata de aceeasi
perioada a anului trecut, rezultate menite sa
intareasca optimismul jucatorilor din piata pentru
finalul anului. Cum comentati aceasta evolutie a
pietei?
ALB’s estimations regarding the volumes on the
financial leasing market recorded in the first 9
months of 2014, indicate a 19% increase
compared to the same period last year, results
intended to strengthen the optimism of the market
players at the end of the year. How do you
comment this evolution of the market?
Dupa o perioada de stagnari si scaderi, incepand cu
primul trimestru al acestui an si continuand cu luna
septembrie, piata de leasing resimte intr-adevar, o
consolidare fata de aceleasi intervale ale anului
trecut.
Asa cum am mai declarat anterior, industria de
leasing este un barometru foarte specific al mersului
economiei in ansamblu. Prin urmare, daca
previziunile de crestere economica se vor confirma
pentru finalul acestui an, vom asista, cel mai
probabil, la cea mai buna dinamica a pietei de leasing
din ultimii patru ani.
After a period of stagnation and decline, the leasing
market really experiences a consolidation over the
same periods last year, beginning with the first
quarter of this year and continuing with September.
Semnalele economice confirma afirmatia de mai sus,
cresterea pietei de leasing fiind sustinuta in principal de
finantarile auto, cu preponderenta vehicule comerciale
grele, camioane si semiremorci, cererea mai mare
pentru acestea indicand, la nivel economic, nevoia de
dezvoltare existenta in piata transportatorilor.
Camioanele grele, de peste 18 tone, utilizate cu
precadere in transporturile internationale au fost cel mai
dinamic segment al pietei autovehiculelor in primele
noua luni din acest an, cu o crestere de 33%, potrivit
datelor Asociatiei Producatorilor si Importatorilor de
Automobile (APIA).
The economic signals confirm the above statement,
the leasing market growth being mainly supported by
car purchase financing, predominantly heavy
commercial vehicles, trucks and semi-trailers, the
higher demand for these vehicles indicating, at
economic level, the current market need to develop
the transporters’ market. Heavy trucks heavier than
18 tons, notably used in international transport were
the most dynamic segment of the automotive market
in the first nine months of this year, with a 33%
increase, according to Automotive Manufacturers
and Importers Association data (APIA).
As I have previously stated, the leasing industry is a
very specific barometer of the economy development
as a whole. Therefore, if economic growth forecasts
will be confirmed at the end of this year, we shall
probably see the best dynamics of the leasing market
over the last four years.
In ceea ce priveste tipul clientilor de leasing Regarding the type of financial leasing clients,
financiar, din ce segmente a venit cea mai mare what are the market segments the most of the
10
parte a solicitarilor anul acesta? Cum s-a conturat requirements came from this year? How was the
profile of the financial leasing client outlined in
in 2014 profilul clientului de leasing financiar?
2014?
Principalii clienti ai serviciilor de leasing financiar
sunt persoane juridice sectorul reprezentand aprox.
88% din total, iar cel de retail 12%.
In 2014, in continuare, IMM-urile au ramas cele mai
active, pe acest segment concencentrandu-se
majoritatea finantarilor.
The main clients of financial leasing services are
legal persons, this sector representing approximately
88% of the total and the retail sector representing
12%.
In 2014, SMEs still remained the most active sector,
most of the financing being focused on this segment.
In ceea ce priveste profilul clientilor, am remarcat si
in 2014 tendinta de maturizare in piata si as face
referire, in primul rand, la piata transportatorilor. Pe
acest segment, clientii au dat dovada de gandire de
perspective si planificare pentru afacerile lor si au
inteles faptul ca, pentru a-si pastra competitivitatea in
piata, trebuie sa investeasca in tehnologii mai noi.
Prin urmare, daca in prima parte a anului s-au mai
achizitionat vehicule EURO 5, foarte multi
transportatori au optat pentru mijloacele de transport
EURO 6, chiar daca la un cost mai ridicat, care le
asigura accesul pe toate pietele europene, deci nu le
limiteaza afacerea. O parte din costuri si le reduc
oricum, anumite tari percepand taxe de drum mult
mai mari pentru vehiculele cu motorizare EURO 5,
fata de cele cu motorizare EURO 6.
With regard to the clients’ profile, I also noticed a
tendency of the market maturity in 2014 and I would
first refer to the transporters’ market. In this segment,
the clients have shown a perspective thinking and
planning for their business and understood that they
must invest in newer technologies in order to
maintain competitiveness on the market. Therefore, if
EURO 5 vehicles were still purchased in the first half
of the year, many transporters have opted for EURO
6 transport means, even if at a higher cost, enabling
their access to all European markets, without limiting
their business. A part of the costs are reduced
anyway, some countries charging higher road tolls
for Euro 5 vehicles, as compared to EURO 6
vehicles.
Care sunt principalele directii pe care se va concentra What are the main directions the financial leasing
industria leasingului financiar in anul 2015? Care industry in 2015 will focus on? What are the main
sunt principalele initiative la care lucrati la nivelul initiatives at ALB level?
ALB?
Daca ar fi sa ne referim la principalele initiative ale
asociatiei pentru anul 2015, putem spune ca inca din
acest an se lucreaza la un plan de actiune pentru
perioada urmatoare, si care vizeaza trei mari directii:
Schimbarea perceptiei clientilor cu privire la
leasing, pozitionarea leasingului ca solutie de
finantare cu multiple beneficii si implicarea
comunitatii de leasing in actiuni de CSR.
Schimbarea perceptiei clientilor cu privire la
leasing.
If we would refer to the main initiatives of the
association for 2015, we can say that we are working
on an action plan for the next period, aiming at three
main directions:
Changing the clients’ perception on leasing,
leasing positioning as many benefits financing
solution and leasing community involvement in
CSR activities.
Changing the clients’ perception on leasing.
In sensul schimbarii perceptiei clientilor cu privire la
produsul de leasing, la nivelul asociatiei, am
lansatanul acesta un „Cod de bune practici”, proiect
care implica asumarea unor responsabilitati pe
termen lung, atat intre membrii, cat si fata de clienti .
Principalele directii cuprinse in cod vizeaza calitatea
serviciilor, transparentizarea procesului de finantare
si un tratament corect fata de client. Codul va fi
For changing the clients' perception on the leasing
product, at the association’s level, we issued a "Code
of Practice" this year, a project which involves
assuming certain long-term responsibilities, both
between members, and also towards clients. The
main directions included in the code aim at the
quality of services, the financing process
transparency and a fair treatment of the client. The
11
aplicat efectiv incepand cu anul 2015.
Code will be actually applied since 2015.
Pozitionarea leasingului ca solutie de finantare cu Leasing positioning as many benefits financing
multiple beneficii.
solution.
Printre principalele preocupari ale membrilor
asociatiei, se numara si pozitionarea leasingului in
piata, ca solutie de finantare cu beneficii multiple, cu
accent pe cele fiscale si de adresabilitate. Pentru o
comunicare cat mai obiectiva din partea asociatiei pe
aceasta tema, se lucreaza in prezent in colaborare cu
o companie de consultanta la un studiu care sa
evidentieze efectul direct pe care leasingul il are in
formarea PIB-ului, in finantarea de diverselor tipuri
de active. Perioada analizata este 2008-2013 si
vizeaza si tarile din regiune.
One of the main concerns of the association’s
members is the leasing positioning on the market, as
many benefits financing solution, focusing on fiscal
issues and addressability. For a more objective
communication of the association on this subject, we
are permanently working in collaboration with a
consulting company on a study that should point out
the direct effect the leasing has on GDP (Gross
Domestic Product), for the financing of various types
of assets. The analysed period is 2008-2013 and also
covers the countries in the region.
Astfel de comparatii ne vor ajuta sa comunicam cu Such comparisons will help us to have a high-content
mai mult continut si relevanta cu principalele and relevant communication with the main
institutii din sfera guvernamentala si de reglementare. government and regulatory institutions.
12
II.2. Interviu cu Olivier Floris
CEO al Cetelem IFN SA
Vicepresedinte ALB
II.2. Interview with Olivier Floris
CEO of Cetelem IFN SA
Vicepresident of ALB
Evolutia creditului de consum din perspectiva
Cetelem in 2014
The evolution of consumer credit in 2014 from
the perspective of Cetelem
Cetelem IFN - cea mai mare companie de credite de
consum de pe piata din Romania, membra a grupului
francez BNP Paribas - ofera credite de consum in
magazinele partenere, carduri de credit sub sigla
Mastercard, credite auto si credite de nevoi personale
cu acordare prin telefon sau Internet.
Domnul Olivier Floris, Director General al
companiei, a prezentat intr-un scurt interviu evolutia
companiei in primele 9 luni din 2014 :
Cetelem IFN – the biggest consumer credit company
on Romanian market, a member of the BNP Paribas
Group – is offering consumer loans in the partner
stores, credit cards MasterCard branded, car loans
and personal loans with granting via phone or
Internet.
Mr. Olivier Floris, General Manager of the company,
presented the company evolution in the first 9
months of 2014 in a short interview:
1. Cum considerati evolutia companiei Cetelem in
primele noua luni din 2014, comparativ cu aceeasi
perioada din 2013 si care au fost principalele
coordonate ale strategiei sale de dezvoltare in
perioada analizata?
1. How do you see the evolution of Cetelem in the
first 9 months of 2014, in comparison with the
same period of 2013 and what were the main
criteria of its development strategy during the
analyzed period?
Primele 9 luni ale anului 2014 au marcat o crestere
de aproape 20 % a creditelor acordate, fata de aceeasi
perioada a anului trecut, ceea ce confirma dinamica
din ultimii 3 ani. Factorii de crestere sunt bazati, pe
de o parte, pe cresterea consumului la nivel national,
si, pe de alta parte pe dezvoltarea parteneriatelor
strategice cu piata de retail, pe accesul la domenii noi
pentru compania noastra, cum ar fi comertul
electronic si finantarea autoturismelor second hand.
Strategia noastra este construita in jurul
consumatorilor, iar gradul de satisfactie al clientilor
nostri reprezinta un obiectiv comercial important, ca
si dezvoltarea intregii noastre activitati.
The first 9 months of 2014 recorded a growth of nearly
20% of granted loans, compared to the same period of the
previous year, which confirms the dynamics over the past
3 years. The growth factors are based, on one hand,
on the growth of consumption at national level, and,
on the other hand, on the development of strategic
partnerships in retail, on accessing new sectors for
our company, such as e-commerce and second hand
car financing. Our strategy is built around consumers,
and the satisfaction degree of our clients represents
an important commercial objective, as well as the
development of our entire activity.
2. In materie de produse si servicii noi, care sunt 2. In terms of new products and services, what are
noutatile?
the novelties?
Cetelem are in vedere un plan de dezvoltare pe Cetelem is considering a medium and long term
termen mediu si lung cu focus pe digital, plasand development plan focusing on digital, placing
13
tehnologia moderna in inima companiei, la dispozitia
clientilor nostri.
Investim in tehnologiile digitale pentru a armoniza
toate interfetele cu clientii, optimizandu-le in timp
real.In acest context, vom anticipa obiceiurile
clientilor nostri, pentru a fi prezenti cu oferta
potrivita, la momentul potrivit, pe canalul potrivit.
In acest sens, in 2014 am relansat site-ul cetelem.ro
utilizand tehnologia „Responsive Web Design” care
asigura utilizatorilor finali o experienta unitara pe
platformele mobile. In plus, tot din 2014, Cetelem,
este prima Institutie Financiara Nebancara din tara
care pune gratuit la dispozitia clientilor o platforma
de e-banking. Prin intermediul acestui serviciu,
Cetelem vizeaza simplificarea accesului clientilor la
informatii legate de contractele de credit sau de card,
asigurand totodata sporirea confortului si mentinerea
securitatii in efectuarea tranzactiilor.
modern technology in the heart of the company, at
our clients’ disposal.
We invest in digital technologies to harmonize all
interfaces with clients, optimizing them in real time.
In this context we anticipate our clients’ habits, to be
present with the right offer at the right time on the
right channel.
In this regard, in 2014 we relaunched the site
www.cetelem.ro using the "Responsive Web Design"
technology which provides unified end-user
experience on mobile platforms. In addition,
throughout 2014, Cetelem is the first non-banking
financial institution in the country which offers its
clients a free e-banking platform. Through this
service, Cetelem aims to simplify the clients’ access
to information related to credit card contracts, while
enhancing comfort and maintaining security in the
transactions.
3. Cum a evoluat portofoliul de carduri pentru 3. How did the card portfolio evolve during the
primele noua luni ale anului in curs, comparativ first 9 months of the current year, compared to
the same period of the previous year?
cu aceeasi perioada a anului trecut?
Portofoliul de carduri a ajuns la sfarsitul lunii
septembrie la 396.500 unitati, in crestere cu peste
11% fata de aceeasi perioada a anului trecut.
Cetelem este unul dintre primii trei emitenti de
carduri de credit de pe piata locala; de asemenea am
lansat cel mai mare numar de programe co-branded
cu partenerii din retail de pe piata locala (8).
The cards portfolio reached 396,500 units at the end
of September, up by over 11% compared to the same
period of the last year.
Cetelem is one of the first 3 credit card issuers on the
local market; at the same time, we launched the
biggest number of co-branded programs with retail
partners on the local market (8).
Desfasuram in permanenta campanii de promovare,
impreuna cu partenerii nostri, pe care le consideram a
fi atractive pentru clientii nostri, si reprezinta un
punct de plecare pentru o colaborare pe termen lung,
bazata pe incredere reciproca.
Performanta deosebita pe care o are Cetelem pe piata
cardurilor de credit a fost premiata in luna mai a
acestui an, Cetelem remarcandu-se printre cele mai
prestigioase banci din Romania cu un premiu
important: Cel mai vandut card de credit –
MasterCard standard.
We are permanently holding promotional campaigns
together with our partners, which we believe to be
attractive for our clients, and it represents a starting
point to a long-term relationship, based on mutual
trust.
The outstanding performance of Cetelem in terms of
credit cards was awarded in May this year. Among
all the banks in Romania, Cetelem received the
award for “the best selling credit card - MasterCard
standard”.
4. Care a fost trasatura definitorie a creditelor 4. What was the defining feature of personal
destinate consumului personal, sub raportul consumption loans, given the demand ratio in the
cererii in primele noua luni din 2014, comparativ first 9 months of 2014, compared to 2013?
cu 2013?
Lucrarile de amenajare raman prima destinatie a
creditelor de nevoi personale, cererea fiind in crestere
atat ca numar, cat si in valoare. Sunt semnele unei
evolutii pozitive a increderii consumatorilor in
14
Renovation and redecoration remain the primary
destination of the personal loans, as the demand is
increasing both in number and in value. These are the
signs of a positive evolution in the consumers’ trust
potentialul propriu de dezvoltare.
in their own development potential.
Tot in acest an, am lansat si doua campanii
publicitare TV care au vizat informarea publicului
despre beneficiile creditului nostru de nevoi
personale atragand atentia in mod special asupra
DAE competitiv si a accesibilitatii prin telefon sau
internet.
Also this year, we launched two TV advertising
campaigns that aimed at informing the public about
the benefits of our credit personal loans attracting
attention especially on competitive APR and
accessibility by phone or internet.
5. Ce ne puteti spune despre activitatea companiei 5. What can you tell us about the activity of your
in relatia cu clientul pana la finele acestui an?
company in the relation with the client till the end
of this year?
Cetelem este in permanenta preocupat de cresterea
gradului de satisfactie al clientilor din portofoliu,
acorda o atentie deosebita relatiilor cu fiecare client,
isi adapteaza ofertele si produsele in functie de
asteptarile si nevoilor acestora.
Masuram semestrial nivelul de satisfactie al clientilor
din portofoliu. Am demarat acest proiect in 2008, si il
derulam prin intermediul companiei de cercetare
IPSOS Loyalty. Conform ultimul raport din acest an,
96% dintre clienti se decalara multumiti de serviciile
si produsele de creditare de la Cetelem. Pentru
atingerea acestor parametri de calitate am implementat
un plan de actiune permanent. Clientii nostri apreciaza
in primul rand calitatea informatiilor primite,
abilitatile de comunicare ale echipelor, precum si
accesibilitatea serviciilor noastre. In 2015 Cetelem va
continua sa investeasca in optimizarea si eficientizarea
ofertelor sale, pentru a asigura clientilor sai servicii la
standarde inalte, adaptate la cerintele acestora si
tendintele actuale ale pietei de profil.
Cetelem is permanently focused on increasing the
satisfaction degree of the clients in our portfolio,
grants special attention to the relationship with each
client, and adapts its offers and products according to
their needs and expectations.
We do a bi-yearly measurement of the satisfaction
degree of the clients in our portfolio. We started this
project in 2008, and we carry it out through the
IPSOS Loyalty research company.
According to the last report of this year, 96% of the
clients are satisfied with Cetelem credit services and
products. We have implemented a permanent action
plan to reach these quality parameters. Our clients
appreciate, first of all, the quality of information
received, the staff communication skills, as well as
the convenience of our services. In 2015 Cetelem
will continue to invest in optimizing and streamlining
its offerings to provide its clients high standard
services tailored to their requirements and current
market trends in the field.
15
Leasing de înaltă performanţă
www.bcr-leasing.ro
III. Actualitati ale creditului de consum IFN
III.1. Dinamica pietei creditelor de consum acordate de IFN-uri sub
umbrela concluziilor studiului CE/DGSACNO privind
“Supraindatorarea gospodariilor europene”
III.2. Piata Creditului de Consum IFN in Romania
III. Updates of NBFI’s Consumer Credit
III.1. The Dynamics of NBFI Consumer Credit Market in
Romania under the Umbrella of the DGSANCO/
EC Study on “The over-indebtedness of European households”
III.2. NBFIs Consumer Credit in Romania
Adriana AHCIARLIU
Secretar General ALB
Dinamica pietei creditelor de consum acordate
de IFN-uri sub umbrela concluziilor studiului
CE/DGSACNO privind “Supraindatorarea
gospodariilor europene”
1. Introducere
Adriana AHCIARLIU
ALB Secretary General
The Dynamics of NBFI Consumer Credit
Market in Romania Under the Umbrella of
the DGSANCO/ EC Study on “The overindebtedness of European households”
1. Introduction
Asa cum am mentionat deja in "Cuvantul inainte" din
acest anuar, Asociatia a inceput sa reprezinte creditul
de consum acordat de IFN-urile din Romania ca o
recunoastere directa a calitatii serviciilor pe care le
ofera membrilor sai, precum si ca urmare a faptului
ca Legea 93 (Legea IFN-urilor) reglementeaza piata
pe baza unei definitii unice a societatilor financiare
nebancare.
As I have already mentioned in the “Forward” to this
annual book, the Association has started to represent
the NBFI consumer credit in Romania as a direct
recognition of the quality of the services it offers to
its members as well as a result of the fact that the
Law 93 ( NBFI’s Law) is regulating the market under
one single definition of the non - banking financial
companies.
"Apogeul" creditului de consum in ALB a fost
realizat in 2010, cand legiuitorul roman a "importat"
local Directiva privind creditul de consum (D.C.C.).
Fiind activa la nivelul dialogului social, ALB direct
si indirect, prin agentia sa de lobby desemnata
(Diplomat Consult - parte a INVIGORS EMEA) a
lucrat intens in scopul armonizarii corecte a
Directivei D.C.C. in România, iar rezultatul a fost
unul pozitiv.
The “apogee” of the consumer credit dimension in
ALB was realized in 2010 when the Romanian
legislator has “imported” in a very local manner the
Consumer Credit Directive (C.C.D.). Being active at
the level of the social dialogue, ALB directly and
indirectly through its commissioned lobby agency (
Diplomat Consult – part of INVIGORS EMEA) has
worked deeply and fully committed to the purpose of
a correct harmonization in Romania of the C.C.D.
Directive and the result was a positive one.
Ca urmare a armonizarii depline, in conditiile unui
calendar obligatoriu la nivelul tuturor Statelor
membre UE, directia responsabila la nivelul Comisiei
Europene, a efectuat un studiu cu privire la
supraindatorarea gospodariilor din Europa. Sunt
mandra ca suntem unul dintre detinatorii de expertiza
locali intervievati in scopul realizarii acestui studiu.
Inainte de a va invita sa analizati reprezentarea
grafica a evolutiei creditului de consum acordat de
IFN-urile din Romania in perioada analizata, va invit
sa acordati 5 minute pentru a citi o scurta prezentare
18
Following the full harmonization in term of
compulsory calendar at the level of all E.U. Member
States the responsible directorate at the level of
European Commission has conducted a study on the
over-indebtness of households all over Europe. I am
proud to be one of the local stakeholders interviewed
for the purpose of this study.
Before inviting you to analyze the graphic
representation of the Romanian NBFI consumer
credit evolution during the last analyzed period I am
kindly inviting you offer 5 minutes for reading a brief
a concluziilor si invataturilor ce reies din studiul of the conclusions and lessons to learn coming out of
the above mentioned study.
mentionat mai sus.
2. Rezumat
al
studiului
privind
"Supraindatorarea gospodariilor europene:
prezentarea actualizata a situatiei, natura si
cauzele, efectele si initiativele pentru
atenuarea impactului acestora", realizat
pentru Directia Generala pentru Sanatate si
Consumatori (DG SANCO) si elaborat de
Directia de Consultanta civica a Consortiului
de Evaluare a Politicii Consumatorului
(CPEC)
2. Brief of the Study on “The overindebtedness of European households:
updated mapping of the situation, nature
and causes, effects and initiatives for
alleviating its impact” conducted for
Directorate General Health and Consumers
(DG SANCO) and prepared by Civic
Consulting of the Consumer Policy
Evaluation Consortium (CPEC)
Scopul acestui studiu a fost de a oferi o imagine
sistematizata, standardizata si comparativa a situatiei
supraindatorarii populatiei din toate statele membre
UE. Studiul acopera masurile luate in intreaga
Uniune Europeana pentru a atenua efectele
supraindatorarii precum si organizatiile care
activeaza in acest domeniu.
The aim of this study was to provide a systematic and
comparable snapshot of the situation of households'
over-indebtedness in all EU Member States. It covers
the measures in place across the European Union to
alleviate the effects of over-indebtedness and the
organizations that are active in this field.
O prima concluzie a Studiului este ca nu exista o
definitie operationala comuna a supraindatorarii
gospodariilor europene. In consecinta, a fost
conceputa o definitie, special pentru prezentul studiu,
care a fost adusa la cunostinta persoanelor
intervievate, pentru a folosi ca punct de referinta
pentru discutiile privind propriile definitii ale
termenului de „ supraindatorare”. Conform acestei
definitii,
"gospodăriile
sunt
considerate
supraindatorate, dacă acestea au – permanent –
dificultati in a-si indeplini angajamentele (sau si le
indeplinesc cu intarziere), indiferent daca acestea se
refera la plata obligatiilor ce tin de credite garantate
sau negarantate sau la plata chiriei, a utilitatilor sau a
altor cheltuieli casnice. Supraindatorarea poate fi
reprezentata, de exemplu, prin intarzieri la plata
ratelor de credit, incapacitate totala de plata a
creditelor, datorii la utilitati/chirie sau inceperea
unor proceduri administrative, precum procedura
insolventei consumatorilor.
A first conclusion of the Study is that there is no
common European operational definition of
household over-indebtedness does not exist. As a
consequence, a specific definition was composed for
the present study, which was provided to
interviewees in advance as a reference for the
discussion about their own specific definitions of
over-indebtedness. According to this definition,”
households are considered over-indebted if they are
having – on an on-going basis – difficulties meeting
(or falling behind with) their commitments, whether
these relate to servicing secured or unsecured
borrowing or to payment of rent, utility or other
household bills. This may be indicated by, for
example, credit arrears, credit defaults, utility/rent
arrears or the use of administrative procedures such
as consumer insolvency proceedings.
Dificultatea de a integra in mod fiabil o gama larga
de indicatori, precum si lipsa generala de interes
exprimata de cei vizati, intr-o mai buna definire a
termenului de supraindatorare, sugereaza ca ar putea
fi momentul sa se renunte la incercarea de a defini cu
precizie un termen pe care multi oameni par sa-l
gaseasca inutil, urmand sa se tina cont de faptul ca
elementul comun al definitiilor existente ale
"supraindatorarii", este faptul ca gospodariile au
The difficulty of reliably integrating a wide array of
indicators, and the general lack of interest expressed
by stakeholders in a better definition of the term
over-indebtedness, suggests that the time may have
come to abandon the attempt to precisely define a
term that many people seem to find unhelpful, while
bearing in mind that the common element of the
existing definitions of "over-indebtedness" is that
households suffer on-going difficulties to meet
19
dificultati permanente in a-si respecta angajamentele
financiare de orice natura. In schimb, accentul ar putea
fi pus pe identificarea problemelor cheie care conduc la
dezvoltarea unor indicatori relevanti care ajuta la
urmarirea acestora. Pentru a putea face asta, este util sa
se imparta "supraindatorarea", in doua dimensiuni:
financial commitments of any nature. Instead, the
focus could be on identifying the key policy concerns
that exist and developing reliable indicators to help to
track them. In doing this, it is useful to deconstruct
'over-indebtedness' in two dimensions:
1. tipul de angajament financiar
2. natura problemei (nivelul angajamentelor sau
incapacitatea de a le indeplini, atunci cand
acestea devin scadente).
1. the type of financial commitment
2. the nature of the concern (level of
commitments or inability to meet them when
they fall due).”
Cele mai importante subiecte pe care se concentreaza
studiul vizau nivelul de supraindatorare, tipurile si
cauzele dificultatilor financiare ale gospodariilor,
consecintele supraindatorarii si masurile care trebuie
luate in considerare si apoi aplicate.
The most important topics that the study was
focusing on were targeting the level of overindebtedness, the types and causes of the households
in financial difficulties, the consequences of overindebtness and the measures to be further considered
and applied.
Cele mai importante mesaje si lectii invatate sunt
structurate in studiu, de catre autori, in cinci mesaje
si lectii-cheie pentru factorii de decizie politica,
acestea fiind prezentate mai jos.
The main messages and lessons learnt are concluded
by the authors in five key messages and lessons for
policymakers emerging from the study, and these are
summarized below.
Aceste concluzii cheie sunt bazate pe ipotezele: “These key conclusions are based on the
assumptions: (resume of the findings)
(rezumat al concluziilor)
1. over-indebtedness is a complex, multi1. supraindatorarea este un fenomen complex,
faceted, social phenomenon, caused and
social, cu multiple fatete, cauzat si agravat de
compounded by a combination of factors.
o combinatie de factori;
2. there is a need for more timely and robust
2. sunt necesare date solide si in timp util pentru
data to facilitate informed
a facilita informarea factorilor politici din
policymaking within Member States;
statele membre;
3. there are real social and economic benefits to
3. exista beneficii sociale si economice reale
Member States associated with
pentru statele membre, asociate cu prevenirea
preventing and addressing over-indebtedness;
si combaterea supraindatorarii;
4. there is a need for a multi-dimensional and
4. este nevoie de un raspuns multi-dimensional
integrated government policy response;
si integrat al politicilor guvernamentale;
5. the aim of policy development should be to
5. obiectivul politicii de dezvoltare ar trebui sa
prevent and resolve over-indebtedness,
fie prevenirea si rezolvarea supraindatorarii,
and not just to alleviate or manage it.
nu doar atenuarea sau gestionarea acesteia.
Analiza statistica efectuata pentru acest studiu este in
concordanta cu punctul de vedere al noua din zece
dintre partile interesate intervievate, care consta in
faptul ca factorii macro-economici se numara printre
cele mai importante cauze ale dificultatilor financiare.
Statistical analysis conducted for this study is
consistent with the view of nine in ten of the
stakeholders interviewed that macro-economic
factors are among the most important causes of
financial difficulties.
Dovezile din analiza legăturilor de corelaţie dintre
fenomene si cercetarile anterioare sprijina ipoteza ca
un nivel mai ridicatal valorii creditelor de consum
pune gospodariile intr-o situatie financiara mai
riscanta, acestea fiind susceptibile de a inregistra
20
Evidence from correlational analysis and previous
research supports the hypothesis that higher levels of
consumer credit outstanding put households in a
riskier financial position, that is, that they are more
likely to have arrears on hire-purchase or other loans,
datorii la alte tipuri de credite (leasing, ipotecare), and arrears on utility bills.
precum si intarzieri la plata facturilor de utilitati.
Astfel, acesta poate fi cazul in care consumatorii cu
venituri mai mici, cel mai probabil, vor contracta
credite pentru a plati datoriile la plata facturilor de
utilitati sau alte costuri cu locuinta, dar nu au existat
suficiente date pentru a verifica ipotezele din acest
studiu. Majoritatea celor avizati cred ca exista o
relatie, o dependenta intre atitudinea culturala,
perceptia fata de dobandirea datoriilor personale si
nivelul efectiv al supraindatorarii gospodariei. Cei
avizati, care au observat o schimbare in atitudinile
culturale, au remarcat faptul ca s-a atribuit o
importanta semnificativa cazurilor fara datorii.
Aceasta atitudine s-a schimbat recent, ca urmare a
unui mix al evolutiilor din sectorul financiar, inclusiv
introducerea (urmare a marketingului agresiv) unei
varietati de noi produse financiare insotite de
vehicularea teoriilor si a modelului cultural privind
beneficiile consumului.
Alternatively, it may be the case that consumers with
lower incomes may be more likely to take out loans
in order to pay arrears on utility bills or housing
costs, but there was insufficient data available to
verify either of these hypotheses in this study. A
majority of stakeholders believe that there is a
relationship between the cultural attitude towards
incurring personal debt and the actual level of
household over-indebtedness. Stakeholders who
observed a change in cultural attitudes noted that
historically a lot of significance used to be attributed
to being debt-free. This attitude has changed recently
as a result of a combination of developments within
the financial sector including the introduction (and
aggressive marketing) of a variety of new financial
products accompanied by cultural valorization of
consumption.
Masurile de prevenire si combatere a supraindatorarii
consumatorilor trebuie sa aiba in primul rand in
vedere seria de factori ce o cauzeaza si rezolvarea
acesteia la nivel de gospodarie. Prezentul studiu a
identificat urmatorii factori:
- Economici (ex: deficientele pietei si somaj);
- Sociali (ex: inegalitatea de sanse, lipsa
accesului la finantare, si saracia);
- Institutionali (ex: imprumuturi iresponsabile
si criza creditelor);
- Individuali (ex: proasta gestionare a banilor si
evenimente neasteptate);
- Culturali (ex: predominand atitudinile fata de
standardul de viata si contractarea de
imprumuturi).
Policy measures to prevent and tackle consumer
over-indebtedness must first have regard to the range
of factors that combine to cause and compound it at
the household level. This study has identified these
factors in general to be:
- Economic (e.g. market failure and
unemployment);
- Social (e.g. inequality of opportunity,
financial exclusion, and poverty);
- Institutional (e.g. irresponsible lending and
credit crunch);
- Individual (e.g. money mismanagement and
unexpected life events);
- Cultural (e.g. prevailing attitudes around
standards of living and borrowing).
Desi nu sunt disponibile date cuantificabile relevante
pentru perioadele premergatoare crizei si post criza,
cauzele exogene de supraindatorare, cum ar fi factorii
macroeconomici negativi pot avea un impact mai
mare asupra gospodariilor in timpul crizei decat in
perioada premergatoare acesteia. Cateva din cauzele
posibile de supraindatorare analizate in acest studiu,
cum ar fi somajul, au crescut, uneori substantial, in
majoritatea tarilor. Masurile de austeritate ca raspuns
la criza datoriilor publice in statele membre, nu au
inclus doar reduceri ale beneficiilor sociale si ale
nivelurilor salariului minim, dar si cresteri de taxe si
reduceri ale salariilor angajatilor din sectorul public.
Combinate, acestea au ca efect reducerea nivelurilor
While relevant quantifiable data is not available for
the pre and post crisis periods, exogenous causes of
over-indebtedness such as adverse macroeconomic
factors may have a greater impact on households
during the crisis than before. Several of the potential
causes of over-indebtedness analyzed in this study,
such as unemployment, have increased in most
countries, sometimes substantially. Austerity
measures in response to the sovereign debt crisis in
Member States have not only included cuts in social
benefits and levels of the minimum wage, but also
tax increases and reductions in wages of public sector
employees.
Combined, these have the effect of reducing the
21
salariilor reale in mai multe gospodarii, care este
resimtita la nivelul gospodariilor cu datorii, ca un soc
cauzat de scaderea brusca a veniturilor. Acest soc
poate impinge gospodariile care erau solvente catre
supraindatorare sau poate exacerba dificultatile
financiare ale celor care se afla deja in dificultate.
levels of real wages for many households, which is
felt by indebted households as an income shock. This
shock may push previously solvent households into
over-indebtedness or exacerbate the financial
difficulties of those already in difficulty.
Pe de alta parte, capacitatea de a indeplini obligatiile
ce tin de credite sau de a rezolva problema datoriilor
printr-un nou credit este redusa din cauza practicilor
de creditare mai stricte si a reducerii creditarii. Intradevar, cei avizati au sustinut ca, in general,
consumatorii sunt mai atenti in ceea ce priveste
dorinta de a lua un nou credit, in plina criza
financiara.
On the other hand, the ability to ‘bridge’
commitments or arrears with new credit is reduced
due to stricter lending practices and rationing of
credit. Indeed, some stakeholders claimed that
consumers are becoming more careful in terms of
willingness to take on new credit in the wake of the
financial crisis.
Interactiunea complexa dintre acesti factori,
subliniata in cadrul acestui studiu, presupune ca nu
exista nicio politica rapida de rezolvare a
supraindatorarii si nicio solutie universala.
Concluziile studiului sugereaza ca este nevoie de un
raspuns politic nuantat care sa reflecte in mod
adecvat convergenta factorilor din fiecare stat
membru luat in discutie.
Din acest studiu reiese, de asemenea, că majoritatea
statelor membre au inregistrat o crestere a nivelului
datoriei private de la declansarea crizei financiare, si
a existat o crestere corespunzatoare a cererii pentru
servicii de consiliere financiara in aceeasi perioada.
The complex interplay between these factors,
highlighted within this study, implies that there is no
quick policy fix to over-indebtedness, nor is there a
‘one-size fits all’ solution. The findings of the study
suggest that what is needed is a nuanced policy
response which appropriately reflects the confluence
of the factors in the particular Member State in
question.
This study has also found that a majority of Member
States have experienced an increase in levels of
arrears since the onset of the financial crisis, and
there has been a corresponding increase in the
demand for debt counselling services over the same
period.
Lectia-cheie 1
Supraindatorarea este un fenomen complex, social,
cu multiple fatete, cauzata si agravată de o
combinatie
de
factori
economici,
sociali,
institutionali, individuali si culturali. Incidenta sa a
crescut in mod semnificativ in general in Europa
incepand din perioada crizei financiare din 20072008, dar amploarea, caracteristicile si natura
problemei variaza intre statele membre. Masurile la
nivel national trebuie sa abordeze ambele aspecte
(adica atat factorii care cauzeaza si agraveaza
supraindatorarea,
cat
si
amploarea/natura/caracteristicile problemei cu care
se confrunta fiecare din statele membre).
Key Lesson 1
Over-indebtedness is a complex, multi-faceted, social
phenomenon, caused and compounded by a
combination of economic, social, institutional,
individual and cultural factors. Its incidence has
increased significantly overall across Europe since
the financial crisis of 2007-2008, but the extent,
characteristics and nature of the problem vary
between Member States. National policy measures
must address both of these aspects (i.e. the
causal/compounding
factors
and
the
extent/nature/characteristics of the problem as it
manifests itself within the Member State in question).
Lectia-cheie 2
Sunt necesare date solide si in timp util pentru a
facilita informarea factorilor politici din statele
membre. Multe state trebuie sa fie mai proactive,
creative si pragmatice in adunarea unor astfel de
dovezi, cu conditia ca acestea sa fie axate pe
22
Key Lesson 2
More timely data and robust evidence is needed to
facilitate informed policymaking within Member
States. Many need to be more proactive, creative and
pragmatic in gathering such evidence, provided that
it is focused on the definition of household’s over-
definirea supraindatorarii gospodariilor ca avand
permanent dificultati in a-si indeplini angajamentele
financiare (sau le indeplinesc cu intarziere). O serie
de organisme, atat publice, cat si private, ar putea
avea un rol mai mare si mai coerent in colectarea de
date, si există un rol deosebit al mediului academic,
atat din punct de vedere al cercetarii specifice, cat si
al evaluarii independente a masurilor de politica.
Masurile la nivel UE privind nivelul datoriei private
si problemele financiare, cum ar fi statisticile Uniunii
Europene privind Venitul si Conditiile de Viata (EUSILC) ar putea fi, de asemenea, revizuite pentru a
oferi indicatori mai clari si mai detaliati.
indebtedness as having on an on-going basis
difficulties meeting (or falling behind with) their
financial commitments. A range of bodies, both
public and private, could play a bigger and more
cohesive role in data gathering, and there is a
particular role for academia both in terms of specific
research and independent evaluation of policy
measures. EU wide measures of arrears and financial
stress, such as the European Union Statistics on
Income and Living Conditions (EU-SILC) could also
be revised to provide more consistent and detailed
indicators.
Lectia-cheie 3
Exista beneficii sociale si economice pentru statele
membre, asociate cu prevenirea si rezolvarea
supraindatorarii. Aceste beneficii pot reveni statului,
economiei si institutiilor financiare – acestea din
urma ar trebui sa fie obligate sa contribuie la
masurile de prevenire si solutionare in colaborare cu
statul.
Key Lesson 3
There are social and economic benefits to Member
States associated with preventing and addressing
over-indebtedness; these benefits can accrue to the
State itself, to the economy and to financial
institutions – the latter should, therefore, be required
to contribute towards prevention and resolution
measures in conjunction with the State.
Lectia-cheie 4
Supraindatorarea este o problema stringenta pentru
guvernele nationale. Prin urmare, este nevoie de un
răspuns multi-dimensional si integrat al politicilor
guvernamentale. Crearea unei politici cadru, care
incorporeaza o strategie nationala, a fost propusa ca
fiind cel mai bun mod de a asigura punerea in
aplicare a unui raspuns eficient, coordonat la nivel de
stat membru. Aceasta concluzie a fost reconfirmata
de o cercetare ce s-a efectuat pentru acest studiu. Ar
fi important ca astfel de politici cadru sa se bazeze
pe un set de principii de baza, cum ar fi: egalitatea,
responsabilizarea, integrarea, traiul decent si un nou
inceput, o noua sansa.
Key Lesson 4
Over-indebtedness is a crosscutting issue for national
governments. A multidimensional and integrated
government policy response is, therefore, required. It
has been proposed that the creation of a policy
framework, incorporating a national strategy, is the
best way of ensuring the implementation of an
effective, coordinated policy response within a
Member State. This finding has been reconfirmed by
research conducted for the study. It would be
important that such a policy framework is grounded
on a set of basic principles, such as: equality,
empowerment, inclusion, dignity to live, and fresh
start.
Lectia-cheie 5
Dublul obiectiv al politicii de dezvoltare ar trebui sa
fie prevenirea si rezolvarea supraindatorarii, nu doar
atenuarea sau gestionarea acesteia. UE are un rol
important in a permite factorilor de decizie la nivel
national sa aiba acces la informatii cu privire la
experienta celor mai bune practici din alte tari in
atingerea acestor scopuri. Consultarea partilor
interesate/celor care au expertiza si evaluarea
impactului este esentiala pentru dezvoltarea de
politici echilibrate.”
Key Lesson 5
The twin aims of policy development should be to
prevent and resolve over-indebtedness, and not just
to alleviate or manage it. The EU has an important
facilitative role in enabling national policymakers to
have access to information on best practice
experiences in other countries towards these ends.
Stakeholder consultation and impact evaluation is
key to balanced policy development.”
Avand in vedere mesajele-cheie ale studiului va pun Having in mind the key messages of the Study I am
in fata unei provocari de a considera faptul ca challenging you consider that the positive evolution
23
evolutia pozitiva a pietei creditului de consum din of the consumer credit market in Romania cannot be
Romania nu poate fi vazuta in afara cadrului acestui seen outside the framework of this study.
studiu.
Prin urmare, cele 5 mesaje-cheie de mai sus
prezentate pe scurt ar trebui sa constituie o lista
obligatorie pentru toate partile interesate care
beneficiaza de evolutia pozitiva a pietei creditului de
consum din Romania, la nivelul institutiilor
financiare nebancare.
Consequently, the 5 key messages above briefly
presented should constitute a compulsory “to do list”
for all the interested stakeholders benefitting out of
the positive evolution of the consumer credit market
in Romania at non-banking financial institutions
level.
Studiul privind "Supraindatorarea gospodariilor
europene: prezentarea actualizata a situatiei, natura si
cauzele, efectele si initiativele pentru atenuarea
impactului acestora" a fost publicat pe site-ul
Comisiei la: The study on "The over-indebtedness of European
households: updated mapping of the situation, nature
and causes, effects and initiatives for alleviating its
impact" has been published on the Commission
Website at:
(Part 1: Synthesis of findings);
http://ec.europa.eu/consumers/financial_services/reference_studies_documents/docs/part_1_synthesis_of_fin
dings_en.pdf
(Part 2: Country reports).
http://ec.europa.eu/consumers/financial_services/reference_studies_documents/docs/part_2_synthesis_of_fin
dings_en.pdf
24
25
Issued by Diplomat Consult, Part of Invigors EMEA for ALB Romania
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
III.2 Piata creditului de consum IFN in Romania
NBFIs Consumer Credit Market in Romania
(30.09.2013 - 30.09.2014)
Asociatia Societatilor Financiare - ALB Romania
The Financial Companies Association – ALB Romania
26
NON - AFFILIATED/NEAFILIATE
ALB OUTSTANDING/PORTOFOLIU ALB
86%
€ 974 million
14%
30.09.2014
Portofoliul total al creditului de consum IFN in Romania
Total Consumer Credit Outstanding by NBFIs in Romania
27
23%
€ 403
million
30.09.2013
77%
€ 492
million
Piata creditului de consum IFN din Romania septembrie 2013 vs septembrie 2014
Romanian NBFIs Consumer Credit Market September 2013 vs September 2014
28
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
95,3%
Consumer credit for personal
consumption / Credite
destinate consumului personal
93,9%
4,0%
0.7%
Industrial Credit/ Credite
Industriale (leasing)
1,5%
30.09.2014 - 837 mill €
30.09.2013 - 842 mill €
Credits for Vehicles / Credite
auto
4,6%
Portofoliul ALB dupa tipul de credit
ALB Outstanding by Loan Type
29
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
89,0%
Consumer credit for personal
consumption / Credite destinate
consumului personal
86,7%
3.0%
8,0%
Industrial Credit/ Credite Industriale
(leasing)
9.6%
30.09.2014 - 379 mill €
30.09.2013 - 310 mill €
Credits for Vehicles / Credite auto
3,7%
Credite ALB nou acordate dupa tipul de credit
ALB New Credit Granted by Loan Type
30
0,0%
5,0%
10,0%
15,0%
20,0%
25,0%
30,0%
35,0%
40,0%
45,0%
50,0%
Personal Loans
41,2%
40,9%
48,8%
10,3%
Credit at the point of sale
9.6%
30.09.14 - 337 mill €
30.09.13 - 269 mill €
Revolving credit including credit
cards
49,2%
Credite ALB nou acordate pentru consum personal
ALB New Credit for Personal Consumption
31
39%
9%
€ 310
million
8%
30.09.2013
44%
11%
41%
€ 379
million
9%
30.09.2014
39%
>10000 Euro
5000-10000 Euro
1000 - 5000 Euro
0-1000 Euro
Credite ALB nou acordate dupa valoare
ALB New Credit Granted by Value
32
20%
29%
€ 310
million
5%
30.09.2013
27%
19%
30%
22%
€ 379
million
4%
30.09.2014
25%
19%
>55 years old
45-55 years old
35-45 years old
25-35 years old
< 25 years old
Credite ALB nou acordate dupa varsta clientilor
ALB New Credit Granted by Clients’ Age
33
78%
€ 310
million
30.09.2013
22%
77%
€ 379
million
23%
Urban
Rural
30.09.2014
Credite ALB nou acordate dupa zona de resedinta a clientilor
ALB New Credit Granted by Clients’ Residential Areas
34
21%
11%
9%
14%
€ 310
million
9%
30.09.2013
15%
9%
12%
20%
11%
9%
15%
€ 379
million
9%
15%
9%
12%
Vest
Sud-Vest
Bucuresti-Ilfov
Sud-Muntenia
Sud-Est
Nord - Est
Centru
Nord - Vest
30.09.2014
Credite ALB nou acordate dupa zona de macro-regiune a clientilor
ALB New Credit Granted by Clients’ Macro-Regions Areas
35
52%
€ 310
million
30.09.2013
48%
53%
€ 379
million
30.09.2014
47%
M
F
Credite ALB nou acordate dupa sexul clientilor
ALB New Credit Granted by Clients’ Gender
36
34%
€ 310
million
30.09.2013
66%
€ 379
million
64%
Unmarried/Necasatoriti
Married/Casatoriti
36%
30.09.2014
Credite ALB nou acordate dupa starea civila a clientilor
ALB New Credit Granted by Clients’ Marital Status
37
34%
€ 310
million
52%
14%
30.09.2013
35%
€ 379
million
14%
51%
Superior
Medium
(Liceu+
profesionala)
Elementary
(1-8 clase)
30.09.2014
Credite ALB nou acordate dupa gradul de educatie al clientilor
ALB New Credit Granted by Clients’ Level of Education
38
22%
9%
5%
2%
2%
2%
7%
30.09.2013
51%
23%
10%
2% 2%
6%
50%
>4.000
3.001-4.000
2.501-3.000
2.001-2.500
1.501-2.000
1.001-1.500
501-1.000
0-500
5%
2%
30.09.2014
Credite ALB nou acordate dupa venitul net al solicitantilor
ALB New Credit Granted by Net Income of the Applicants
IV. Actualitati ale leasingului financiar IFN
IV.1. Industria Leasingului – Suport pentru cresterea economica in
Romania
IV.2. Piata Leasingului Financiar in Romania
IV. Updates of Financial Leasing NBFI’s
IV.1. Leasing Industry - Support for Growth in Romania
IV.2. Financial Leasing Market in Romania
IV.1.
IV.1.
Studiu realizat de Deloitte Romania
A study by Deloitte Romania
Sumar executiv
Executive summary
Industria de Leasing – Sprijin pentru crestere
in Romania
Leasing Industry - Support for Growth
in Romania
1) Analiza de impact a leasing-ului financiar
asupra cresterii economice
1)
Impact analysis of financial leasing on
economic growth
2) Analiza comparativa a facilitatilor fiscale
2)
Comparative tax incentives
3) Analiza comparativa a legislatiei
3)
Comparative legal analysis
1.
Piata de leasing financiar: vedere de
ansamblu si analiza de impact asupra
cresterii economice din Romania
1.
Financial leasing market: overview and
impact analysis on economic growth in
Romania
1.1. Prezentare generala si analiza comparativa
Prezentarea generala a operatiunilor de
leasing
1.1. General overview and comparative analysis
General overview of the
leasing operations Piata de leasing din Romania s-a dezvoltat treptat,
devenind o alternativa viabila pentru finantarea
echipamentelor si vehiculelor, fiind insa mai rar
utilizata pentru investitii imobiliare. Companiile de
leasing sunt institutii financiare nebancare (IFN-uri),
care desfasoara activitati de creditare, dar, spre
deosebire de banci nu au depozite in portofoliu.
Perioada de criza economica a transformat piata de
leasing intr-un furnizor constant de lichiditate pentru
sectorul privat, a carui finantare a fost limitata pe
perioada crizei financiare, oferind un suport real
economiei si in special intreprinderilor mici si
mijlocii (IMM-uri), principalii beneficiari ai
finantarilor prin leasing.
The leasing market in Romania has gradually
developed to be a real alternative for financing
equipment and vehicles, while for real estate
investments it is less used. Leasing companies are
non-bank financial institutions (NBFIs) without full
banking licences, which prevents them from having
customer deposits in their portfolio.The leasing
market had been a constant provider of liquidity for
the private sector whose financing was scarce amid
the financial and economic crisis, thus offering real
support to the economy and, especially the smallmedium enterprises (SME) which are the main
beneficiaries of financing through leasing.
Operatiunile de leasing se diferentiaza de creditarea
bancara in principal datorita separarii dreptului legal
de proprietate asupra unui activ de utilizarea
economica a acelui activ care poate fi un echipament,
vehicul si/sau proprietate imobiliara. Valoarea
adaugata este creata de utilizarea acelui activ, mai
degraba decat de dreptul de proprietate. Finantatorul
are drept de proprietate asupra activului, astfel
bunurile achizitionate pot fi reposedate relativ usor
cand un client intra in incapacitate de plata sau nu isi
indeplineste obligatiile de plata.
The main distinctive feature of leasing operations vs.
alternative bank lending resides in separating the
legal ownership of an asset from the economic use of
the respective asset which can be equipment, vehicles
and/or properties (real estate). However, the
economic value added is created by the use of the
considered asset rather than from its ownership. As
the lessor has the property rights on the assets, the
acquired goods can be repossessed relatively easier
when a client defaults or lessee fails to meet the
payment obligations.
In principiu, leasing-ul este o finantare de active, iar Basically, leasing is an asset-based financing, as the
dreptul de proprietate asupra activului confera o ownership of the asset provides a sufficient guaranty
40
garantie suficienta pentru accesarea finantarii in for accessing financing in most situations. Leasing is
majoritatea situatiilor. Leasing-ul reprezinta, in general, generally a medium-term financing instrument used
un instrument financiar pe termen mediu utilizat pentru for the procurement of new or used assets.
achizitionarea de active noi sau second-hand.
Principalele diferente dintre leasing-ul
financiar si leasing-ul operational
Principalele doua categorii de operatiuni de leasing
sunt: leasing financiar si leasing operational.
Clasificarea leasing-ului se bazeaza pe reguli si
caracteristici complexe, iar in cazul leasing-ului
operational, activul si obligatia de plata pentru acesta
nu sunt inregistrate in bilantul clientului.
The main differences between financial
and operational leasing
There are 2 main categories of leasing operations:
financial and operational leasing. Leasing
classification is based on complex rules and features;
in the case of an operational leasing, neither the
leased asset nor the obligation to pay for it, are
recorded in the balance sheet of the client.
Contractul de leasing financiar are ca scop, in A financial leasing agreement is aimed, in general,
general, achizitionarea activului de catre utilizator at purchasing the asset by the user and complies with
the following conditions:
prin indeplinirea urmatoarelor conditii:
a) Finantatorul
transfera
utilizatorului
dreptul de proprietate asupra activului la
sfarsitul perioadei de contract;
a) The lessor transfers ownership of the asset
to the lessee by the end of the lease term;
b) Utilizatorul are optiunea de a achizitiona
activul la un pret prezumat mai scazut
decat valoarea de piata la data la care
optiunea poate fi exercitata; astfel incat, la
inceputul contractului de leasing este
rezonabil cert ca optiunea va fi exercitata;
b) The lessee has the option to purchase the
asset at a price that is expected to be
sufficiently lower than the fair value at the
date the option becomes exercisable such
that, at the inception of the lease, it is
reasonably certain that the option will be
exercised;
c) Perioada de leasing se aplica pe durata de
viata economica a activului, chiar daca
titlul de proprietate nu se transfera;
c) The lease term if for the major part of the
economic life of the asset, even if title is
not transferred;
d) Valoarea totala a ratelor de leasing,
exceptand cheltuielile aditionale, este mai
mare sau egala cu valoarea contabila
activului, reprezentata de valoarea
activului pentru finantator;
d) The total value of the lease payments, less
any accessory expenses, is higher or equal
to the entry value of the asset, represented
by the value of the asset at the level of the
lessor;
e) Activele in cauza sunt specifice
utilizatorului, putand fi utilizate numai de
acesta fara modificari majore.
e) The leased assets are of such a specialised
nature that only the lessee can use them
without major modifications.
In cadrul unui contract de leasing financiar,
utilizatorul poate prelua pe langa dreptul de utilizare
al activului finantat pe perioada vietii economice a
acestuia, si responsabilitatea pentru mentenanta,
reparatii, taxe, asigurari si relatia directa cu
furnizorul.Din perspectiva taxelor, aspectele ce
Further on, within a financial leasing agreement, the
lessor could acquire the right to use the financed
asset during its economic life and is responsible for
the maintenance, repair, paying the due taxes,
insurance and the direct relation with the supplier.
However, from a tax perspective the conditions to
41
trebuie observate in legatura cu leasing-ul financiar
sunt diferite:
(a) Riscul si beneficiile asupra dreptului de
proprietate asupra activului sunt transferate
utilizatorului la sfarsitul contractului de leasing;
(b) Contractul de leasing stipuleaza clar
transferul dreptului de proprietate catre utilizator la
sfarsitul perioadei de leasing;
(c) Utilizatorul are optiunea de a achizitiona
activul la momentul expirarii contractului, iar
valoarea reziduala exprimata in procente este mai
mica sau egala cu diferenta dintre durata normala de
functionare maxima si durata contractului de leasing.
(d) Perioada de utilizarea a activului acopera
cel putin 80% din durata de viata a activului;
(e) Valoarea totala a ratelor de leasing
minime, excluzand alte cheltuieli accesorii, este mai
mare sau egala cu valoarea de intrare a activului.
be observed under a financial leasing are somehow
different:
(a) Both the risks and benefits of the asset’s
property right are transferred to the user at the end of
the leasing contract;
(b) The lease agreement clearly stipulates the
transfer of the ownership right to the user at the end
of the leasing agreement;
(c) The user has the option to buy the asset at the
end of the contract, and the percentage of the residual
value is smaller or equal to the relative difference
between the normal maximum operation duration of the
asset and the duration of the leasing contract;
(d) The period for using the asset covers at
least 80% of the useful life of the asset;
(e) The total value of the minimum lease
payments, excluding other related expenses, is
greater than or equal to the entry value of the asset.
Un contract de leasing operational permite
utilizatorului folosirea activului pentru o perioada de
timp limitata, dar transfera finantatorului/ locatorului
atat riscurile cat si beneficiile dreptului de proprietate
asupra activului. Concomitent, un contract de leasing
operational este un acord care nu intruneste niciuna
din conditiile mai sus mentionate (a-e). Finantatorul
preia riscul valorii reziduale a activului finantat.
Cea mai importanta diferenta dintre leasing-ul
financiar si operational este data de implicatiile
asupra inregistrarilor contabile. In cazul leasing-ului
financiar, utilizatorul este considerat proprietar, in
schimb, in cazul leasing-ului operational finantatorul
are calitatea de proprietar. Deprecierea/ amortizarea
activului este realizata de catre utilizator pentru
leasing-ul financiar, iar in cazul leasing-ului
operational, de catre finantator.
Pentru active imobiliare obiectul unui contract de
leasing financiar, urmatoarele reguli se aplica pentru
intreaga perioada contractuala:
An operational leasing contract entails the lessee the
usage of the considered asset over a limited period of
time, but transfers to the lessor both risks and
benefits of the asset’s property right. At the same
time, an operational leasing contract is an agreement
which does not meet any of the conditions stated
above (a-e). The lessor takes over the risk on the
residual value of the financed asset.
The most important difference between operational
and financial leasing is the implications on the
accounting records. In the case of financial leasing,
the lessee is considered an owner while in the case of
operational leasing the lessor is the one having this
status. The depreciation of the asset is undertaken by
the lessee when referring to financial leasing, and by
the lessor when referring to operational leasing.
•
•
•
42
Taxele pentru activele imobiliare vor
fi platite de utilizator;
Valoarea luata in considerare la
calculul taxelor pe proprietate
reprezinta valoarea contractuala a
activului
imobiliar,
atribuita
finantatorului sau utilizatorului, asa
cum prevede legislatia in vigoare;
In cazul incetarii contractului de
leasing inainte de termen, taxele
aferente activului imobiliar cad in
sarcina finantatorului.
With respect to a real estate asset in a financial
leasing contract, the following rules apply for the
whole duration of the contract:
•
•
•
Real estate taxes are to be paid by the
lessee;
The value that is accounted for in the
tax calculation on real estate is the
contract value of the real estate asset,
as it is accounted for the lessor or the
lessee, according to the legislation in
power;
In the case of a termination of the
leasing contract other than by reaching
maturity, real estate taxes are owed by
the lessor.
Dezvoltarea pietei de leasing financiar si
perspective
The development of financial leasing
market and perspectives
Sectorul de leasing poate juca un rol determinant in
finantarea economiei reale in economiile emergente,
care sunt caracterizate de o slaba capitalizarea a
sistemului bancar si de piete financiare mai putin
sofisticate. Datorita adancimii reduse a pietei
financiare din Romania, finantarea prin banci si piete
de capital este disponibila in special companiilor
mari, iar intreprinderile mici si mijlocii intampina
numeroase dificultati de finantare.
Desi IMM-urile sunt considerate a fi coloana
vertebrala a economiei, acestea au la dispozitie o
gama limitata de instrumente financiare, datorita
conditiilor restrictive de eligibilitate in contractarea
creditelor de la bancile comerciale. In mod obisnuit,
in pietele emergente IMM-urile nu dispun de
suficiente garantii colaterale sau de istoric de
creditare si astfel nu pot accesa finantare bancara
clasica, in timp ce cadrul de finantare a activelor
specific operatiunilor de leasing ofera posibilitatea de
a achizitiona o gama larga de active necesare
dezvoltarii operatiunilor companiei.
Prin realizarea unui mediu stabil din punct de vedere
fiscal si legal, aplicabil sectorului de leasing,
autoritatile sprijina dezvoltarea economiei reale si
implicit a celor mai vulnerabile sectoare ale
economiei - IMM-urile.
Maximul pietei de leasing din Romania a fost atins in
anul 2007, cand valoarea totala a contractelor noi de
leasing acordate a fost de aproximativ 5 miliarde
EUR, inregistrand o crestere de 51% comparativ cu
anul precedent. Din cauza impredictibilitatii cadrului
legislativ coroborata cu maturitatea redusa a pietei de
leasing, acest ritm de crestere nu a putut fi sustinut pe
termen lung. In plus, Codul fiscal a suferit modificari
importante in al doilea semestru al anului 2008,
influentand dezvoltarea leasing-ului financiar. Desi
economia Romaniei a inregistrat cea mai mare rata
de crestere (7.3 % an de an) in 2008, valoarea
contractelor noi de leasing a scazut (- 3% an de an),
inregistrand prima contractie. Anul 2009 a
reprezentat un moment de cotitura pentru piata de
leasing, companiile de leasing fiind puternic afectate
de criza economica, si astfel valoarea totala
contractelor noi de leasing a scazut la 1.3 miliarde
EUR, nivel comparativ cu perioada anilor 2000. De
atunci, valoarea anuala totala de contracte noi de
leasing nu a inregistrat variatii considerabile,
reflectand stabilizarea pietei de leasing desi conditiile
economice au fost dificile. Desi companiile de
The leasing sector can play an important role in
financing the real economy especially in emerging
economies, which are characterised by a poorly
capitalized banking system and less sophisticated
financial markets. Given the low depth of the
financial market in Romania, financing through
banks and capital markets is rather available for large
companies, while the small-medium size enterprises
are facing numerous financing constraints.
Although it is widely recognized that SMEs are the
backbone of the economy, they have at their disposal
a limited range of financing instruments, due to more
restrictive criteria of eligibility for contracting loans
from commercial banks. Usually, the SMEs in
emerging markets have insufficient collaterals or
credit history to access traditional bank finance,
while the setup of asset-based financing which is
characteristic to leasing operations, enables them to
easily acquire a wide range of assets to develop their
operations.
Thus, enabling a stable and incentive fiscal and legal
environment applicable for the leasing sector, the
authorities in fact support the development of the real
economy and implicitly the most vulnerable business
sector of the economy – SMEs.
The Romanian leasing market has reached all times
high in 2007, when the value of new leasing
contracts has stood at nearly EUR 5 bn, rising by 51
% as compared to the previous year. As the leasing
market was still relatively young and the legislative
framework unpredictable, this extensive growth pace
could not be sustained on the long run, the more so as
the fiscal code suffered significant changes in the
second semester of 2008, tampering the development
of leasing financing. Therefore, although the
Romanian economy posted the highest growth rate
(7.3 % y/y) in 2008, the value of new financed
leasing decreased slightly (- 3% y/y), recording the
first contraction. The touchstone of leasing market
came in 2009, when leasing companies were hardly
hit by the global financial crisis and new financed
leasing contracts dropped to EUR 1.3 bn, a level that
was not to be seen since early 2000. Since then, the
total annual value of new financed leasing contracts
was roughly unchanged, reflecting the stabilization of
the Romanian leasing market, amid difficult
economic conditions. Although financial leasing
companies have gradually consolidated their
43
leasing si-au consolidat treptat situatiile financiare,
reducerea facilitatilor fiscale si contractia cererii de
creditare a companiilor pentru echipamente si
vehicule, au temperat revenirea leasing-ului
financiar.
financial situations, the tightening of fiscal incentives
and radical contraction of companies demand for
investments, both in equipment and vehicles, have
hampered the recovery of financial leasing.
Figure 1-Romanian Financial Leasing Market (including real estate
leasing operations) - New business growth dynamics vs. real GDP
Source: Diplomat Consult, NIS
Criza financiara a afectat piata de leasing din
Romania, aceasta suferind cea mai abrupta contractie
dintre toate tarile luate in considerare, iar rata de
penetrare a leasing-ului financiar in PIB a fost de
4.8% din PIB in 2008 vs. 1.5% din PIB in 2013.
Valoarea scazuta a contractelor noi de leasing
finantate in ultimii ani poate fi atribuita cererii
scazute de investitii a companiilor si dificultatilor de
reposedare a activelor clientilor aflati in incapacitate
de plata.
Din datele prezentate se poate observa o corelatie
directa intre cresterea PIB-ului si evolutia leasingului financiar, desi exista un decalaj de 1-2 ani.
Atunci cand avem o scadere a valorii contractelor noi
de leasing pentru anul precedent se observa, in anul
urmator, o incetinire sau contractie a PIB-ului,
corelata cu descresterea pietei de leasing. In cazul in
care scaderea pietei de leasing este de ordinul a doua
cifre, aceasta dinamica poate semnala o posibila
recesiune in anul urmator. Astfel, piata de leasing
poate fi considerata un barometru al evolutiei
economiei pe termen mediu, transmitand din timp
avertizari, deoarece reflecta cererea companiilor de
finantare prin operatiuni de leasing,in special pentru
IMM-uri, care sunt principalii clienti ai companiilor
de leasing.
44
The financial crisis has deeply affected the Romanian
leasing market which suffered the sharpest
contraction from all the considered countries, as the
penetration rate of financial leasing in GDP stood at
4.8 % of GDP in 2008 vs. 1.5 % of GDP in 2013.
The decrease in the value of new financed leasing
contracts in the past years can be attributed to
companies’ poor investment demand, as well as the
repossession difficulties faced by the leasing companies
when dealing with the default of their clients.
There can be observed that the growth dynamics of
GDP is correlated with the evolution of financial
leasing, however there is a lag of 1-2 years between
them. Whenever there is a decrease in the total value
of new financed leasing assets in the previous year,
we can observe a deceleration or even a contraction
of real GDP in the coming year, depending on the
depth of the decrease in leasing market. When the
decrease in the leasing market is in the zone of two
digits, then there might even signal a recession in the
following year. Therefore, we can conclude that the
financial leasing market can be considered as a
barometer for the evolution of the economy on the
medium term, sending early warning signals, as it
largely reflects companies’ demand for financing
through leasing operations, especially SMEs, which
are the main clients of leasing companies.
Cresterea leasing-ului pentru echipamente si vehicule
este corelata cu evolutia PIB-ului pentru anul
urmator, deoarece o crestere a finantarii prin leasing
prognozeaza o evolutie pozitiva a economiei. Merita
de asemenea mentionat faptul ca atat leasingul de
echipamente cat si cel de vehicule inregistreaza
dinamici similare, indiferent de evolutia crescatoare
sau descrescatoare, inregistrand doar o usoara
diferenta de amplitudine. Evolutia pietei de leasing
este corelata in cea mai mare masura cu apetitul
pentru investitii decat cu apetitul pentru consum.
Analiza comparativa a structurii de finantare pentru
companii a bancilor fata de cea a institutiilor
financiare nebancare (IFN-uri) denota o strategie
diferita de finantare, astfel IFN-urile se axeaza pe
finantarea serviciilor si a agriculturii, iar bancile
favorizeaza companii din industria prelucratoare si
constructii. Dupa cum se poate observa din graficul
de mai jos, sectorul agricol este slab finantat de
bancile comerciale, in timp ce IFN-urile considera
acest sector ca o nisa de dezvoltare operatiunilor,
finantarea agriculturii avand un grad ridicat de
multiplicare. In lipsa datelor comparative structurate
pe principalele sectoare ale economiei, s-au folosit
datele publicate de BNR pentru finantarea
companiilor aferente institutiilor de credit si
institutiilor financiare nebancare, pe care le
consideram relevante pentru structura de finantare a
companiilor de leasing care au o cota de 59% din
piata de finantare a IFN-urilor.
The growth dynamics of both leasing of equipment
and vehicles are positively correlated with the
evolution of real GDP in the next year, as a rise of
financed leasing assets is likely to predict a positive
evolution of the economy. It is also worth noting that
both leasing for equipment and vehicles mirror
similar dynamics, irrespective if there is a rise or
decrease, but only the amplitude differs slightly. The
evolution of leasing market is more correlated with
companies’ appetite for investments rather than
consumption sentiment.
The comparative analysis of the structure of bank’s
financing the private companies as compared to the
financing provided by non-banking financial
institutions (NBFI) reveals a different financing
strategy, as NBFI focus rather on financing the
services and agriculture sectors, while banks favour
companies activating in manufacturing industry and
construction. As we can notice from the graphic
below, agriculture sector is poorly financed by
commercial banks, while NBFI regard this as a niche
sector for developing their operations, the more so as
the financing of the agriculture has one highest
multiplier rates. In the absence of comparative data
structured on the main sectors of the economy, we
have used the data published by NBR for the
financing of companies provided by credit
institutions and non-banking financial institutions, as
we consider them relevant for the financing structure
of leasing companies which have a share of 59 % of
overall corporate financing of NBFI.
45
In perioada 2008-2013, structura finantarilor de
echipamente prin leasing financiar a suferit
modificari semnificative si reflecta evolutia
economiei pe sectoare. Astfel, cota de finantari
pentru agricultura a echipamentelor a crescut la 23%
in 2013 de la 5% in 2008, reflectand focusul
companiilor de leasing pentru acest sector al
economiei, neglijat de bancile comerciale.
During 2008-2013, the structure of equipment
financed through financial leasing has went through
significant changes, mirroring the evolution of the
economy by sectors. Therefore, agriculture has
increased its share in the total leasing market for
equipment to 23 % in 2013 from 5 % in 2008,
signalling the focus of leasing companies towards
this particular sector of the economy which is rather
neglected by commercial banks.
Cresterea considerabila a leasing-ului pentru sectorul
agricol nu este intamplatoare, astfel conform
estimarilor Deloitte, efectul de multiplicare al
leasing-ului in agricultura fiind printre cele mai
ridicate. Consideram ca leasing-ul de echipamente
pentru agricultura are perspective pozitive de
crestere, agricultura din Romania fiind inca subdezvoltata si va continua sa beneficieze de fonduri
europene nerambursabile
The extensive rise of leasing for agriculture sector is
not circumstantial, as according to our estimations,
the multiplier effect of leasing over agriculture is
among the highest. We believe that leasing of
equipment for agriculture has good perspectives to
further increase the more so as the Romanian
agriculture is still underdeveloped and it would
continue to benefit from EU non-refundable funds.
Dupa cum putem observa din graficul de mai sus,
structura de finantare a echipamentelor a suferit
modificari importante, care sunt corelate cu evolutia
diferitelor sectoare economice. Astfel, leasing-ul
pentru echipamente de constructii s-a contractat
substantial in perioada de criza, din cauza
dificultatilor pe care le intampina sectorul
constructiilor.
As we can see from the above graphic, the structure
of equipment financing has known significant
changes which are positively correlated with the
evolution of different economic sectors. Therefore,
the leasing of construction equipment has contracted
substantially since the economic crisis, given the
difficulties faced by construction companies.
Comparand evolutia leasing-ului pentru vehicule, nu When comparing the evolution of leasing for
s-au observat modificari notabile in structura de vehicles, there were no significant changes in the
finantare.
structure of financed assets.
46
Cu toate ca nivelul leasingului financiar din
Romania a scazut substantial fata de nivelurile
atinse in anii de avant economic din 2007-2008, se
poate observa ca ponderea vehiculelor finantate prin
leasing financiar a ramas constanta in zona 70 %.
Cea mai importanta schimbare in structura generala
a pietei de leasing financiar s-a inregistrat la nivelul
leasingului de active imobiliare, acesta avand o
descrestere constanta in ultimii 3 ani ajungand la un
procent de 3,9 %, datorita corectiilor puternice de pe
piata imobiliara din Romania.
Although the scale of the Romanian financial
leasing has decreased substantially, since the boom
years of 2007-2008, there can be noticed that the
share of vehicles leasing has remained flat in the
70 % zone. The most notable change in the
structure of the overall financial leasing market
was recorded by leasing of real estate assets which
has constantly decreased in the last 3 years
reaching a modest 3.9 %, due to the sharp
corrections on the Romanian real estate market.
Ponderea mai ridicata atinsa de leasingul de active
imobiliare in portofoliul total al pietei de leasing in
intervalul 2009-2010, s-a datorat termenelor lungi
ale acestui tip de finantare, cu toate ca valoarea
nominala a leasingului imobiliar a scazut constant
de la prabusirea pietei de imobiliare din Romania
The high share of real estate leasing in overall
market reached during 2009-2010 was owed to the
longer duration of this type of financing, although
their nominal value has constantly dropped since
the collapse of the Romanian real estate market.
47
Considerăm că există oportunități de creștere în
domeniul leasingului imobiliar, o dată cu stabilizarea
pieței imobiliare dar și datorită faptului că în alte țări
acest produs poate ocupa până la o pătrime din piața
generală de leasing.
Dinamica de creştere a leasingului financiar pentru
echipamente reflectă evoluția formării brute de
capital fix (FBCF) la nivel naţional, astfel putem
admite că leasingul financiar este un instrument
important în susținerea inițiativelor de investire ale
companiilor.
Când analizăm dinamica leasingului financiar pentru
vehicule, putem observa că evoluţia consumului
privat este mai puțin corelată decât formarea brută de
capital fix
48
We consider that there are plenty of opportunities of
growth for real estate leasing, since the market has
stabilized and in other countries, this financing
instrument reaches even a quarter of the overall
leasing market.
The growth dynamics of financial leasing for
equipment closely mirrors the evolution of gross
fixed capital formation (GFCF), therefore we might
conclude that financial leasing is an important
instrument in supporting the investment initiatives of
companies.
When considering the dynamics of financial leasing
for vehicles, there might be noticed that private
consumption is less correlated than gross fixed
capital formation.
Izbucnirea crizei financiare a determinat cresterea
procentului de active second-hand in portofoliul
general al companiilor de leasing, atat pentru
vehicule cat si pentru echipamente, ca o consecinta a
scaderii puterii de cumparare din Romania si o mai
buna functionare a pietei cu active reutilizate.
The burst of financial crisis has increased the share of
used assets in the overall portfolio of leasing
companies, both for vehicles and equipment, as a
consequence of the decrease of purchasing power in
Romania and a better functioning of the market for
repossessed assets.
Avantaje cheie pentru clienti ale leasingului Key advantages of financial leasing for clients
financiar
Companiile, in special IMM-urile, sunt principala
categorie de clienti care au accesat finantarile prin
leasing financiar in perioada 2006 - 2013. In 2012,
leasingul pentru companii a reprezentat aproximativ
88% din valoarea totala a pietei de leasing financiar,
in timp ce retail-ul a ocupat doar 12%, iar sectorul
public a avut un procent de aproape 0%. Principala
caracteristica a operatiunilor de leasing este aceea de
sustinere a companiilor ca acestea sa creeze fluxuri
de numerar din activitatile de business prin utilizarea
activelor achizitionate prin leasing.
The main type of clients in Romania who contracted
leasing in the period of 2006- 2013 was corporate,
especially SMEs. In 2012, corporate leasing
represented approximately 88% of the overall value
of the financial leasing market, while retail accounted
for only 12% and the public sector percentage was
almost zero. The main idea of leasing operations is to
support companies to generate cash flows from the
business activities using the leased assets.
Astfel se poate explica de ce leasingul este avantajos
in special pentru IMM-uri sau pentru companiile
tinere care nu au posibilitatea obtinerii unui credit de
la o banca comerciala, deoarece nu dispun de un
istoric robust de credit necesar contractarii unui
imprumut traditional. De asemenea, finantarea prin
This explains why leasing is especially advantageous
for SMEs or young companies that do not have the
possibility to contract a credit because they lack
credit history to qualify for a traditional loan.
Moreover, financing through leasing does not require
collaterals from clients, which is another important
49
leasing nu necesita active colaterale de la clienti, advantage in our country where the business
fiind un alt avantaj important in tara noastra, unde environment is in continuous development and at the
mediul de afaceri este in curs de dezvoltare si este same time weaker than in other EU countries.
mai slab decat in alte tari din UE.
Desi companiile de leasing ofera instrumente diverse
si flexibile de finantare a principalelor tipuri de
active (echipamente, vehicule, imobiliare), atat
pentru clientii corporativi cat si pentru cei de retail,
datorita deductiilor fiscale, companiile ocupa o
pondere mai mare in totalul pietei de leasing
financiar, in timp ce persoanele fizice prefera
finantarea pe termen lung prin intermediul creditelor
de la banci.
Although leasing companies offer diverse and
flexible instruments of financing for both corporate
and retail clients for the main types of assets
(equipment, vehicles, real estate), companies hold the
largest share in the total financial leasing market, due
to the fiscal deductions, while private individuals
prefer longer term financings.
Un alt avantaj al leasingului financiar in comparatie
cu imprumutul bancar il constituie accesibilitatea
clientului la mai multe canale de vanzare: reteaua
bancilor de retail, direct de la companiile de leasing,
de la brokeri, vanzatori si dealeri ale activelor direct
la punctele lor de vanzare.
Another important advantage for clients of financial
leasing vs. lending from banks is the client’s
accessibility to multiple sales channels: retail
banking networks, directly from leasing companies,
through brokers or from vendors and dealers of assets
at their point of sale.
Decizia de finantare a echipamentului/ vehiculului fie
prin leasing fie prin imprumut, clientul trebuie sa tina
cont de toate aspectele, cum ar fi: rata dobanzii
perceputa in ambele cazuri, diferentele de tratament
fiscal, toate costurile si comisioanele pe care le
implica acest proces.
In choosing whether to finance equipment or a
vehicle through a lease or loan, the client has to take
into consideration all aspects, such as: the interest
rate charged for each alternative, the differential
fiscal treatment and all additional costs and
commissions implied.
Asemanarile dintre imprumutul bancar si leasingul
financiar includ si faptul ca atat utilizatorul cat si
imprumutatul pot fi proprietarii activelor odata ce
platile au fost efectuate, cu conditia ca atat
utilizatorul cat si imprumutatul sa respecte termenele
si conditiile contractelor de finantare. In ambele
situatii riscurile si costurile de proprietate, de
exemplu costurile de intretinere, raman in
responsabilitatea utilizatorului si a imprumutatului.
De asemenea, nici compania de leasing si nici banca
nu vor beneficia de cresterea valorii activului.
The similarities between a loan and a financial
leasing include the fact that the lessee and the
borrower can both be the owners of the asset once the
payments are completed, if the lessee and the
borrower meet all the terms and conditions of the
contracts. In both situations the risks and costs of
ownership, for example, the maintenance costs
remain a responsibility of the lessee and the
borrower. However, it is also the case of financial
leasing or a loan that, neither the lessor nor the lender
will benefit if the value of the asset increases.
Factorii care determina decizia in privinta structurii
capitalului unei companii sunt printre cele mai
dezbatute subiecte in domeniul cercetarii finantelor
corporatiste. Din punct de vedere economic, decizia
dintre luarea in leasing sau cumparare depinde de
costul achizitionarii in comparatie cu ratele mai mici
sau mai mari ale leasingului. Dintr-o alta perspectiva,
literatura de specialitate afirma ca decizia de luare in
leasing sau prin credit a unui activ depinde si de
aspecte fiscale. Fluxurile de capital circulant ale
IMM-urilor depind de tipul de finantare asociat
50
The factors that drive firms’ capital structure
decisions have been one of the most debriefed
subjects of corporate finance research. From the
economic point of view the decision between leasing
and purchasing is, whether the cost of ownership and
operation is lower or higher than the lease rate. From
another perspective, the finance literature assumed
that the decision of leasing or buying an asset is
viewed from a fiscal point of view. SMEs’ operating
cash flows associated with leasing or buying depend
on the chosen financing contract. The fiscal argument
leasingului sau creditului bancar. Taxele sunt un
argument puternic pentru alegerea leasingului in
detrimentul achizitionarii activului, dar nu este
singurul care explica aceasta alegere. Este important
sa luam in considerare si beneficiile ne-monetare, de
exemplu contractele de leasing sunt mai flexibile in
ceea ce priveste nevoile consumatorului: optiunea de
a renunta la leasing inainte de scadenta contractului,
posibilitatea reinnoirii prin perioade aditionale,
optiunea de a achizitiona activul la terminarea
contractului.
is a strong argument for choosing leasing instead of
buying an asset, but it is not the only one which
explains this position. It also is important to consider
non-monetary benefits: for example the fact that the
leasing contracts are more flexible in terms of
customer needs (the option to cancel the lease before
maturity of the contract, the possibility to renew the
additional periods, the option to buy the asset at the
end of the contract).
Un alt avantaj al leasingului financiar fata de
imprumutul traditional este faptul ca utilizatorul
poate finanta pana la 95% din pretul de achizitie al
oricarui activ si garantia pentru finantare este activul
in sine. Garantii suplimentare nu sunt necesare. In
plus, un alt aspect de mentionat este calitatea
superioara a activului dobandit in regim de leasing
fata de activele achizitionate, deoarece prin
contractarea unui contract unui leasing, utilizatorul
are acces la active mai scumpe. Finantarea prin
leasinging este, de asemenea, utila atunci cand
activul si-a atins gradul de uzura la finalizarea
acordului de leasing, deoarece statutul de proprietate
este mai flexibil.
One of the advantages of financial leasing over
traditional lending is the fact that a lessee can finance
up to 95 % of the purchase price of any asset and the
collateral for the asset is the asset itself. Additional
collaterals are not required. Moreover, it is very
important to mention that the quality of the leased
asset might be higher than the quality of purchased
assets because, by contracting a lease, the lessee is
able to lease more expensive goods. Leasing is also
helpful when the asset becomes obsolete when the
agreement reaches maturity, since the ownership
status is more flexible.
Contractarea unui leasing mai are un alt avantaj
semnificativ fata de creditului bancar standard, in
sensul ca este mai eficient din punct de vedere al
timpului. Evaluarea pentru acordarea unui leasing
dureaza cel mult cateva zile, in timp ce aprobarea
cererilor de credit bancar dureaza o perioada mai
mare de timp (in medie o luna).
Leasing has another significant advantage over
standard bank lending in the sense that it is time-wise
more efficient. The leasing evaluation lasts only at
most a few days, while bank credit applications take
much longer (a month on average).
In acelasi timp, este mult mai probabil sa fie
acceptata finantarea prin leasing decat prin imprumut
bancar. Acest lucru se datoreaza faptului ca
finantarea prin leasing este mult mai specializata
decat acordarea unui credit, si, astfel, riscurile sunt
mai usor de controlat de catre o companie de leasing
decat de o banca. Acest aspect a determinat unele
banci sa infiinteze divizia de leasing, in scopul de a
avea un grad mai ridicat de penetrare a pietei.
At the same time it is more likely to be accepted for a
leasing agreement than for a bank loan. This is due to
the fact that leasing financing is considerably more
specialised than a credit, and thus the risks are easier
to control from a lessor perspective than it is for a
bank. This fact led to the decision of some banks to
establish a leasing division in order to have a higher
degree of market penetration.
Dimensiunea companiei ar putea fi un alt motiv
pentru contractarea unui leasing. Astfel, putem spune
ca intr-o companie mica decizia de finantare este
determinata mai mult de oportunitatile de crestere, in
timp ce in companiile mari decizia este determinata
de considerentele fiscale. Este dovedit stiintific si
empiric (pe baza datelor din Marea Britanie), faptul
The size of the company might be a reason for
contracting a leasing. Thus, we can say that in a
small company the decision is driven more by the
growth opportunities, while in large companies the
decision is driven by taxation considerations. It is
scientifically and empirically proven (based on data
set from UK) that leasing allows small companies to
51
ca leasingul permite companiilor mici sa survive and to grow and the results show that less
supravietuiasca si sa se dezvolte, iar rezultatele arata profitable firms are more likely to contract a leasing
ca firmele mai putin profitabile sunt mai predispuse than cash generating firms/
sa contracteze un leasing decat firmele generatoare
de numerar.
Modelele recente de finante corporatiste indica
motivele suplimentare pentru care companiile de
leasing pot gestiona riscul mai eficient. In cazul
institutiilor de credit, creditorul se confrunta cu
dificultati in estimarea cu acuratete si precizie a riscului
pentru fiecare client, avand in vedere gama de scopuri
pentru care clientii isi asuma riscul. In schimb, este
mult mai usor pentru finantatorii de leasing sa coreleze
factori precum scorurile de credit ale clientului, varsta,
venitul, si alegerile privind tipurile de bunuri
achizitionate si caracteristicile lor specifice si sa le
incadreze in diferite categori de risc. Acest avantaj
poate genera totusi un grad mai ridicat de asimetrie a
informatiilor decat in cazul creditarii traditionale.
Totusi exista si alte avantaje ale leasingului financiar,
printre care favorizarea accesului la o baza mai larga de
clienti cu nevoi de finantare de capital, datorita
cuantificarii mai precise a riscului.
Recent corporate finance models indicate additional
reasons for which leasing businesses can manage risk
more efficiently. In the case of standard credit
procedure institutions, the lender faces difficulties in
accurately and precisely estimating client risk, given
the range of purposes the clients take the risk for.
Conversely, it is much easier for lessors to correlate
factors such as client credit scores, age, income, and
choices with the types of acquired goods and their
more specific characteristics and translate them into
risk categories. This advantage can generate a more
severe case of asymmetric information than the case
of traditional lending. However, it has several
advantages. It can also favour the access of a much
wider client base to capital financing thanks to very
precise risk quantification.
De asemenea, leasingul financiar poate stimula
investitiile si activitatea investitorilor. Datorita
monitorizarii financiare atente a companiei de leasing
asupra utilizatorului, increderea investitorilor fata de
o companie poate creste. Stabilitatea si faptul ca o
societate este analizata de catre finantatorul de
leasing poate fi luata, de asemenea, ca un semnal de
crestere a productivitatii si a profitabilitatii
companiei, apoi compania devenind mai atractiva
pentru investitori.
It can also further increase the investments and
investors’ activity. Due to constant financial
monitoring the lessors perform on lessees, investors’
confidence for a company can increase. The stability
and the fact that a company is analysed by the lessor
can also be taken as a signal for an increase in the
productivity and in the profitability of the company.
Then, the company will become more attractive for
the investors.
Leasingul joaca, de asemenea, un rol important in
aducerea intreprinderilor mici din zona gri a
economiei in zona sistemului financiar formal, pe
masura ce companiile realizeaza ca au nevoie de
finantare, si astfel acestea incep sa construirea unei
istorii a tranzactiilor financiare.
Leasing also plays an important role in bringing in
small businesses from the grey area of the economy
into the formal financial system, as by companies
realize they need financing, they start building a
history of financial transactions.
Fundamentul pentru contractarea leasingului consta
in capacitatea companiei de a-si creste veniturile prin
folosirea activului si aceasta ipoteza este validata, de
asemenea, de catre finantator inainte de aprobarea
finantarii. Finantatorul trebuie sa se asigure ca
societatea isi va permite sa faca rambursarile de
leasing in timp util si sa beneficieze de excedentul de
venit pentru dezvoltarea in continuare a afacerii
The fundament for contracting leasing resides in the
ability of the company to increase its income by
using the considered asset and this assumption is also
validated by the lessee before approving the
financing. The lessee has to assure that the company
will afford to make the leasing repayments in due
time and benefit of the surplus income for further
developing the business.
52

Analiza SWOT a industiei de leasing
Un sector de leasing dinamic si sanatos se poate
reprezenta un suport real pentru cresterea economica
a unei tari, datorita faptului ca se creeaza accesul la
finantare pentru o scara mai larga de companii decat
cele care indeplinesc cerintele de risc ale bancilor
comerciale. Astfel, leasingul este o sursa importanta
de finantare care poate stimula crearea de locuri de
munca, genera valoare adaugata in economie,
imbunatati productivitatea muncii, crestere oferta
interna si face exporturile mai competitive.

SWOT analysis of the leasing industry
A dynamic and healthy leasing sector can prove as a
real support for the economic growth of a country, as
it creates access to financing for a larger scale of
companies than those which comply with the risk
requirements of commercial banks. Thus, leasing is
an important source of financing which can foster job
creation,
generate value added in the economy,
improve labour productivity, increase domestic
supply and make exports more competitive.
53
Inainte de criza financiara, leasing financiar in
Romania a atins o masa critica in termeni de PIB in
comparatie cu alte tari din UE, astfel ca piata totala
de leasing s-a situat la 4,8% din PIB, mai mare decat
in Polonia sau Franta. Cu toate acestea, dupa criza
economica, piata de leasing a scazut la 1,5% din PIB
in 2013, fiind de departe cea mai scazuta penetrare in
PIB dintre tarile luate in considerare, ceea ce denota
54
Before the financial crisis, Romanian financial
leasing has reached a critical mass in terms of GDP
when compared to other EU countries, as the total
outstanding leasing market stood at 4.8 % of GDP,
higher than in Poland or France. However, after the
economic crisis, it has dropped at 1.5 % of GDP as of
2013, being by far the lowest in the considered
countries, denoting that there is considerable room
ca exista suficient spatiu pentru crestere si dezvoltare for further development and growth, now that the
in continuare, acum ca economia romaneasca a reluat Romanian economy has resumed to positive growth.
cresterea pozitiva.
Atunci cand se compara gradul de penetrare a
finantarilor noi de leasing in PIB (0,9%) fata de
nivelul total (1,5%) al pietei leasingului pentru
Romania din 2013, putem concluziona ca durata
contractelor de leasing este mult mai scazuta in
Romania, diferenta fiind atat de mica (0,6 puncte
procentuale din PIB). Daca luam in considerare
aceiasi indicatori pentru anul 2008, diferenta dintre
valoarea totala a finantarilor de leasing si valoarea
contractelor noi de leasing a fost mult mai mare
(1,3% din PIB), relevand o scadere a duratei
contractelor de leasing in prezent. O posibila
explicatie pentru scaderea duratei contractelor de
leasing ar fi finantarea activelor cu valoare mai mica,
cum ar fi masini sau chiar echipamente second-hand.
De asemenea, scaderea gradului de indatorare la 10%
din venituri, impusa de BNR ar putea fi un alt motiv
pentru reducerea perioadei contractelor de leasing.
De asemenea, companiile de leasing par sa
favorizeze contractele pe termen mediu din cauza
perceptiei de risc mai scazut.
When comparing the new leasing financing
penetration ratio in GDP (0.9 %) to the outstanding
(1.5 %) one for Romania in 2013, we can conclude
that the duration of leasing contracts stands to around
1 year and a half, since the difference is so small (0.6
pps of GDP). While considering the same indicators
for 2008, the difference between the outstanding and
new leasing financing was much higher (1.3 % of
GDP), revealing a decrease of the duration of leasing
contracts currently. One possible explanation for the
decrease in the maturities of the leasing contracts
would be the financing of lower value assets, like
vehicles or even second hand equipment. Also, the
decrease of the indebtedness rate imposed by the
Central Bank to 10 % could be another cause for the
short period of leasing contracts. Also, leasing
companies seem to favour medium term contracts
due to a perception of lower risk.
Comparatia intre Romania si tarile avute in
considerare din UE, cu exceptia Poloniei, arata ca
durata perioadei contractelor de leasing financiar este
semnificativ mai mare in alte parti, intrucat diferenta
dintre rata de penetrare in PIB a contractelor in
derulare si Romania este mult mai mare, adica de
doua ori sau chiar de trei ori mai mare. Diferenta
provine din structura pietelor de leasing comparate,
intrucat Romania are una dintre cele mai mari cote de
The comparison between Romania and the
considered EU countries, except for Poland, reveals
that the duration period of financial leasing contracts
is significantly higher elsewhere, as the difference
between the penetration rate in GDP of outstanding
and new contracts are much higher, twice or even
thrice. The difference comes from the structure of the
compared leasing markets, as Romania has one of the
highest shares of vehicle financing in the total leasing
55
vehicule finantate in totalul pietei de leasing, care au, market which generally have a shorter duration,
in general, o durata mai scurta, in timp ce in alte tari while in other countries the leasing of equipment and
leasingul de echipamente si active imobiliare este real estate assets is better developed.
mai bine dezvoltat.
Companiile de leasing din Romania au crescut
ponderea finantarii de echipamente in ultimii ani,
aceasta detinand in prezent o cota de 26% din totalul
pietei de leasing financiar, in timp ce leasingul de
echipamente poate ajunge pana la 40% din piata in
tarile dezvoltate. Prin urmare, am putea concluziona
ca sectorul romanesc de leasing a parcurs doar
jumatate din drumul spre o piata matura pentru
finantarea de echipamente. Cu toate acestea, daca
luam in considerare leasingul de bunuri imobiliare,
piata noastra de leasing este intr-un stadiu incipient,
deoarece reprezinta aproximativ 4 % din totalul
pietei. Avand in vedere ca leasing-ul de bunuri
imobiliare poate ajunge la un sfert din piata totala de
leasing in economiile mai dezvoltate, probabil ca
exista unele deficiente structurale si conditii fiscale
nefavorabile in comparatie cu alte tari, cum ar fi lipsa
inregistrarii in bilanturile contabile a deprecierii
activului imobiliar in regim de leasing.
The Romanian leasing companies increased their
focus on financing equipment in the past years,
which currently holds a 26 % share of the total
financial leasing market, while the weight of
equipment leasing can reach up to 40 % of overall
market in developed countries. Therefore, we might
conclude that the Romanian leasing sector has
already walked half of way towards a mature market
for financing equipment. However, when we
consider the leasing of real estate assets, our leasing
market is at an incipient stage, as it accounts for
around 3 % of the total market. Since the leasing of
real estate assets can account for a quarter of the
overall leasing market in more developed economies,
there must be some structural deficiencies and
unfavourable fiscal conditions as compared to the
other countries, such as the lack of recording into the
balance sheets of the depreciation of the leased real
estate asset.
Prin urmare, am putea concluziona ca exista spatiu
suficient pentru dezvoltarea in continuare a pietei
romanesti de leasing daca scadentele contractelor de
leasing ar fi extinse si nevoia firmelor pentru
finantare imobiliara ar fi satisfacuta in mod
corespunzator, sustinuta, de asemenea, de un
tratament fiscal stimulativ.
Contractele de leasing din Romania au o valoare
medie comparativa cu tarile luate in considerare,
respectiv 33.300 de Euro, iar valoarea medie a ramas
constanta in perioada 2008-2013. Cea mai mare
valoare medie observata a contractelor de leasing se
gaseste in tarile in care ponderea leasingului
imobiliar este considerabila. Cu toate acestea, o
situatie speciala este observata in Cehia, unde
valoarea medie a unui contract de leasing este printre
cele mai mari, chiar daca ponderea leasing-ului
imobiliar este comparabila cu cea din Romania.
Therefore we might conclude that there is plenty of
space for the Romanian leasing market to grow if the
maturities of the leasing contracts would be extended
and the need of companies for real estate financing
would be properly supplied, also supported by
incentive fiscal treatment.
56
Romanian leasing contracts have by far the lowest
average value as compared with all the considered
countries, respectively EUR 3,000, but the average
value remained constant during 2008-2013
timeframe. The highest observed average value of
leasing contracts is observed in the countries where
the share of real estate leasing is considerable.
However, a particular situation is seen in Czech
Republic where the average value of a leasing
contract is one of the highest, although the share of
real estate leasing is comparable with Romania.
Ponderea sectorului public in structura de clienti este
destul de scazuta in toate tarile luate in considerare, cu
exceptia Frantei, unde aceasta se ridica la 6,3%.
Ponderea gospodariilor in portofoliul de clienti
reprezinta sub 15%, cu exceptia Austriei, unde aceasta
se ridica la 25,5% din totalul pietei de leasing.
The share of public sector in the structure of clients is
quite low in all considered countries, except for
France where it stands at 6.3 %. The weight of
households in the clients’ portfolio stands below 15
%, except for Austria where it stands at 25.5 % of
total leasing market.
1.1. Modelul intrari – iesiri: Analiza impactului
leasing-ului
1.1. Input-Output Model - Leasing Impact
Analysis
Date generale ale modelului
Modelul Intrari-Iesiri (Input-Output, IO) a fost
elaborat de Wassily Leontief in 1966. El a castigat
Premiul Nobel pentru Economie in 1973. Pe baza
teoriei sale, modelul IO poate fi aplicat pentru orice
nivel economic, de la nivelul unei companii la nivelul
economiei globale.
Model Overview
The Input-Output (IO) model was elaborated by
Wassily Leontief in 1966. He won the Nobel Prize in
Economics in 1973. Based on his theory, the IO
model can be applied on every economic level, from
a company to the global economy.
57
Obiectivul modelului este de a construi anumiti
coeficienti care cuantifica relatia dintre intrarile pe
care le absoarbe o structura si iesirile pe care le
produce. Acestea sunt apoi folosite pentru a
cuantifica veniturile brute sau pierderile generate de
o schimbare in cererea finala. Ca atare, modelul
descrie un flux de bunuri si servicii de la intrari si
pana la iesiri, precum si interdependentele generate.
Acest lucru subliniaza faptul ca daca nu ar fi existat
leasingul, producatorii intermediari ar fi avut doar
cantitati mai mici de resurse (la un nivel reprezentat
in albastru inchis), precum si niveluri mai mici de
productie. Leasing-ul le ofera astfel oportunitatea de
a se dezvolta.
Prezenta utilizare a modelului este aplicata pentru
economia romaneasca, in scopul de a evalua impactul
leasingului si contributia sa la cresterea economica.
Prin urmare, structurile implicate sunt reprezentate de
ramurile economice din Romania. Modelul expune
astfel felul in care activele finantate prin leasing
induc cresterea a economiei nationale, in cadrul
lantului de la productie la consum, precum si
interdependentele generate de consumul intermediar.
Prin urmare, multiplicatorii obtinuti cu ajutorul
modelului sunt in acest mod similari cu
multiplicatorii Keynes.
The objective of the model is to construct some
coefficients that quantify the relationship between the
inputs a structure absorbs and the outputs it releases.
These are then to be used to quantify the gross
revenues or losses generated by a change in final
demand. As such, the model describes a flow of
goods and services from inputs to outputs, and the
generated interdependencies.
This is to emphasize that had leasing not existed,
intermediate producers would have only had lower
amounts of resources (at a level depicted in dark
blue), and also lower levels of production. Leasing
thus gives them the opportunity to develop.
Metodologie si baza de date
Methodology and database
Principalele date cerute se gasesc, la Institutul
National de Statistica, in cadrul categoriei Conturilor
Nationale. Mai exact, ceea ce se gaseste este un set
de date care prezinta valoarea intrarilor din fiecare
industrie, necesare in productia unui anumit produs.
Astfel, aceasta este o matrice de produse prin intrari.
Datele ar trebui sa includa, de asemenea, consumul
intermediar si valoarea adaugata, in scopul de a
construi partea de oferta a economiei.
The main data requirements are usually to be found
at the National Institute of Statistics, within the
National Accounts category. Specifically, one should
find a dataset presenting the value of the inputs from
each industry, which are required in producing a
certain product. It is thus a matrix of products by
inputs. The data should also include intermediate
consumption, and added value, in order to construct
the Supply side of the economy.
Partea de cerere a fost descrisa, in cazul nostru, prin
colectarea de date privind consumul gospodariilor,
consumul guvernamental, formarea capitalului fix
brut, variatia stocurilor si exporturi.
The Demand side was depicted in our case by
collecting data on household consumption,
government consumption, gross fixed capital
formation, changes in inventories, and exports.
In cazul de fata, bazele de date relevant au fost
colectate de la INS (CON105A si CON105D), pentru
raportarea anuala, intre 2007 si 2011 (ultimele date
disponibile). Pentru a analiza impactul mai recent al
leasing-ului asupra cresterii economice, am realizat o
analiza in capitolul urmator. Pentru acest tip de
analize nu avem nevoie de date furnizate de INS cu
privire la datele IO. Din cauza nivelului foarte ridicat
In the present case, the relevant databases were
collected from the Romanian National Institute of
Statistics (CON105A and CON105D), for annual
reporting, between 2007 and 2011 (the latest
available data). To analyse more recent impacts of
leasing on the economic growth we performed an
econometric analysis in the next chapter. For this
type of analyses we do not need data provided by
Romanian National Institute of Statistics (RNIS)
58
The present use of the model is applied to the
Romanian economy in order to evaluate the impact
of leasing and its contribution to economic growth.
Therefore, the involved structures are represented by
the economic branches in Romania. The model thus
exposes how leased assets induce national economic
growth, within the chain from production to
consumption, and the interdependencies generated by
the intermediate consumption. Hence, the multipliers
obtained through the model are in this way similar to
the Keynes multipliers.
de detaliu a datelor prezentate in aceasta baza de date regarding IO data. Due to the very high level of detail
furnizata de INS, o agregare a codurilor CAEN a fost of the data provided in this database provided by
efectuata, in conformitate cu tabelul de mai jos:
RNIS, an aggregation by CAEN codes was
performed according to the table below:
Impactul leasing-ului asupra venitului brut
Leasing impact on gross revenues
Avand in vedere limitarile datelor disponibile cu
privire la finantarea prin leasing in functie de tipul de
sector economic, am analizat impactul leasingului
financiar asupra veniturilor brute pentru finantarea de
echipamente. In ceea ce priveste leasingul de
vehicule, nu avem informatii cu privire la industriile
care au contractat acest tip de leasing. Am construit
modelul nostru de la premisa ca activele finantate
prin leasing (valoarea totala a activelor finantate prin
leasing in functie de tipul de echipament) au fost
utilizate preponderent intr-o anumita industrie. Mai
mult decat atat, am considerat aceasta zona de leasing
a fi mai semnificativa pentru analiza noastra, luand in
considerare impactul leasing-ului de echipamente,
din cauza importantei pe care o au echipamentele
generarea de valoare adaugata in lantul de productie.
Prin urmare, avand in vedere datele pe care le avem
cu privire la leasingul de vehicule, nu putem estima
impactul cantitativ pe care acesta il are asupra
veniturilor brute utilizand metoda IO.
Given the limitations of available data regarding
leasing financing by type of economic sectors, we
analysed financial leasing’s impact on gross revenues
for equipment financing. Regarding leasing of
vehicles, we don’t have information on industries
that have contracted this type of leasing. We
constructed our model on the assumption that leased
assets (total value of leased assets by type of
equipment) were preponderantly used in a certain
industry. Moreover, we considered this area of
leasing to be more meaningful for our analysis taking
into account the impact of equipment leasing because
of the importance equipment has in generating value
added in the production chain. Hence, considering
the data we have for vehicle leasing, we cannot
estimate the quantitative impact that it has on gross
revenues using IO method.
However, based on fundamental analysis, we can
definitely state that the impact of vehicles leasing is
lower than the impact of equipment leasing.
59
Cu toate acestea, pe baza analizei fundamentale,
putem afirma cu siguranta ca impactul leasingului de
vehicule este mai mic decat impactul leasingului de
echipamente.Urmatorul pas in analiza noastra a fost
observarea modului in care produsele finantate prin
leasing ar putea afecta cererea finala a companiilor,
prin intermediul formarii brute de capital fix, adica
activele utilizatorilor finali, care sunt reflectate pe
partea de cerere a tabelelor IO. Rationamentul este
urmatorul: IO este folosit pentru a evalua impactul,
avand in vedere o crestere a cererii, care este
variabila exogena a modelului. Cu toate acestea,
cererea finala are un impact asupra producatorilor
intermediari, care au nevoie, de asemenea, de mai
multe intrari, pentru a acoperi cresterea cererii
provenind de la producatorii finali. Luand in
considerare faptul ca stocul de leasing reflecta
cresterea cererii pentru echipamente, in acest caz,
numai activele noi achizitionate prin leasing sunt
considerate a fi cerere finala de la utilizatorul final.
Avand in vedere observatia anterioara cu privire la
consumul intermediar si final, achizitionarea de
active prin leasing ar avea atat un impact direct, cat si
indirect, asupra veniturilor brute, care este reflectat
de multiplicatorii rezultati din modelul IO. Prin
urmare, acest consum va genera mai multe venituri
decat valoarea investitiei in echipamente prin leasing.
In scopul de a evalua valoarea veniturilor brute
generate de leasing, este necesara identificarea unui
multiplicator. Acest multiplicator face parte din ce
obtinuti prin modelul IO, in matricea inversata
Leontief. Intr-o maniera mai specifica, agregarea
unei coloane a coeficientilor in matricea inversata
Leontief duce la modificarea veniturilor brute
cumulate atunci cand are loc o modificare a cererii
pentru produsele din ramura economica respectiva.
60
The following step in our analysis was to observe
how the leased products would affect the final
demand of companies through gross fixed capital
formation, that is end-user assets, which are reflected
on the demand side of the IO tables. The present line
of thought is as follows: IO is used to evaluate the
impact, given an increase in demand, which is the
exogenous variable of the model. However, final
demand has an impact on intermediate producers
who also need more inputs to cover the rise in
demand coming from the final producers. Taking into
account that the stock of leasing mirrors the increase
of demand for equipment, in this particular case, only
the new assets acquired through leasing are
considered as final demand from end-user. Given the
previous observation about intermediate and final
consumption, the acquiring of assets through leasing
would have both a direct and indirect impact on gross
revenues, which are reflected by the multipliers
resulted from the IO model. Hence, this consumption
will generate more revenues than what has been
invested in leasing equipment.In order to assess the
value of gross revenues that leasing had generated, an
identification of a multiplier is necessary. These
multipliers are precisely the ones obtained in the IO
method, in the Leontief inverse matrix. To be more
specific, the aggregation of a column of the
coefficients in the Leontief inverse gives the change
in cumulative gross revenues when a change in the
demand for the products of the respective economic
branch occurs.
Rezultatele modelului
Model results
Prin folosirea metodei de computare IO descrisa mai By using the IO computation method described
above, the following Leontief coefficients were
sus, urmatorii coeficienti Leontief au fost obtinuti:
obtained:
Astfel, se poate observa ca industria, constructiile si
comertul au fost in mod constant in primele trei
ramuri economice cu cei mai mari multiplicatori.
Acest lucru inseamna ca utilizarea activelor finantate
in aceste industrii are cel mai mare impact asupra
formarii veniturilor brute.
O crestere notabila in leasing a fost observata
incepand cu anul 2007, cand Romania a devenit parte
a Uniunii Europene. Piata de leasing a avut totusi o
scadere in 2009, ca urmare a crizei financiare
mondiale care a afectat Romania. Prin urmare,
impactul pietei de leasing in perioada 2009-2011
asupra cresterii economice a fost mai mic decat in
perioada anterioara. Se poate observa in tabel ca
impactul leasing-ului asupra veniturilor brute in
economie a fost direct proportional cu volumul de
active noi finantate prin leasing.
Astfel, potrivit metodologiei de mai sus, leasing-ul de
echipamente a generat urmatoarele venituri brute
(exprimate in milioane de euro) in economia
romaneasca. Este de remarcat faptul ca aceste
venituri sunt distribuite de-a lungul intregului lant de
productie (care acopera atat consumul intermediar,
cat si pe cel final).
In valori nominale, echipamentele noi, finantate, au
avut cel mai mare impact in 2007 si in 2008
Thus, there can be observed that industry,
constructions and commerce were consistently in the
top three economic branches having the highest
multipliers. This means that the use of leased assets
in these industries has the highest impact on the
formation of gross revenues.
A notable increase in leasing has been observed since
2007, when Romania became part of the EU. The
leasing market however took a downturn in 2009,
due to the global financial crisis which had affected
Romania. Hence, the impact of the leasing market
during 2009-2011 on economic growth was lower
than in the prior period. It can be observed in table 8
that the leasing impact on gross revenues in the
economy was proportionally related to the volume of
new leased assets.
Thus, according to the methodology above,
equipment leasing generated the following gross
revenues (expressed in million EUR) in the
Romanian economy. It is to be noted that these
revenues are distributed along the whole production
chain (covering both intermediate and final
consumption).
In nominal terms, new leased equipment had the
largest impact in 2007 and 2008.
61
Este de asemenea relevant sa se observe contributia
leasing-ului in economie, comparativ cu PIB. Din
modelul IO rezulta ca intre 2007 si 2011, leasing-ul
de echipamente a adus venituri brute de-a lungul
lantului de productie in valoare de 0,86% din PIB
pentru intreaga perioada.
Cei mai productivi ani au fost 2007 si 2008, cu
1,78& din PIB, si, respectiv, 1,29% din PIB. In
timpul perioadei crizei financiare, leasing-ul de
echipamente a generat un nivel al venitului brut de
0,43%, 0,29% si 0,47% din PIB in 2009, 2010 si
2011.
O posibila explicatie pentru scaderea brusca a
veniturilor brute este aceea ca modelul poate evalua
doar impactul activelor noi, in loc de active secondhand. In timpul crizei financiare, atat clientii retail,
cat si companiile, au directionat o proportie mai mare
din investitiile lor catre active utilizate, in comparatie
cu anii anteriori.
62
It is also relevant to observe the contribution of
leasing to the economy as compared to the GDP.
From the IO model results that between 2007 and
2011, equipment leasing brought gross revenues
across the production chain equal to 0.86 % of the
GDP for the whole period.
The most productive years were 2007 and 2008, with
1.78 % of GDP, and respectively 1.29 % of GDP.
Although, during the financial crisis period,
equipment leasing generated a level of gross
revenues equal to 0.43 %, 0.29 % and 0.47 % of GDP
in 2009, 2010 and 2011.
A possible explanation to the sudden decrease in
gross revenues is that the model can only assess the
impact of new assets instead of second-hand ones.
During the financial crisis, both retail clients and
companies directed more of their investments
towards used assets as compared to the previous
years.
Impactul leasing-ului – Valoare adaugata
Leasing impact – Value Added
Metoda Valorii Adaugate a modelului de IntrariIesiri (IO) este in mod esential o simulare a cazului in
care nu exista acces la leasing financiar. Pentru
aceste estimari, au fost folosite valorile totale ale
sectorului de leasing financiar pentru fiecare an luat
in considerare. Ca rezultat, vectorul cererii a trebuit
modificat dupa cum urmeaza:
 Echipamente si vehicule noi, finantate
prin leasing, au fost scazute din cererea de
produse ale industriei;
 Active imobiliare noi, finantate prin
leasing, au fost scazute din cererea de
produse din domeniul constructiilor.
The Value Added method of Input-Output model is
essentially a simulation of the case in which there is
no access to financial leasing. For these estimations,
there were used the total values of the financial
leasing sector for each considered year. As a result,
the vector of demand had to be modified as follows:
Acest nou vector din cererea finala a fost apoi utilizat
pentru o reluare a modelului IO, cu o ipoteza critica.
Structura consumului intermediar a ramas
neschimbata ca in cazul unei economii care
beneficiaza de leasing. Practic, consumul intermediar
a fost utilizat pentru producerea altor active care nu
fac obiectul unui contract de leasing.
Diferenta dintre "Valoarea Adaugata cu leasing" si
"Valoarea Adaugata fara leasing" a dat nivelul exact
al valorii adaugate create de leasing-ul financiar al
activelor noi pentru intreaga perioada si, de
asemenea, pentru fiecare dintre anii analizati.
Aceasta metoda a dat urmatoarele rezultate:
This new vector of final demand was then used for a
rerun of the IO model, with one critical assumption.
The structure of intermediate consumption remained
unchanged as in the case of an economy benefitting
from leasing. Practically, the intermediate
consumption was used for producing other assets
which are not the object of a leasing contract.
The difference between the “Value Added with
leasing” and “Value Added without leasing” gave the
exact level of Value Added created by financial
leasing of new assets for the entire period and also
for each of the analysed years.
This method yielded the following results:
Prin urmare, leasing-ul a avut un impact total de
aproximativ 1,42% din PIB in termeni de valoare
adaugata in intreaga perioada cuprinsa intre 2007
si 2011.
Se poate observa cu usurinta ca in anul 2008, leasingul a avut cea mai mare valoare adaugata in economia
romaneasca, cu o scadere brusca in 2009. O usoara
Therefore, leasing had an approximate total
impact of 1.42 % of GDP in terms of Value Added
in the entire period between 2007 and 2011.


New leased equipment and vehicles were
subtracted from the demand for industry
products;
New leased real estate assets were
subtracted from the demand for
constructions products;
One could easily observe that in 2008, leasing had
the largest Value Added in the Romanian economy,
with a sharp decrease in 2009. A slight recovery was
63
redresare a fost observata in 2011. Putem argumenta
ca intr-o perioada de boom economic, piata de
leasing poate avea un impact crescut asupra intregii
valori adaugate in economie. In 2007 si 2008,
valoarea adaugata creata de volumul total de
leasing din active noi a fost de aproximativ 2,5%
din PIB-ul total. Acest procent ne arata ca intr-o
economie care se afla in trend ascendent, atat
intreprinderile, cat si gospodariile, vor fi mai
optimiste si vor cumpara mai multe active printr-un
contract de leasing avand in vedere avantajele sale.
Cu toate acestea, chiar in timpul perioadei de criza
financiara, volumul activelor finantate prin leasing au
creat valoare adaugata in economie, atingand o medie
de 0.6% din PIB in perioada 2009-2011.
In urmatorul grafic este prezentata diferenta dintre
nivelul PIB-ului incluzand impactul leasing-ului, si
nivelul PIB-ului, excluzand nivelul leasing-ului
observed in 2011. We can argue that in a boom
period, the leasing market can have an increased
impact on the entire value added in the economy.
In 2007 and 2008 the value added created by the
total leasing volume of new assets was around 2.5
% of total GDP. This percentage shows us that in
an economy that is in an ascending trend, both
businesses and households will be more optimistic
and will buy more assets through a leasing contract
given its advantages. Although, even in a period of
financial crisis, the volume of leased assets create
value added in the economy, which averaged 0.6% of
GDP in the period of 2009-2011.
In the following graphic the difference between the
level of GDP including leasing and the level of GDP
excluding leasing impact is presented:
2. Analiza comparativa a facilitatilor fiscale
2.1.
Impozit pe profit
Aspecte generale
2. Comparative tax incentives
2.1.
Corporate Income Tax (“CIT”)
General aspects
La nivelul locatorului
At the level of the lessor
Venitul obtinut de locator din operatiunile de leasing
este, in general, taxat cu impozit pe profit in
majoritatea jurisdictiilor analizate. Un tratament
similar este aplicat si venitul obtinut de locator din
vanzarea bunului, la terminarea contractului de
leasing.
The income obtained by the lessor from leasing
operations is generally taxed for CIT purposes in the
majority of the jurisdictions under analysis. Also, the
income obtained by the lessor from the sale of the
leased asset upon the termination of the lease
agreement is taxable for CIT purposes.
Cu titlu de exceptie, in Polonia, opereaza o derogare As an exception, in Poland a tax exemption is
cu privire la ratele de leasing, insa numai in anumite provided for leasing fees, under certain conditions.
conditii.
Costurile suportate de locator pentru mijloacele fixe Costs incurred by the lessor with fixed assets (i.e.,
(de exemplu asigurari, etc.) sunt in general insurance, etc.)are generally tax deductible if
deductibile, daca sunt inregistrare in scopul incurred for business purposes.
desfasurarii activitatii economice.
La terminarea contractului de leasing, costurile
suportate de locator ar trebui sa fie deductibile, daca
pretul de vanzare al bunului a fost mai mare decat
valoarea fiscala acestuia.
Upon the termination of the leasing contract, the
costs incurred by the lessor should be generally tax
deductible if the sale price of the asset was higher
than the tax book value of the asset.
La nivelul locatarului
At the level of the lessee
Cheltuielile cu ratele de leasing sunt in general
deductibile, din perspectiva impozitului pe profit,
daca sunt realizate in scopul desfasurarii activitatii
economice. Cu toate acestea, in ceea ce priveste
deductibilitatea cheltuielilor aferente utilizarii
vehiculelor, toate jurisdictiile analizate au
implementat o serie de limitari specifice. Cheltuielile
sunt deductibile fie in limita unui procent din
cheltuielile totale inregistrate (de exemplu in Polonia,
cheltuielile cu vehiculele care nu sunt folosite
integral in scopul desfasurarii activitatii economice
sunt in proportie de 80% nedeductibile), fie in limita
unei cote fixe (de exemplu in Austria, cheltuielile
legate de masinile, neutilizate exclusiv in scopul
desfasurarii activitatii economice, sunt deductibile in
limita a 40.000 EURO)
Un caz particular este Polonia, unde deductibilitatea
cheltuielilor cu asigurarea este limitata la un cuantum
prestabilit, calculat in functie de costul de achizitie al
vehiculului.
Expenses incurred with financial leasing fees are
generally tax deductible for CIT purposes if incurred
for business purposes.However, all the jurisdictions
under analysis have set specific deductibility
limitations with respect to expenses incurred for the
use of cars. The deductibility limitations are either
expressed as a percentage of non-deductible expenses
from the total expenses incurred (e.g. in Poland,
expenses on vehicles that are not used exclusively for
business purposes are 80% non-deductible) or as
fixed amount that can be deducted (e.g. in Austria,
expenses related to leased or owned cars not used
exclusively for business purposes can only be
deducted up to total of EUR 40,000).
A specific case is the deductibility of insurance
expenses, which in Poland is restricted by a ratio of
the acquisition cost of the vehicles.
65
Amortizarea
Depreciation
Tratamentul fiscal din Romania, aplicabil
cheltuielilor cu amortizarea bunurilor luate in leasing
este similar cu tratamentul aplicat de celelalte
jurisdictii analizate. Cu toate acestea, cateva diferente
pot aparea in ceea ce priveste entitatea care are
dreptul sa inregistreze cheltuielile cu amortizarea, in
ceea ce priveste metodele de amortizare folosite si
duratele de viata a activelor.
In Polonia, locatarul poate stabili propriile rate de
amortizare pentru activele second-hand (i.e. activele
utilizate pentru cel putin 6 luni sau 5 ani, in cazul
cladirilor).
De asemenea, in Cehia, locatorul poate creste rata de
amortizare in primul an, in limita anumitor procente
(10%-20%) din pretul de achizitie al unor active noi,
cu conditia sa fie primul proprietar si activul sa se
incadreze in anumite categorii de amortizare.
Ca un stimulent pentru operatiunile de leasing
financiar, legislatia fiscala din Polonia ofera
locatarului dreptul sa inregistreze cheltuielile cu
amortizarea proportional pe durata contractului de
leasing. Aceleasi prevederi sunt mentionate si in
legislatia italiana, dar doar pentru locatorul care
aplica standardele de contabilitate din Italia.
The Romanian tax treatment applicable to
depreciation expenses connected with leased assets is
similar to the other analysed countries. However,
certain differences might arise in terms of the entity
entitled to record the depreciation expenses,
depreciation methods used, normal useful lives of
assets, etc.
Legislatia din Austria nu ofera stimulente in privinta
amortizarii bunurilor supuse leasing-ului financiar.
Cu toate acestea, pentru primul an in care activul este
in folosit, contribuabilii pot inregistra amortizarea
pentru 12 luni, cu conditia ca acesta sa fi fost in uz
pentru 6 luni in acel an financiar. Altfel,
contribuabilii pot amortiza activul respectiv doar 6
luni. Dupa primul an financiar de utilizare, activele
vor continua sa se deprecieze folosindu-se metoda
liniara, raportata la perioada de utilizare ramasa.
No specific tax incentives are provided by the
Austrian legislation with respect to the depreciation
of assets subject to financial leasing. However, for
the first financial year of use of the asset, the
taxpayers can charge a full 12 months depreciation,
provided that it has been in use for more than six
months in that financial year. Otherwise, the
taxpayers might depreciate the respective asset only
for six months. After the first financial year of use,
the assets continue to be depreciated by using the
straight-line method, based on their remaining useful
life.
In Franta, anumite active, pot fi integral amortizate
intr-o perioada de 12 luni, folosindu-se amortizarea
accelerata. De mentionat este ca locatorul va fi privit
ca proprietarul activului luat in leasing, el fiind cel
care inregistreze amortizarea. De asemenea, exista o
metoda de amortizare distincta pentru parteneriatele
care practica leasingul de echipamente.
In France, accelerated depreciation is available for
certain qualifying investment, consisting in fully
depreciating the asset over a 12 month period. Note
that the lessor will be regarded as the owner of the
leased asset, which is entitled to record the
depreciation. Also, there is a special depreciation
regime for partnerships which lease equipment,
described in the sections below.
66
In Poland, the lessee may set its own depreciation
rates for second-hand assets (i.e. assets used for at
least six months, or five years in case of buildings).
Also, in the Czech Republic, the lessor may increase
the depreciation in the first year by certain
percentages (10% - 20%) of the purchase price of
some new assets provided that it is the first owner of
the asset and the asset falls into certain depreciation
groups, as presented in the sections below.
As an incentive for financial leasing operations, the
tax legislation in Poland provides the lessee the right
to record depreciation expenses proportionally to the
period of the agreement. The same is provided by the
Italian legislation, but for the lessor which applies
Italian GAAP.
Creante si provizioane pentru creante
Receivables and provisions for receivables
Toate jurisdictiile analizate permit, in general,
transferul creantelor, Polonia fiind insa singura care
ofera stimulente in acest domeniu. Daca locatorul
transfera creanta pentru leasing unei parti terte (e.g.
banca), fara sa transfere si dreptul de proprietate,
suma primita din partea tertului va reprezenta un
venit neimpozabil.
All the analysed jurisdictions generally allow for the
transfer of receivables, but only in Poland does the
legislation provide an incentive in this respect. If the
lessor transfers the leasing receivables to a third party
(e.g. bank) without transferring the ownership of the
leased asset, the amount received from the third party
will be a non-taxable income.
Legislatia fiscala in ceea ce priveste deductibilitatea
creantelor nerecuperate variaza in fiecare jurisdictie.
In general, in Romania, astfel de provizioane sunt
nedeductibile sau deductibile partial, in scopul
impozitului pe profit.
The tax legislation in the analysed jurisdictions
regarding the deductibility of provisions for bad
debts varies from country to country. Generally, as
for Romania, such provisions are non-deductible or
partially deductible for CIT purposes.
Costul de finantare
Finance cost
Similar Romaniei, in jurisdictiile analizate,
operatiunile realizate de companiile de leasing
financiar nu sunt, in general, supuse regulilor de
deductibilitate a cheltuielilor cu dobanzile si cu
diferentele de curs valutar. Cu toate acestea, in
legislatia din Italia si din Cehia exista o serie de
stimulente financiare care pot avea un efect pozitiv in
industria leasing-ului.
In Italia, ajutorul de stat este disponibil pentru
achizitionarea noilor vehicule, fabrici si echipamente
(dar si hardware, software si alte tehnologii) prin
acorduri de leasing financiar. IMM-urile din Italia
pot beneficia de pe urma acestor stimulente.
Similarly with Romania, operations performed by
financial leasing companies are generally not subject
to thin capitalization rules in the analysed
jurisdictions. However, the Italian and the Czech
legislation provide for various incentives that might
have a positive effect on the financial leasing
industry in terms of financing.
In Cehia, statul garanteaza stimulente financiare de
40% pana la 100% pentru achizitia de noi tehnologii
si de IT, pentru renovarea imobilelor etc. Acest
stimulent nu este oferit in mod specific bunurilor
achizitionate prin leasing; cu toate acestea se poate
aplica si in aceasta situatie.
Ca o privire de ansamblu, avand la baza stimulentele
existente in jurisdictiile analizate, am efectuat o
comparatie intre aceste 6 tari. In urma acesteia, a
reiesit ca Germania este tara cea mai favorabila din
perspectiva impozitului pe profit, pentru leasing-ul
financiar, in timp ce Franta si Romania au fost
plasate la sfarsitul clasamentului
In the Czech Republic, the State grants cash
incentives of 40% up to 100% for purchases of new
technologies and IT, renovation of real estate, etc.
This incentive is not specifically provided for assets
acquired through financial leasing; however it may
be applied in this case as well.As a general overview,
based on the incentives detailed in the analysed
jurisdictions we have made a comparison between
these 6 countries. As a result, Germany has the most
favourable CIT legislation for financial leasing while
France and Romania are placed at the bottom of the
table.
In Italy, state aid is available for purchasing of new
machineries, plants and equipment (but also
hardware, software and other technologies) through
financial leasing agreements. Italian SMEs can
benefit from this incentive.
67
2.2.
Taxe locale
2.2.
Real Estate Property tax
Romania este singura jurisdictie in care taxele locale Romania is the only jurisdiction where property taxes
se aplica si pentru alte bunuri in afara cladirilor si a are levied on other assets besides buildings and land
terenurilor (e.g. taxe locale aferente masinilor).
(e.g., property taxes in the case of cars and/or other
fixed assets).
In ceea ce priveste taxele locale pentru cladiri sau
pentru terenuri, similar legislatiei romanesti, si in
celelalte jurisdictii proprietarul bunului este
considerat locatorul.
Un stimulant fiscal este oferit in legislatia din Cehia,
unde terenul cultivabil (e.g. terenul arabil, gradinile,
viile, livezile cu pomi fructiferi si pasunile) poate fi
scutit de la impozitul pe teren, indiferent de modul de
achizitie (e.g. leasing financiar).
As regards property taxes on buildings and land
similar to the Romanian legislation, the owner of the
asset is considered to be the lessor in the other
jurisdictions as well.
A tax incentive is provided under the Czech
legislation, where agricultural land (i.e., arable land,
hop gardens, vineyards, fruit orchards and permanent
grasslands) may be exempted from the land tax,
regardless of the acquisition method (e.g. through
financial leasing).
2.3.
2.3.
TVA
VAT
Din perspectiva TVA, prevederile legislativei On the VAT side, the Romanian provisions on the
domestice in privinta dreptului de deducere a TVA VAT deduction for leased cars are generally in line
68
pentru autovehiculele inchiriate in regim de leasing
sunt in general similare cu cele din alte state care
aplica limitarea dreptului de deducere a TVA. Exista
oportunitatea de a imbunatati regulile actuale prin
considerarea folosintei private ocazionale (spre
exemplu mai putin de 10%) in afara limitarii de 50%
a deducerii TVA. O astfel de modificare legislativa ar
putea avea un impact pozitiv asupra numarului de
contracte noi de leasing.
with the ones in other countries which apply VAT
deduction limitation. There is an opportunity to
improve the current rules by considering the
occasional private use (e.g. less than 10%) as not
leading to the 50% limitation of deduction. Such
legislative amendment could have a positive impact
on the number of new leasing contracts.
Posibilitatea de a recupera sumele de TVA neachitate
de catre clienti este in prezent limitata. Prevederile
legislative actuale ar trebui modificate pentru a
permite ajustarea TVA dupa expirarea unei anumite
perioade de timp de la data emiterii unei facturi care
nu a fost achitata.
The possibility of recover from the State the VAT not
paid by clients is very restrictive in Romania. The
current law provisions should be amended to allow
the VAT adjustment after a specific period of time
from the moment the invoice was issued and not
paid.
Pentru a veni in sprijinul sectorului de leasing,
Romania poate introduce o cota redusa de TVA
pentru leasingul anumitor bunuri ceea ce ar avea un
impact pozitiv in anumite sectoare de activitate unde
TVA este o componenta a costurilor (spre exemplu
sectorul medical).
To support the leasing industry, Romania can
introduce a reduced VAT rate for the leasing of some
goods which is likely to have a positive impact on
certain business sectors where VAT is a cost (e.g.
medical sector).
Prezentam in continuare un sumar al aspectelor de
TVA analizate pentru fiecare jurisdictie. Germania
are legislatia cea mai favorabila pentru leasing
financiar in timp ce Italia este pozitionata pe ultimul
loc al acestui clasament.
Below is an overview of the analysed VAT aspects.
Germany has the most favourable VAT legislation
for financial leasing while Italy is placed at the
bottom of the table.
69
3. Analiza comparativa a legislatiei
3. Comparative legal analysis
In urma unei analize comparate a anumitor aspecte
cheie privind regimul juridic al contractelor de
leasing financiar in Romania fata de regimurile
juridice ce guverneaza acest aspect in alte jurisdictii
europene (i.e.: Italia, Germania, Cehia, Polonia,
Austria si Franta), au fost identificate similitudini,
dar si diferente importante in reglementarile
nationale si, in anumite cazuri, si in interpretarea
unor aspecte practice similare de catre instantele
nationale. Prezentul studiu a relevat si anumite
aspecte care trebuie considerate zone importante ce
necesita imbunatatiri in abordarea viitoare a
leasingului financiar in Romania.
Following a comparative analysis of certain key
aspects regarding the legal regime of financial
leasing agreements in Romania versus the legal
regimes governing this matter in other European
jurisdictions (i.e.: Italy, Germany, Czech, Poland,
Austria and France), there were identified
similarities, but also important differentiations in the
national regulations and, in certain cases, also in the
interpretation of similar practical aspects by the
national courts of law. The study also revealed
several aspects which should be considered as
important areas of improvement for the future legal
treatment of the financial leasing in Romania.
Specific aspects regarding the financial
3.1.
Aspecte
specifice
privind
legislatia 3.1.
leasing
legislation in the analysed jurisdictions
leasingului financiar in jurisdictiile analizate
Reglementarea leasingului financiar
Regulation of financial leasing
Cu cateva exceptii (i.e.: Polonia, Cehia), actul de
incheiere a unui leasing financiar in calitate de
locator, efectuat cu titlu profesional, este considerat o
activitate financiara ce atrage dupa sine anumite
obligatii specifice, cum ar fi: obligatiile de raportare
catre bancile nationale, sau necesitatea de a
implementa si de conformare cu anumite proceduri
(ex.: reglementarile impotriva spalarii de bani, de
cunoastere a clientelei etc.).
With a few exceptions (i.e.: Poland, Czech), the act
of entering into financial leasing agreements as
lessor, performed with a professional title, is deemed
as a financial activity, triggering certain specific
obligations, such as: reporting obligations towards
the national banks or the necessity to implement and
comply with certain procedures (e.g. AML, KYC
etc.).
In ceea ce priveste forma juridica a societatilor
comerciale care desfasoara activitati de leasing
financiar, in anumite jurisdictii legislatia este foarte
stricta. Acesta este cazul in Romania (unde doar o
societate pe actiuni infiintata ca institutie financiara
nebancara (IFN) sau ca banca poate desfasura o astfel
de activitate), sau Italia (unde activitatea de leasing
financiar este permisa doar anumitor tipuri de
entitati, cum ar fi bancile, institutiile de credit,
institutiile financiare).
As regards the legal form for companies performing
financial leasing activity, in certain jurisdictions the
legislation is very strict. This is the case in Romania
(where only a joint stock company established as a
non-banking financial institution (“NBFIs”) or as a
bank is allowed to carry out such business) or Italy
(where the performance of financial leasing activity
is allowed only to certain types of entities, such as
banks, credit institutions, financial institutions).
Pe de alta parte, exista si cazuri de:
On the other hand, there are also cases of:
(i)
70
tari cu reglementari mai relaxate, cum ar
fi Polonia, unde leasingul financiar poate
fi efectuat chiar si de societati cu
raspundere limitata;
(ii) tari cu regulamente specifice, cum ar fi
(i)
countries with a more relaxed regulation,
such as Poland, where financial leasing
can be performed even by limited liability
companies;
(ii) countries with specific regulations, such as
Franta, unde exista o distinctie intre
societatile care desfasoara activitati de
leasing financiar cu caracter permanent –
supuse acelorasi regulamente ca si cele
impuse institutiilor de credit – si
societatile care desfasoara activitati de
leasing cu caracter ocazional – care nu au
un statut specific si, prin urmare, nu sunt
supuse unor cerinte specifice.
France, where a distinction is made
between the companies that carry out
financial leasing on a permanent basis –
which are subject to the same regulations
as the ones imposed on credit institutions
– and the companies that carry out
financial leasing on an occasional basis –
which have no specific status and,
therefore, are not subject to specific
requirements.
Aspecte privind legislatia aplicabila drepturilor Governing law issues in relation to consumer’s
rights
consumatorilor
Jurisdictiile analizate au implementat Directiva
2008/48/EC a Parlamentului European si a
Consiliului European privind contractele de credit
pentru consumatori. Prin urmare, daca locatarul este
un consumator, locatorul trebuie sa respecte o serie
de obligatii precontractuale in toate jurisdictiile
analizate, dintre care cea mai importanta este
obligatia de a-l informa pe locatar cu privire la cele
mai importante prevederi ale contractului de leasing
ce urmeaza a fi incheiat. Definitia “consumatorului”
este similara in toate jurisdictiile analizate.
Un caz interesant este cel al Poloniei, unde, desi
Codul Civil si alte regulamente interne aplicabile nu
prevad cerinte specifice privind faza precontractuala
a relatiei de leasing, practica de piata a aliniat
comportamentul comercial al locatorului cu cel
impus de lege in alte jurisdictii, creand prin urmare
un cadrul cvasi unitar pentru faza precontractuala a
relatiei de leasing in cadrul jurisdictiilor analizate din
Europa.
The analysed jurisdictions have implemented the
Directive 2008/48/EC of the European Parliament
and of the Council on credit agreements for
consumers. Therefore, if the lessee is a consumer, the
lessor shall have to comply with a series of precontractual obligations in all the analysed
jurisdictions, among which the most important is the
obligation to inform the lessee on the main
provisions of the leasing agreement to be concluded.
The definition of “consumer” is similar under all of
the analysed jurisdictions.
An interesting case is the one of Poland, where,
although the Civil Code and the other internal
applicable regulations do not provide any specific
requirements concerning the pre-contractual phase of
the leasing relationship, the market practice has
brought in line the lessor’s business conduct with the
one imposed by law in the other jurisdictions,
therefore creating, a quasi-unitary unitary framework
for the pre-contractual phase of the leasing
relationship among the analysed jurisdictions in
Europe.
Drepturile locatorului de a executa silit contractul
in cazul refuzului locatarului de a returna activul
inchiriat catre locator
Lessor’s enforcement rights in case of refusal by
the lessee to return the leased asset
to the lessor
In toate jurisdictiile analizate, este necesara
implicarea instantei pentru executarea silita a
drepturilor locatorului in cazul refuzului locatarului
de a returna activul inchiriat la data incetarii
contractului de leasing.
Perioada de timp pentru procedura de repunere in
posesie nu poate fi estimata cu precizie in niciuna
dintre tarile analizate, pentru ca aceasta depinde de
mai multe aspecte, inclusiv de volumul de lucru al
instantelor, de probele necesare la dosar pentru a fi
analizate, etc.
In all the analysed jurisdictions, a court’s
involvement is required for the enforcement of the
lessor’s rights in case the lessee refuses to return the
leased asset to the lessor at the termination date of
the leasing agreement.
The average timing for the repossession procedure
cannot be accurately estimated in any of the analysed
countries, as this depends on several aspects,
including the workloads of the courts, the evidences
required to be filed and analysed etc.
71
In anumite jurisdictii, cum ar fi Romania si Austria,
procedura de repunere in posesie poate dura, teoretic,
una-doua luni, in cel mai bun scenariu, in timp ce in
alte jurisdictii, cum ar fi Polonia sau Italia, cadrul de
timp minim ar fi de sase-douasprezece luni.
Under certain jurisdictions, such as Romania and
Austria, the repossession procedure can theoretically
take one/two months in a best case scenario, while in
other jurisdictions, such as Poland or Italy, the
minimum timeframe would be of six/twelve months.
Cooperarea cu autoritatile publice este necesara in
toate jurisdictiile analizate, pentru ca locatorul sa
reintre in posesia activului inchiriat la sfarsitul
perioadei de leasing, in cazul in care locatarul nu isi
respecta obligatia de a-l returna si nu opteaza pentru
achizitionarea activului inchiriat.
The cooperation with public authorities is necessary
in all the analysed jurisdictions in order for the lessor
to repossess the leased asset at the end of the leasing
period, in case the lessee does not comply with the
obligation to return it and it/he/she does not opt for
the acquisition of the leased asset.
Refuzul locatarului de a returna activul reprezinta o The lessee’s refusal to return the asset qualifies as a
legal offence under all the analysed jurisdictions.
incalcare a legii in toate jurisdictiile analizate.
In practica, cadrul de timp pentru repunerea in
posesie a activului inchiriat variaza mult de la tara la
tara si de la instanta la instanta (in principal in functie
de volumul de munca al fiecarei instante). Estimarile
noastre privind timpul mediu pentru repunerea in
posesie in fiecare jurisdictie sunt dupa cum urmeaza:
In practice, the timeframe for the repossession of the
leased asset varies widely from country to country
and from court to court (mostly based on the
workload of each court). Our estimates on the
average timing for the repossession in each
jurisdiction is as follows:
 in Romania – de la 1 luna la 2 ani (in
practica, considerand volumul de lucru
al instantelor, acest termen poate fi
depasit cu mult);
 in Romania – 1 month up to 2 years (in
practice, considering the workload of
the courts, this term might be highly
exceeded);
 in Italia – 1 an;
 in Italy – 1 year;
 in Cehia – 14 luni;
 in Czech – 14 months;
 in Polonia – de la 6 luni la 1,5 ani;
 in Poland – 6 months up to 1.5 years;
 in Austria – de la 6 luni la 1,5 ani.
 in Austria – 6 months up to 1.5 years.
In timp ce in conformitate cu legislatia din Romania
contractele de leasing si garantiile accesorii aferente
stabilite cu scopul de a garanta obligatiile prevazute
de contractul de leasing financiar constituie titlu
executoriu, ceea ce ii permite locatorului sa treaca la
executare silita in cazul neindeplinirii obligatiilor
contractuale de catre locatar, in toate celelalte
jurisdictii analizate, titlul executoriu trebuie obtinut
de la instanta, ca faza preliminara a procedurii de
executare silita.
Titlul executoriu european (i.e.: o hotarare
judecatoreasca certificata ca fiind un Titlu
Executoriu European in Statul Membru de origine si
care este recunoscut si aplicat in alte State Membre
fara a fi necesara declararea caracterului sau
72
While under the Romanian legislation the leasing
agreement and the ancillary guarantees thereto,
established for the purpose of securing the
obligations under the leasing agreement, are writ of
execution, enabling the lessor to proceed with their
enforcement in case of non-fulfilment by the lessee
of its contractual obligations, in all the other analysed
jurisdictions the writ of execution shall have to be
obtained in court, as a preliminary phase of the
foreclosure procedure.
The European Enforcement Order (i.e.: a judgment
which has been certified as an European
Enforcement Order in the Member State of origin
and which is recognised and enforced in the other
Member States without the need for a declaration of
executoriu si fara nicio posibilitate de a contesta
recunoasterea acestuia, conform prevederilor
Regulamentului nr. 805/2004 al Parlamentului
European si al Consiliului European din 21 aprilie
2004 privind crearea unui Titlu Executoriu European
pentru creantele necontestate) este recunoscut in
toate jurisdictiile analizate. In unele tari insa,
instantele nationale sovaiesc in a aplica acest Titlu,
asa cum este cazul Poloniei, unde, in practica, este
necesara si o decizie interna emisa de o instanta
poloneza.
enforceability and without any possibility of
opposing its recognition, as per the provisions of the
Regulation no. 805/2004 of the European Parliament
and of the Council of 21 April 2004 creating a
European Enforcement Order for uncontested
claims) is recognized in all the analysed jurisdictions.
However, in certain countries the national courts are
reluctant in applying this Order, as is the case of
Poland where in practice an internal decision is also
required to be issued by a Polish court.
Regimul juridic al contractului de leasing
financiar in cazul procedurilor de insolventa
Legal regime of the financial leasing agreement in
case of insolvency proceedings
Cadrul juridic general al tratamentului contractelor
de leasing in cazul procedurii de insolventa deschise
impotriva locatarului este foarte similar in toate
jurisdictiile analizate, in ceea ce priveste cele mai
sensibile aspecte, i.e.:
The general legal framework of the leasing
agreement’s treatment under insolvency proceedings
opened against the lessee is very similar throughout
all the analysed jurisdictions as regards the most
sensitive issues, i.e.:
(i) Executarea drepturilor locatorului conform
cu contractul de leasing va fi suspendata
dupa deschiderea procedurii de insolventa
in toate jurisdictiile analizate.
Pentru a obtine satisfacerea pretentiei sale, locatorul
trebuie sa-si inregistreze pretentia la masa credala a
locatarului insolvent si sa astepte emiterea unei
decizii privind planul de reorganizare/ lichidarea
activelor locatarului. Luand in considerare situatia
economica a locatarului insolvent, in majoritatea
cazurilor, drepturile locatorului vor depinde de rangul
locatorului in calitate de creditor al locatarului
insolvent si de suma celorlalte pretentii inregistrate
de ceilalti creditori ai locatarului insolvent la masa
credala.
(i) Enforcement of the lessor’s rights under the
leasing agreement shall be suspended
after the opening of the insolvency
proceedings in all the analysed
jurisdictions.
In order to obtain the satisfaction of its claim, the
lessor shall have to register its claim against the
insolvent lessee’s assets and wait for the
reorganisation plan / liquidation of the lessee’s assets
to be decided upon. Considering the economic
situation of the insolvent lessee, in most of the cases
the rights of the lessor shall depend on the lessor’s
ranking as creditor of the insolvent lessee and the
amount of the other claims registered by other
creditors of the insolvent lessee in the table of
receivables.
(ii) Rezilierea contractului de leasing dupa
initierea procedurilor de insolventa
impotriva locatarului
(ii) Termination of the leasing agreement after
the initiation of the insolvency
proceedings against the lessee
Un alt punct comun in toate jurisdictiile analizate
este faptul ca, in general, contractele in curs la data
deschiderii procedurilor de insolventa vor ramane pe
deplin in vigoare si vor produce efecte, fara ca partile
sa aiba posibilitatea de a rezilia aceste contracte ca
urmare a insolventei. Daca este considerat oportun
din punct de vedere economic, dupa efectuarea
analizei situatiei financiare a locatarului insolvent,
administratorul judiciar poate decide rezilierea
contractului de leasing.
Another common point in all the analysed jurisdictions
is the fact that generally the contracts in progress at the
opening date of the insolvency proceedings shall
remain in full force and effect, without the possibility of
the counterparties to terminate these agreements as a
consequence of the insolvency. If deemed opportune
from an economical perspective after performing the
analysis of the insolvent lessee’s financial situation, the
judicial administrator can decide upon the termination
of the leasing agreement.
73
De asemenea, in cazul in care planul de reorganizare
prevede continuarea contractului de leasing, locatorul
va avea dreptul, in anumite jurisdictii (ex.: Romania,
Germania, Austria), de a rezilia contractului in cazul
in care locatarul nu isi plateste ratele de leasing, asa
cum a fost decis de planul de reorganizare aprobat.
Also, in case the reorganisation plan provides for the
continuation of performance of the leasing
agreement, the lessor shall have in certain
jurisdictions (e.g.: Romania, Germany, Austria) the
right to terminate the agreement in case the lessee
fails to pay the leasing instalments as decided by the
approved reorganisation plan.
Un caz deosebit de interesant si unic este cel introdus
in Romania de nou adoptata Lege a Insolventei, prin
care in cazul individual al contractului de leasing
financiar, daca locatorul nu isi exprima intentia de a
mentine contractul in termen de trei luni de la data
deschiderii
procedurii
insolventei
impotriva
locatarului, contractul va fi considerat reziliat la
expirarea perioadei mentionate.
A particularly interesting and unique case is the one
introduced in Romania by the newly adopted
Insolvency Law, whereby, in the individual case of
the financial leasing agreement, if the lessor does not
express its intention to maintain the agreement within
three months from the date of opening of the
insolvency proceedings against the lessee, the leasing
agreement shall be considered terminated on the
expiry of that period.
(iii)Posibilitatea locatorului de a reintra in
posesia activului inchiriat
Este unanim reglementat in toate jurisdictiile
analizate dreptul locatorului de a reintra in posesia
activului inchiriat, diferentele dintre legislatii
constand in pasii specifici reglementati de legile
nationale privind procedurile de repunere in posesie.
(iv) Posibilitatea locatorului de a participa la
sedintele creditorilor debitorului si sa
voteze cu privire la planul de
reorganizare propus.
(iii)Possibility of the lessor to obtain the
repossession of the leased asset
It is unanimously regulated under all the analysed
jurisdictions the lessor’s right to obtain the
repossession of the leased asset, the differences
between legislations consisting in specific steps
regulated in the national laws in relation to the
repossession procedure.
(iv) Possibility of the lessor to attend the insolvent
debtor’s creditors’ meetings and vote with
respect to the proposed reorganisation
plan,
Dreptul locatorului de a participa si de a vota in The lessor’s entitlement to attend and to vote in the
sedintele creditorilor este un alt drept reglementat creditors’ meetings is another right unanimously
regulated under the analysed jurisdictions.
unanim in jurisdictiile analizate.
74
3.2.
Zonele de imbunatatit identificate
in legislatia romaneasca privind contractul
de leasing financiar
3.2.
Identified areas of improvement in
the Romanian legislation regarding the
financial leasing agreement
Reglementarea extinsa si detaliata de catre
legislatia romaneasca atrage dupa sine
aplicabilitatea unui numar mai mare de obligatii
si restrictii pentru entitatile care desfasoara
activitati de leasing financiar in Romania, in
comparatie cu alte tari
The extensive and detailed regulation under the
Romanian law triggers the applicability of a
greater number of obligations and restrictions for
the entities carrying out financial leasing activities
in Romania in comparison with the other
countries
In timp ce legislatia romaneasca reglementeaza
majoritatea drepturilor si obligatiilor locatorului si
locatarului intr-o maniera imperativa, celelalte
jurisdictii asigura un cadrul legal mai flexibil,
lasand multe aspecte ale contractului de leasing sa
fie decise de catre parti (ex.: in Polonia,
reglementarea contractului de leasing se bazeaza
intr-o masura semnificativa pe prevederi legale
dispozitive, permitand prin urmare partilor sa-si
construiasca flexibil propria relatie juridica, pe
baza libertatii contractuale).
While the Romanian legislation regulates most of
the rights and obligations of the lessor and the
lessee in an imperative manner, the other
jurisdictions provide a more flexible legal
framework, leaving many aspects of the leasing
agreement to be decided upon by the parties (e.g.:
in Poland the regulation of the leasing agreement is
based to significant extent on dispositive
provisions of law, therefore allowing the parties to
the agreement to construct their legal relationship
flexibly, on the basis of contractual freedom).
Multe dintre restrictiile legale apar ca urmare a
aplicabilitatii normelor de reglementare a
institutiilor financiare nebancare, astfel de norme
reglementand numeroase obligatii sau cerinte de
raportare, in special pentru acele institutii
financiare nebancare inregistrate in Registrul
Special al Bancii Nationale a Romaniei. Ca atare, o
societate de leasing ar trebui sa-si creeze propriul
set de norme interne pentru a respecta obligatiile
de informare fata de Banca Nationala a Romaniei,
ceea ce uneori poate avea ca rezultat interferente
semnificative ale autoritatii publice in conducerea
societatii.
Many of the legal restrictions are triggered by the
applicability of the norms regulating the nonbanking financial institutions, such norms
regulating numerous obligations or reporting
requirements, especially for those non-banking
financial institutions registered in the Special
Registry of the National Bank of Romania. As
such, a leasing company would have to create its
set of internal norms to comply with information
obligations towards the National Bank of Romania,
as well as with the decisions made by the National
Bank of Romania, which sometimes can result in
the public authority significantly interfering in the
company’s own management.
Mai mult, Banca Nationala a Romaniei are dreptul
de a verifica in orice moment normele interne si de
a-si impune amendamentele pentru o obliga
societatea de leasing sa implementeze masurile
considerate mai prudente de Banca Nationala.
Moreover, the National Bank of Romania is
entitled to verify at any given time the internal
norms and impose its amendments or compel the
leasing company to implement specific measures
deemed more prudent by the National Bank.
In alte jurisdictii, cum ar fi Polonia sau Austria,
astfel de cerinte nu exista. Mai mult, chiar si in alte
jurisdictii unde leasingul financiar este calificat
drept o activitate financiara/ de credit, obligatiile
de raportare catre bancile nationale sunt limitate,
fiind pastrate la minimum si privind in principal
obligatiile de a respecta prevederile de interes
public ale procedurilor de prevenire a spalarii de
In other jurisdictions, such as in Poland and
Austria, such requirements do not exist. Moreover,
even in other jurisdictions where the financial
leasing is qualified as a financial / crediting
activity, the reporting obligations towards the
national banks are limited, being kept to a
minimum and mainly concerning the obligations to
comply with provisions of public interest such as
75
bani si de cunoastere a clientelei.
AML and KYC provisions.
Absenta definitiei din legislatia romaneasca a Lack of a definition under the Romanian law for
performing crediting activities with a
activitatilor de creditare cu ”titlu profesional”
“professional title”
Trebuie mentionat ca legislatia romaneasca nu
prevede o definitie clara a ceea ce trebuie inteles
prin desfasurarea unei activitati cu ”titlu
profesional”, ci doar anumite criterii, prezentate in
maniera neexhaustiva, o astfel de reglementare
lasand loc de interpretare si de evaluare
discretionara de catre BNR. Prin urmare, in lipsa
unei definitii clare, este discutabil si trebuie evaluat
de la caz la caz, daca o entitate care desfasoara
ocazional anumite activitati ce pot fi calificate
drept leasing financiar ar trebui sa obtina
autorizatie in acest scop de la BNR. Absenta unei
definitii clare, sau a unui set clar de criterii, poate
duce in practica la abordari inconsecvente pentru
cazuri similare. Mai mult, chiar si in cazul
activitatilor intra-grup, societatile trebuie sa ceara
un aviz de la BNR prin care aceasta din urma sa
stabileasca ca o activitate efectuata pentru entitati
afiliate nu este o activitate desfasurata cu ”titlu
profesional”. Avand in vedere cele de mai sus, este
recomandabila o clarificare in legislatie pe viitor.
It should be noted that the Romanian legislation
does not provide a clear definition of what is to be
understood by carrying out the activity with a
„professional title”, but only certain criteria which
are presented in a non-exhaustive manner and such
regulation leaves a room of interpretation and
discretionary assessment by NBR. Therefore, in
lack of a clear definition, it is debatable and should
be assessed on a case by case basis, whether an
entity performing, on an occasional basis, certain
activities which could be qualified as financial
leasing should obtain NBR’s authorization for this
purpose. The lack of a clear definition or of a clear
set of criteria might lead in practice to inconsistent
approaches for similar cases. Moreover, even in
case of intra-group activities, the companies should
request a clearance from NBR in order for the
latter to ascertain that an activity performed for
related parties is not an activity performed with “a
professional title”. Having in view the above, a
clarification in the future of the legislation would
be recommendable.
Datoria locatorului privind amenzile primite de
locatar/terte parti pentru incalcarea cu
vehiculul inchiriat a normelor privind circulatia
pe drumurile publice sau a altor norme inrudite
Lessor’s liability for the fines received by the
lessee / third parties for using the leased vehicle
in breach of the norms regarding the circulation
on public roads or other related norms
Conform prevederilor legale imperative din
Romania, locatorul, in calitatea sa de proprietar al
unui vehicul, este responsabil pentru incheierea
unei polite de asigurare de raspundere civila auto.
Nerespectarea acestei obligatii atrage dupa sine
aplicabilitatea unor amenzi.
As per the Romanian imperative legal provisions,
the lessor, in its capacity as owner of a vehicle, is
responsible for concluding the auto liability
insurance (in Romanian “asigurarea de raspundere
civila auto”). Non observance of this obligation
triggers the applicability of fines.
Exista jurisdictii (ex.: Italia), in care se prevede ca
locatarul si locatorul raspund solidar pentru astfel
de amenzi si, desi este posibila obligarea
locatorului la plata amenzilor, acesta are dreptul de
a-si recupera sumele platite de la locatar.
There are jurisdictions in which (e.g. Italy), it is
provided that the lessee and the lessor are jointly
liable for such fines and, although the lessor might
be forced to pay the fines, it is entitled to recover
afterwards the amounts paid, from the lessee.
Trebuie retinut de asemenea ca exista alte
prevederi legale in legislatia romaneasca necorelate
cu normele de leasing financiar. De exemplu, in
ceea ce priveste rovinieta pentru utilizarea
drumurilor nationale din Romania, sanctiunea
76
It should be also noted that there are other legal
provisions in the Romanian legislation which are
not correlated with the financial leasing norms. For
example, as regards the fees for using the national
roads of Romania (i.e. in Romanian, “rovinieta”),
pentru nerespectarea obligatiei de plata a unei
asemenea taxe revine in general ”utilizatorilor” de
vehicule, i.e. fie proprietarului, fie utilizatorului de
drept al vehiculului. Este recomandabila existenta
unei reguli speciale in legislatia de leasing
financiar care sa stipuleze in mod clar ca, in cazul
in care vehiculul este utilizat de un utilizator legal.
i.e. locatarul, raspunderea pentru nerespectarea
acestei obligatii de plata ar trebui sa apartina celui
din urma si nu locatorului, care nu este cel care
utilizeaza efectiv vehiculul pe drumurile nationale
din Romania.
the sanction for not observing the obligation of
payment such a fee applies generally to the “users”
of a vehicle, i.e. either the owner or the rightful
user of the vehicle. It is recommendable to have a
special regulation in the financial leasing
legislation in which to be clearly stipulated that in
case the vehicle is used by a rightful user, i.e. the
lessee, the liability for the inobservance of this
payment obligation would belong to the latter and
not to the lessor who is not the one effectively
using the vehicle on the Romanian national roads.
Accesul la informatiile privind comportamentul
contractual al locatarului
Access to information regarding the contractual
behaviour of the lessee
Nu exista o practica uniforma in jurisdictiile
analizate cu privire la existenta unei baze de date a
activelor in leasing oficial/privat, care sa ofere
posibilitatea urmaririi comportamentului de plata al
locatarilor si a activului inchiriat.
There is not a uniform practice in the analysed
jurisdictions regarding the existence of an
official/private leased asset database that offers the
possibility to follow the payment behaviour of the
lessees and to track the leased asset.
In Romania, exista anumite baze de date
disponibile pentru cautarea de informatii privind
comportamentul locatarilor, cum ar fi baza de date
a Biroului de Credite sau Registrului Central de
Credite.
In Romania, there are certain databases available
for searching information regarding the behaviour
of the lessees, such as the database of the Credit
Bureau or Central Credit Register.
In ceea ce priveste Biroul de Credite, nu exista
nicio recunoastere legala a dreptului unei institutii
financiare nebancare de a fi admisa ca participant.
Prin urmare. In cazul refuzului Biroului de Credite
de a accepta cererea institutiei financiare nebancare
de a deveni participant (refuz care poate fi
arbitrar), aceasta din urma nu va avea acces la
informatiile privind comportamentul de plata al
locatarilor. In ceea ce priveste Registrul Central de
Credite, aceasta baza de date privata stocheaza si
ofera informatii doar de la si catre institutiile
financiare nebancare inregistrate in Registrul
Special al IFN-urilor. Un IFN nu se poate
inregistra insa in Registrul Special la data
infiintarii, ci numai dupa indeplinirea anumitor
criterii timp de trei perioade consecutive de
raportare trimestriala. Prin urmare, pana la acel
moment, un IFN nu are acces la nici un fel de
informatii din partea Registrului Central de Credite
cu privire la comportamentul de plata al locatarilor.
As regards the Credit Bureau, there is no legal
recognition of the NBFIs’ right to be admitted as
participant. Therefore, in case of refusal by the
Credit Bureau to accept a NBFI’s request to
become a participant (refusal which can be
arbitrary), the latter shall not have access to the
information regarding the payment behaviour of
the lessees. As regards the Central Credit Register,
this private databases stores and offers information
only from and to NBFIs registered in the NBR’s
Special Register. However, a NBFI cannot register
as of its incorporation date in the Special Register,
but only upon fulfilment of certain criteria for three
consecutive periods of quarterly reporting.
Therefore, until that moment, a NBFI does not
have access to any information from the Central
Credit Register regarding the payment behaviour of
the lessees.
77
Dreptul instantei de a descreste ratele de
leasing/ alte datorii stabilite prin contractul de
leasing
The Court’s right to decrease the leasing
instalments / other debts established under the
leasing agreement
In toate jurisdictiile analizate, locatorul are dreptul
de a obtine daune-interese in cazul neindeplinirii
de catre locatar a obligatiilor sale contractuale.
Trebuie observat ca obtinerea unor astfel de dauneinterese nu il impiedica pe locator sa reintre si in
posesia activului.
In all the analysed jurisdictions, the lessor is
entitled to obtain damages in case of nonfulfilment by the lessee of its contractual
obligations. It should be noted that the obtainment
of such damages does not preclude the possibility
of the lessor repossessing the leased asset as well.
Dreptul unei instante de judecata de a descreste
drepturile contractuale ale locatorului de a obtine
daune-interese difera semnificativ de la o
jurisdictie la alta. Ca atare, in timp ce legislatiile
din Romania, Italia si Franta permit posibilitatea
instantelor de a interveni in contractul dintre parti
si de a modifica datoriile locatarului, instantele din
Austria pot decide doar cu privire la nivelul
daunelor-interese stabilite contractual ca fiind
platibile de catre locatar, fara posibilitatea de a
reduce ratele de leasing; in Polonia, desi este
teoretic posibil, nu a existat nici un caz in care
instanta sa fi modificat ratele de leasing/daunele
interese platibile de catre locatar. La polul opus, in
Germania si Cehia, instantele nu pot interveni in
contractul dintre parti pentru a modifica intentia
liber exprimata a acestora la semnarea contractului.
Conform unui proces recent din Cehia, daca
contractul de leasing este reziliat din cauza
locatarului inainte de expirare, locatorul are dreptul
de a cere plata tuturor ratelor de leasing ramase de
plata. Presupunand ca in contractul de leasing se
prevede dreptul locatorului de a-si recupera de la
locatar toate sumele la care ar fi avut dreptul in
cazul in care contractul ar fi fost executat pana la
sfarsitul duratei sale (ex.: toata dobanda pana la
sfarsitul perioadei de leasing convenite), o astfel de
clauza de penalizare ar fi aplicabila.
The right of a court of law to decrease the lessor’s
contractual entitlement to obtain damages
significantly differs from one jurisdiction to
another. As such, while the Romanian, Italian and
French legislations allow for the possibility of the
court to intervene in the parties’ agreement and
modify the lessee’s liabilities, Austrian courts can
only rule with respect to the contractually
established amount of damages to be paid by the
lessee, without the possibility to reduce the leasing
instalments; in Poland, although possible in theory,
there has not been a case when a court of law
amended the leasing instalments / damages which
are to be paid by the lessee. At the opposite end, in
Germany and Czech the courts of law are not
allowed to intervene in the parties’ agreement,
amending their free will, as it was expressed at the
signing of the agreement. According to recent case
law in Czech Republic, if the leasing contract is
terminated due to the lessee’s fault before its
expiration, the lessor would have a right to claim
all outstanding leasing instalments. Assuming that
the leasing agreement provides the lessor’s
entitlement to recover from the lessee all the
amounts to which it would have been entitled in
case the agreement was performed until the end of
its duration (e.g. all the interest until the end of the
agreed duration of the leasing agreement), such a
penalty clause would be enforceable
Dreptul instantelor de a descreste suma daunelorinterese reglementate contractual de catre parti
printr-un contract a fost recunoscut in mod expres
in Romania. Avand insa in vedere practica
inconsecventa a instantelor romanesti cu privire la
interpretarea si aplicarea clauzei de daune-interese
dintr-un contract de leasing, ar fi recomandabila o
clarificare a legislatiei in aceasta privinta, pentru a
evita pe viitor solutii diferite ale instantelor de
judecata in cazuri similare.
78
The right of the courts of law to decrease the amount of
damages, as regulated contractually by the parties to an
agreement, was expressly recognized in Romania.
However, having in view the inconsistent practice of
the Romanian courts of law in respect to the
interpretation and application of the liquidated damages
clause under a lease agreement, a clarification of the
legislation in this respect would be recommendable, in
order to avoid in the future different solutions of the
courts of law for similar cases.
Cu privire la cele de mai sus, trebuie de asemenea
retinut cazul altor jurisdictii, de exemplu Republica
Ceha, unde instantele de judecata nu pot interveni
in contractul dintre parti pentru a modifica intentia
lor liber consimtita.
In relation to the above, it should be also noted the
case of other jurisdictions, for example the Czech
Republic, where the courts of law are not allowed
to intervene in the parties’ agreement and to amend
their free will.
Autori/Authors:
Deloitte Consultancy
-
Oana Petrescu, Partner
-
Melania Hancila, Manager
-
Hanaan Yaseen, Business Analyst
Deloitte Tax
-
Dan Badin, Partner
-
Pieter Wessel, Partner
-
Daniel Petre, Director
-
Andrei Tercu, Manager
-
Cristian Velcu, Senior Manager
-
Laura Biban, Senior Consultant
-
Andreea Geacu, Senior Consultant
Reff & Associates
-
Andrei Burz Pinzaru, Partner
-
Leontin Trifa, Associate Partner
-
Irina Albusel, Managing Associate
-
Alexandra Laura Pop, Associate.
79
80
IV.2. Piata de leasing financiar in Romania
Financial Leasing Market in Romania
(30.09.2013 - 30.09.2014)
Asociatia Societatilor Financiare - ALB Romania
The Financial Companies Association – ALB Romania
81
86%
2 219 mill €
14%
NON - AFFILIATED / NEAFILIATE
ALB OUTSTANDING / PORTOFOLIU ALB
Portofoliul total al pietei de leasing din Romania (ALB vs non-afiliate)
Total Outstanding of the Romanian Leasing Market (ALB vs Non-Affiliated)
82
20%
14%
66%
Independent NBFIs/IFN-uri independente
NBFIs Captive to Producers/IFN-uri
captive producatorilor
NBFIs Banks' Subsidies/IFN-uri subsidiare
ale bancilor
30.09.2014
Piata leasingului din Romania dupa tipul de companie
Romanian Leasing Market by Company Type
83
30.09.2009
183.044
209.950
685.630
1.078.625
-15%
69 %
17%
22%
-64%
920.736
30.09.2012
32.649
233.644
654.443
-8%
30.09.2013
36.003
216.198
579.513
831.714
Real Estate/Imobiliare
10%
-8%
-11%
-10%
-23%
-2%
27%
17%
30.09.2014
27.807
211.844
734.397
974.049
Equipment/Echipamente
30.09.2011
90.685
267.957
649.405
Vehicles/Vehicule
30.09.2010
114.740
175.535
489.933
780.209
TOTAL
-36%
-16%
-29%
-28%
1.008.047
Evolutia pietei de leasing financiar (T3 2009 – T3 2014)
Financial Leasing Market Evolution (Q3 2009 to Q3 2014)
Mill €
(000 euro)
84
30.09.2008
30.09.2007
30.09.2009
17%
19%
64%
Vehicles/Vehicule
7%
21%
8%
23%
69%
72%
30.09.2011
9%
27%
64%
30.09.2013
4%
26%
Real Estate/Imobiliar
30.09.2012
4%
25%
70%
30.09.2014
3%
22%
75%
Equipment/Echipamente
30.09.2010
15%
22%
63%
71%
Piata de Leasing Financiar in Romania - ponderea segementelor in total finantari
Romanian Financial Leasing Market - Weight per Goods’ Segment
85
0%
20%
40%
60%
80%
100%
120%
CORPORATE /
COMPANII
94%
89% 87%
99%
PUBLIC /
PUBLIC
CORPORATE /
COMPANII
0%
30.09.2013
RETAIL /
RETAIL
3%2%3%
Vehicle / Vehicule
PUBLIC /
PUBLIC
0%1%1% 0%
0%
30.09.2014
RETAIL /
RETAIL
3%2% 3%
Real Estate / Imobiliar
CORPORATE /
COMPANII
100%
97% 97% 96%
PUBLIC /
PUBLIC
0% 1% 1% 0%
Equipment / Echipamente
0% 0%1% 0%
TOTAL ALB
30.09.2012
RETAIL /
RETAIL
11% 12%
6%
1%
97% 97% 100%
96%
Piata de leasing financiar din Romania dupa categoria utilizatorului
Romanian Financial Leasing Market Structure by Customer Type
86
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
82%
18%
Used / Second
Hand
15%
17%
82%
11%
18%
15%
16%
Used / Second
Hand
16%
30.09.2014
New / Noi
85%
84%
84%
Vehicle / Vehicule
Used / Second
Hand
16%
30.09.2013
New / Noi
84%
89%
Equipment / Echipamente
30.09.2012
New / Noi
85%
83%
82%
TOTAL ALB
Used / Second
Hand
16% 18%
12%
30.09.2011
New / Noi
84%
88%
Piata de leasing din Romania (echipamente si vehicule) dupa tipul achizitiei
Romanian Leasing Market (Equipment and Vehicles) Structure by Acquisition Type
87
0%
5%
10%
15%
20%
25%
30%
5%
8%
18%
24%
10%
11%
7-15 YEARS /
7-15 ANI
4% 4%
30.09.2014
30.09.2013
1 YEAR / 1 AN 1-2 YEARS / 1- 2-3 YEARS / 2- 3-4 YEARS / 3- 4-5 YEARS / 4- 5-7 YEARS / 52 ANI
3 ANI
4 ANI
5 ANI
7 ANI
4%
9%
20%
25%
28%
30%
Piata de Leasing Financiar din Romania dupa durata contractului
Romanian Financial Leasing Market Structure by Duration of Contract
88
0%
10%
20%
30%
40%
50%
60%
50%
55%
30.09.2011
PASSENGERS CARS/
Autoturisme
54%
59%
30.09.2013
HEAVY
COMMERCIALS/
Vehicule Comerciale Grele
0%
2% 2%
30.09.2014
OTHERS/Alte vehicule
2%
30.09.2012
LIGHT COMMERCIALS
/ Vehicule Comerciale
Usoare
14%
15%
12%
11%
30% 29%
28%
37%
Piata de leasing financiar din Romania - finantarea vehiculelor
Romanian Financial Leasing Market – Vehicles’ Financing
89
Electrical devices
14%
Petroleum &
Derivatives
3%
Agriculture
24%
Medical
Furniture
3%
1%
Printing & Packaging
2%
Chemical Industry
1%
Forklift Car Service
Plastics & Rubber
4%
2%
3%
Others
Car service
4%
1%
30.09.2013
Office + IT
3%
Wood processing
4%
Food & Beverage
6%
Metal processing
9%
Construction
16%
Piata de leasing din Romania - finantarea echipamentelor
Romanian Leasing Market - Equipment Financing
30.09.2013 vs 30.09.2014
90
0
5.000
10.000
15.000
20.000
25.000
30.000
35.000
32.433
EQUIPMENT / ECHIPAMENTE
30.874
5%
19.384
2.871
REAL ESTATE / IMOBILIAR
3.618
-21%
30.09.2014
30.06.2014
VEHICLE / VEHICULE
18.732
3%
Piata de leasing din Romania dupa restante ale contractelor terminate anticipat cu
bunuri nerecuperate / Romanian Leasing Market by Outstanding of Early
Terminated and Not Repossessed Leased Assets (000 Euro)
91
0
500
1.000
1.500
2.000
2.500
3.000
327
432
-24%
1.463
-47%
21
47
-55%
30.09.2014
30.09.2013
VEHICLE / VEHICULE
2.745
Piata de leasing din Romania dupa numarul activelor reposedate
Romanian Leasing Market by No. of Repossessed Assets
92
0
500
1.000
1.500
2.000
2.500
3.000
3.500
445
636
-30%
1.696
-50%
70
14
400%
30.09.2014
30.09.2013
VEHICLE / VEHICULE
3.416
Piata de leasing din Romania dupa numarul activelor revandute
Romanian Leasing Market by No. of Remarketed Assets
93
0
200
400
600
800
1000
1200
1400
1059
-7%
Number of employees in HO / Nr.
de angajati in sediile centrale
1133
193
Total employees / Total angajati
1252
-6%
30.09.2014
30.06.2014
Number of employees in branches /
Nr. de angajati in sucursale
192
1%
1325
Piata de leasing din Romania dupa numarul de angajati
Romanian Leasing Market by No. of Employees
V. Texte legislative pentru IFN-uri publicate in perioada
iunie 2013 – iunie 2014
(doar versiunea in limba Engleza)
V. Legislation for NBFI issued between
June 2013 to June 2014
(only the English version)
95
Valeriu Popescu
CEO, Diplomat Consult, Part of Invigors EMEA
Valeriu Popescu
CEO, Diplomat Consult, Part of Invigors EMEA
Prefata
Forward
Anul 2014 se inscrie, din punct de vedere legislativ,
in linia schimbarii si modernizarii cadrului legal, care
a inceput cu intrarea in vigoare a Codului Civil –
octombrie 2011 urmat apoi de Codul de Procedura
civila – 2013.
The year 2014 is following, in terms of legislation,
the line of change and modernization of the legal
framework, which began with the entry into force of
the Civil Code - in October 2011 followed by the
Code of Civil Procedure - in 2013.
Pentru a putea oferi cititorilor o perceptie cu privire
la dimensiunea schimbarilor cadrului legal,
enumeram in mod nelimitativ cateva din actele
legislative intrate in vigoare in anul 2014, pana la
data redactarii prezentei prefete :
In order to give the readers a perception on the size
of the legal framework changes, we are listing,
without limitation, some of the legislative acts
entered into force in 2014, until the date of writing
this preface.





96
Ordonanta de Urgenta a Guvernului nr.
44/2008 privind desfasurarea activitatilor
economice de catre persoanele fizice
autorizate, intreprinderile individuale si
intreprinderile familiale – Ianuarie 2014 ;
Codul Penal - Februarie 2014 ;
Codul de Procedura Penala - Februarie
2014;
Hotararea Guvernului nr. 421/2014 pentru
modificarea si completarea Normelor
metodologice de aplicare a Legii nr.571/2003
privind Codul fiscal, aprobate prin Hotararea
Guvernului nr. 44/2004. - Mai 2014. Prevede
scutirea de la impozitare a profitului investit
in echipamente tehnologice inclusiv a celor
luate in folosinta in baza contractelor de
leasing financiar.

Government Emergency Ordinance no.
44/2008 on economic activities by authorized
natural persons, sole proprietorships and
family businesses - January 2014;


Criminal Code - February 2014;
Code of Criminal Procedure - February
2014;
Government Decision no. 421/2014 to
amend and supplement the rules of
implementing the Law no. 571/2003 on the
Tax Code, approved by the Government
Decision no. 44/2004. - May 2014. It
provides the tax exemption of income
invested
in
technological
equipment,
including the equipment used based on
financial leasing contracts.
Legea nr. 85/2014 privind privind
procedurile de prevenire a insolventei si de
insolventa – Iunie 2014. Comparativ cu
Legea 85/2006, noua lege, considerata un
veritabil Cod al insolventei, contine prevederi
(i) care acorda noi parghii in vederea cresterii
sanselor de reorganizare; (ii) care aduc un
plus de claritate fata de textele vechii legi;
(iii) care transpun in cadrul procedurii


Law no. 85/2014 on insolvency and
insolvency prevention proceedings - June
2014. Compared with Law 85/2006, the new
law, considered an authentic Code of
insolvency, includes provisions (i) granting
new possibilities to increase the chances of
reorganization; (ii) adding greater clarity to
the texts of the former law; (iii) transposing
the gained positive judicial experience within
insolventei experienta judiciara pozitiva
acumulata; (iv) care reglementeaza activitatea
practicianului in insolventa in scopul crearii
unui Cod de bune practici.
insolvency proceeding; (iv) regulating the
activity of the insolvent practitioner in order
to create a Code of Practice.

Ordonanta de Urgenta a Guvernului nr.
34/2014 privind drepturile consumatorilor in
cadrul
contractelor
incheiate
cu
profesionistii, precum si pentru modificarea
si completarea unor acte normative. – Iunie
2014. Ordonanta 34/2014 (i) abroga OG nr.
106/1999 privind contractele incheiate in
afara spatiilor comerciale si OG nr. 130/2000
privind protectia consumatorilor la incheierea
si executarea contractelor la distanta si (ii)
modifica si compleaza Legea nr. 193/2000
privind clauzele abuzive din contractele
incheiate intre profesionisti si consumatori.


Ordonanta Guvernului nr. 25/2014 privind
incadrarea in munca si detasarea strainilor
pe teritoriul Romaniei si pentru modificarea
si completarea unor acte normative privind
regimul strainilor in Romania - August 2014.
Reglementeaza conditiile de incadrare in
munca ale strainilor precum si detasarea lor
pe teritoriul Romaniei.
Decizia nr. 27/2014 pentru aprobarea
Procedurii privind clasificarea auditorilor
statutari si firmelor de audit in functie de
riscul de afectare a credibilitatii raportarilor
financiare. – August 2014. Clasificarea
auditorilor statutari si firmelor de audit in
functie de riscul de afectare a credibilitatii
raportarilor financiare.
Legea nr. 123/2014 pentru modificarea Legii
571/2003 privind Codul fiscal. – Septembrie
2014. Aduce modificari Codului Fiscal in
sensul reducerii cu 5% a cotelor de contributii
datorate de angajatori la sistemul public de
pensii.
Legea nr. 138/2014 pentru modificarea si
completarea Legii nr. 134/2010 privind
Codul de procedura civila, precum si pentru
modificarea si completarea unor acte
normative conexe. – Octombrie 2014.
Executarea silita a celor care au datorii la
banci sau catre alti creditori se va face mai
rapid, intrucat nu mai trebuie aprobata de
catre judecatori, urmand a fi dispusa doar de
catre un executor judecatoresc. Se reintroduce
procedura de investire cu formula executorie







Government Emergency Ordinance no.
34/2014 on the Consumers’ rights under
contracts with professionals, as well as on
amending and supplementing certain
regulations. - June 2014. Ordinance no.
34/2014 (i) repeals the Government
Ordinance no. 106/1999 on off-premises
contracts and the Government Ordinance no.
130/2000 on the consumers’ protection during
the
distance
contracts
signing
and
performance (ii) amends and supplements
Law no. 193/2000 on unfair terms in
contracts signed between professionals and
consumers.
Government Decision no. 25/2014 on
integrating in labour and detaching
foreigners in Romania and on amending and
supplementing some legislative documents on
the status of foreigners in Romania - August
2014. It provides the conditions for
integrating in labour and detaching foreigners
on Romania’s territory.
Decision no. 27/2014 for approving the
Procedure on the classification of statutory
auditors and audit firms according to the risk
of affecting the financial reporting credibility.
- August 2014. Classification of statutory
auditors and audit firms according to the risk
of affecting the financial reporting credibility.
Law no. 123/2014 on amending Law
571/2003 regarding the Tax Code. September 2014. It amends the Tax Code in
order to reduce by 5% the rate of social
security contributions payable by the
employers to the public pension system.
Law no. 138/2014 on amending and
supplementing Law no. 134/2010 on the Code
of Civil Procedure and on amending and
supplementing certain related legislative acts.
- October 2014. The enforcement of those
who have debts to the banks or to other
creditors will be faster, as it no longer need to
be approved by the judges and will be ordered
only by a bailiff. The summary judgment
procedure has been reintroduced for all writs
of execution, other than judgments, in order
97

pentru toate titlurile executorii, altele decat
hotararile judecatoresti, in vederea asigurarii
unui control al instantelor de judecata asupra
acestor categorii de inscrisuri, si tinand cont
de faptul ca incuviinarea executarii silite
presupune o etapa ulterioara care consta in
verificarea indeplinirii conditiilor de forma,
verificare pe care o va realiza executorul
judecatoresc competent. Modifica Legea
contenciosului administrativ 554/2004 in ceea
ce priveste obligatia de executare, instanta de
executare si atacarea hotararii emise de
aceasta instanta.
Ordinul nr. 2869/2014 privind modificarea
si completarea anexei nr. 1 la Ordinul
presedintelui ANAF nr. 127/2014 pentru
aprobarea Instructiunilor privind aplicarea
procedurii de angajare a raspunderii solidare
reglementate de dispozitiile art. 27 si 28 din
Ordonanta Guvernului nr. 92/2003 privind
Codul de procedura fiscala. – Septembrie
2014. Aduce clarificari in legatura cu
depunerea contestatiilor, semnarea acestora
de catre persoanele desemnate ale organului
fiscal cat referitor la modului de solutionare al
contestatiei. A fost introdus un nou capitol
care se refera la stingerea creantelor fiscale.
In cele ce urmeaza, va rugam sa gasiti selectate si
traduse in limba engleza cateva acte legislative, pe
care le consideram mai relevante si/sau cu impact
direct asupra industriei financiar-bancare.
98
to ensure control of the courts on these types
of documents, and considering the fact that
the writ of execution involves a later stage
consisting in checking the compliance with
the formal requirements by a competent
bailiff. It amends the Contentiousadministrative Law no. 554/2004 regarding
the enforceable order, the court of
enforcement and the appeal against this court
decision.

Order no. 2869/2014 on amending and
supplementing Annex no. 1 to Order No.
127/2014 issued by NAFA’s President for the
approval of the Instructions regarding the
application of joint and several liability
proceedings governed by the provisions of
Art. 27 and 28 of the Government Ordinance
no. 92/2003 regarding the Tax Procedure
Code. - September 2014. It provides
clarifications about filing appeals, signing
them by the persons designated by the tax
authority, as well as about the way of
handling the appeal. A new chapter was
introduced covering the settling of the tax
claims.
Please find below some legislative acts selected and
translated into English, that we consider most
relevant and/or with direct impact on the financial
and banking industry.
LAW No. 193 of 6 November 2000*)
on the abusive clauses in the contracts concluded between professionals and consumers republished
*) Republished under article 80 of Law No. 76/2012 implementing Law No. 134/2010 on the Civil
Procedure Code, published in the Official Gazette of Romania, Part I, No. 365 of 30 May 2012, the
texts being numbered differently.
Law No. 193/2000 on the abusive clauses in the contracts concluded between professionals and
consumers was republished in the Official Gazette of Romania, Part I, No. 305 of 18 April 2008, and
was later amended by Law No. 161/2010 amending article 84 of Law No. 296/2004 on the
Consumption Code and Law No. 193/2000 on the abusive clauses in the contracts concluded
between traders and consumers, published in the Official Gazette of Romania, Part I, No. 497 of 19
July 2010.
CHAPTER I:
General provisions
Art. 1
(1)Any contract concluded between professionals and consumers for the sale of goods or the supply of
services shall include clear, unequivocal clauses which can be understood without having specialized
knowledge in the field.
(2)In the case of any doubt about the interpretation of certain contractual clauses, such clauses shall be
interpreted in the consumer’s favour.
(3Professionals are forbidden to include abusive clauses in the contracts concluded with consumers.
Art. 2
(1)Consumer shall mean any natural person or group of natural persons established in associations, who, on
the ground of a contract governed by this law, acts for purposes outside the scope of his/her commercial,
industrial or production, crafts or liberal activity.
(2)Professional shall mean any natural or legal person which, on the ground of a contract governed by this
law, acts within the scope of its commercial, industrial or production, craft or liberal activity, as well as any
person acting for the same purpose for it or on its behalf.
Art. 3
(1)The provisions of this law shall also apply to order or delivery notes, tickets, vouchers and other such
notes containing provisions or references to general conditions established in advance.
(2)The contractual clauses laid down pursuant to other applicable pieces of legislation shall not be covered by
this law.
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CHAPTER II:
Rights and obligations of the contracting parties
Art. 4
(1)A contractual clause that was not directly negotiated with the consumer shall be considered as abusive if it
generates, by itself or together with other provisions of the contract, a significant imbalance between the
rights and obligations of the parties, to the detriment of the consumer and contrary to good faith
requirements.
(2)A contractual clause shall be considered as not being directly negotiated with the consumer if it was
established without giving to the consumer the possibility of influencing its nature, such as pre-formulated
standard contracts or general conditions of sale used by traders on the market of the respective product or
service.
(3)The fact that certain aspects of contractual clauses or only one of the clauses was directly negotiated with
the consumer does not exclude the implementation of the provisions of this law to the remaining part of the
contract, if a global evaluation of the contract shows that it was set in advance by the professional only. If a
professional pretends that a standard pre-formulated clause was directly negotiated with the consumer, it has
the obligation to submit evidence in this respect.
(4)The list included in the annex which is an integral part of this law provides examples of clauses considered
as abusive.
(5)Without prejudice to the provisions hereof, the abusive nature of a contractual clause shall be evaluated
according to:
a) the nature of the products or services forming the object of the contract at the time it is concluded;
b) all the factors that lead to the conclusion of the contract;
c) other clauses of the contract or of other contracts of which it depends.
(6)The evaluation of the abusive nature of clauses is related neither to the definition of the main object of the
contract, nor to the capacity of meeting the price and payment requirements, on one hand, nor to the products
and services provided in return, on the other hand, if such clauses are worded in an easily comprehensible
language.
Art. 5
In the case of pre-formulated standard contracts, the professional shall remit to any person concerned, on
demand, a copy of the contract it proposes.
Art. 6
The abusive clauses included in the contract and established either personally, or through the bodies
authorized by law, shall have no effects on the consumer, and the contract shall further performed, with the
consumer’s consent, provided that it can be performed after the elimination of such clauses.
Art. 7
If the contract can no longer produce its effects after the elimination of the clauses considered as abusive, the
consumer is entitled to request the contract termination, and may also claim damages, as applicable.
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CHAPTER III:
Bodies authorized to establish minor offences and settle disputes
Art. 8
The compliance with the provisions of this law shall be verified by the competent representatives of the
National Authority for Consumer Protection, and by authorized specialists of other public government
bodies, depending on skills.
Art. 9
The inspection bodies shall perform checks after being notified by the adversely affected persons set forth
under article 2 paragraph (1) or ex officio.
Art. 10
Professionals have the obligation to submit the contracts concluded with consumers, in original, to the
inspection bodies.
Art. 11
The competent inspection bodies shall conclude minutes recording the deeds established upon the checks
made and the articles of law breached by the professional.
Art. 12
(1)If the inspection bodies provided under article 8 establish the use of standard contracts containing abusive
clauses, they shall notify the court of the professional’s place of residence or headquarters, as applicable,
requesting to such court to compel the professional to amend the contracts in progress, by eliminating the
abusive clauses.
(2)The minutes drafted according to article 11 shall be enclosed to the request for initiating legal
proceedings.
(3)The consumer protection associations that comply with the conditions provided under articles 30 and 32 of
Government Ordinance No. 21/1992 on consumers’ protection, as republished, as subsequently amended and
supplemented, may initiate legal proceedings against the professional that uses standard contracts containing
abusive clauses, with the court provided under paragraph (1), with the intention that the court orders the
termination of the use thereof and the amendment of the contracts in progress, by removing the abusive
clauses. The provisions of article 13 paragraphs (1) and (4) shall apply.
(4)The provisions of paragraphs (1) to (3) do not infringe the right of the consumer who is bound by a
standard contract containing abusive clauses to invoke the nullity of the clause by way of an action or as a
defence, according to law.
(The current form of the article is the one that complies with the amendments made to the previous form of
the law by Law 76/2012 that enters into force on 15 February 2013, as provided by Emergency Ordinance
No. 4/2013)
Art. 13
(1)If the court establishes that the contract contains abusive clauses, it shall compel the professional to amend
all the standard contracts in progress, and to remove the abusive clauses of the pre-formulated contracts
meant to be used within its professional activity.
(2) In the case provided under paragraph (1), the minor offence related fine provided under article 16 shall
also be enforced.
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(3)If the court establishes that the contract contains no abusive clauses, the minutes drafted shall be annulled.
*) The provisions of article 13 paragraph (3) shall apply within the trials initiated between 15 February 2013
and
30
September
2013.
(on 1 July 2013 Art. 13, para. (3) of chapter III – see the implementing references under article 1, item 3. of
Law 214/2013 )
(4)The decision shall be subject to appeal only.
(The current form of the article is in line with the form compliant with the amendments made to the previous
form of the law by Law 76/2012 , which enters into force on 15 February 2013, as provided by Emergency
Ordinance no. 4/2013)
Art. 14
The consumers harmed by the contracts concluded in breach of the provisions of this law are entitled to refer
to courts, as provided by the Civil Code or the Civil Procedure Code.
Art. 15
If the contracting parties choose the law of a non-EU country as the law applicable to the contract, and the
contract is closely linked to the territory of Romania or other EU Member States and if this law contains
provisions which are more favourable to consumers, such provisions shall apply.
CHAPTER IV:
Sanctions
Art. 16
(1) The infringement of the interdiction provided under article 1 paragraph (3) shall considered a minor
offence unless the deed was perpetrated under such conditions so as to be considered a crime, under the
criminal law, and shall be penalised with a fine between RON 200 and RON 1,000.
(2)The provisions hereof shall be supplemented by the provisions of Government Ordinance No. 2/2001 on
the legal regime of minor offences, approved as amended and supplemented by Law No. 180/2002, as
subsequently amended and supplemented, with the exception of articles 27-29.
CHAPTER V:
Final provisions
Art. 17
This law shall enter into force 30 days after its publication in the Official Gazette of Romania, Part I. Any
provisions to the contrary shall be repealed on the same date.
This law transposes the stipulations of the Council Directive 93/13/EEC of 5 April 1993 on unfair terms in
consumer contracts, published in the Official Journal of the European Union (OJEU) no. L 95 of 21 April
1993.
Art. 171
The National Authority for Consumer Protection shall inform the European Commission whether it adopts or
maintains provisions that are much stringent in this emergency ordinance than in Council Directive
93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, as well as of any subsequent amendment
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to this emergency ordinance, especially if the respective provisions either extend the abusive nature testing to
the contractual clauses that are negotiated on an individual basis or to the appropriate nature of the price or
the remuneration, or contain lists of contractual terms that will be considered as abusive.
(on 13 June 2014, art. 17 of chapter V supplemented by art. 29, para. (1) of chapter VII of Emergency
Ordinance 34/2014 )
ANNEX:
LIST of the clauses considered as abusive
(1)A contract provision shall be considered as abusive if it:
a)entitles the professional to unilaterally amend the contract clauses, without a due cause specified in the
contract.
The provisions of this letter do not preclude the clauses based on which a financial service supplier reserves
its right of modifying the interest rate payable or owed by the consumer or the value of other financial service
fees, without prior notice, if there is due cause for this, provided that the professional is under the obligation
to inform the other contracting parties on the matter, as soon as possible, and that such parties have the
freedom to immediately terminate the contract.
Also, the provisions of this letter do not preclude the clauses under which the professional reserves its right to
unilaterally amend the clauses of an indefinite duration contract, provided that the professional is under the
obligation to inform the consumer, through a prior notice sent within a reasonable time period, so that the
latter has the freedom to terminate the contract;
b)compels the consumer to abide by certain contractual conditions of which he/she could not have actually
been aware of on the contract signature date;
c)compels the consumer to comply with its contractual obligations even when the professional failed to
comply with its own obligations;
d)entitles the professional to automatically extend a contract concluded for a definite duration, with the
consumer’s tacit consent, if the time limit when the consumer could state his/her option was not sufficient;
e)entitles the professional to amend unilaterally, without the consumer’s consent, the clauses regarding the
characteristics of the products and services to be supplied or a product’s delivery period or a service
performance period;
f)entitles the professional to unilaterally establish the compliance of supplied products and services with
contractual provisions;
g)entitles only the professional to interpret contractual clauses;
h)restrains or annuls the consumer’s right of claiming indemnification if the professional fails to comply with
its obligations under the contract;
i)compels the consumer to pay amounts that are disproportionately large relative to the damages incurred by
the professional if the consumer fails to comply with its obligations under the contract;
j)limits or annuls the consumer’s right to unilaterally terminate the contract when:
- the professional unilaterally amended the clauses provided under letter e);
- the professional failed to comply with its obligations under the contract;
- the professional imposed on the consumer, under the contract, clauses regarding the payment of a fixed
amount in the event of unilateral termination;
k)excludes or limits the professional’s legal liability if the consumer is injured or dies as a result of the
professional’s action or omission regarding the use of products and services;
103
l)excludes the consumer’s right of filing an action in court or using another remedy at law, and also requests
to the consumer to settle disputes by arbitration mainly;
m)unreasonably permits certain restrictions relating to the use of the consumer’s obvious proofs or the
request for certain proofs which form the object of a different part of the contract, according to law;
n)entitles the professional to transfer contractual obligations to a third party - agent etc. -, without the
consumer’s consent, if such transfer is meant to reduce guarantees or other liabilities to the consumer;
o)forbids the consumer from setting off a debt to a professional against a receivable which it could have
towards the professional;
p)provides that the products price is established at the time of delivery or gives product sellers or service
suppliers the right to rise prices, without giving to the consumer, in both cases, the right to annul the contract
if the final price is too high versus the price agreed on the contract conclusion date.
The provisions of this letter do not preclude the price indexation clauses, as long as such provisions are legal,
provided that the price variation method is explicitly described;
r)permits to the professional to obtain large amounts of money from the consumer if the consumer fails to
perform or complete the contract, without also setting forth compensations in an equivalent amount to be
paid to the consumer too, if the professional fails to perform the contract;
s)entitles the professional to unilaterally annul the contract, without setting forth the same right for the
consumer too;
t)entitles the professional to terminate the indefinite duration contract, without a reasonable prior notice,
unless with due cause.
The provisions of this letter do not preclude the clauses under which the financial service supplier reserves its
right to unilaterally order the termination of an indefinite duration contract and without a prior notice if there
is due cause, provided that the supplier is compelled to inform the other contracting party as soon as possible.
(2)The provisions of paragraph (1) letters a), p) and t) do not cover:
a)the transactions in securities, financial instruments and other products or services, where the price is linked
to fluctuations in a stock exchange quotation or index or a financial market rate that the seller or supplier
cannot control;
b)the contracts for the purchase or sale of foreign currencies, travellers’ cheques, international money orders
issued in foreign currencies or other international payment instruments.
Published in the Official Gazette under number 543 of 3 August 2012.
104
The Romanian Parliament hereby adopted this law.
PRELIMINARY TITLE
(…)
CHAPTER II
Fundamentals of insolvency and insolvency prevention proceedings. Definitions
(…)
Section 2
Definitions
Article 5. - For purposes of this law, the words and expressions below have the following meanings:
…
9. control is the ability to determine or influence, in a dominant manner, directly or indirectly, the financial
and operating policy of a company or the decisions adopted by the corporate bodies. A person shall be
deemed as having control when:
a) holding, directly or indirectly, a qualifying holding of at least 40 % of the voting rights of the company and
no other partner or shareholder holds, directly or indirectly, a higher percentage of the voting rights;
b) holding, directly or indirectly, the majority of voting rights in the general meeting of the company in
question;
c) having, as a partner or shareholder of that company, the power to appoint or revoke a majority of the
members of the administrative, management or supervisory bodies;
…
15. claims with cause of preference means claims which are accompanied by a privilege and/or a mortgage
and/or rights similar to mortgages, under Art. 2347 of the Civil Code, and/or by a lien on the debtor's
property, whether the latter is the principal or a third party guarantor, in relation to the beneficiaries of the
preference. If the debtor is a third party guarantor, the creditor benefiting from a preference shall exercise
correlative rights only in relation with the property or right in question. These preferences have the meaning
given in the Civil Code, unless the special law provides otherwise;
…
17. arrangement with creditors means an agreement between the debtor facing financial difficulty, on the one
hand, and the creditors holding at least 75 % of the value of the accepted and undisputed claims, on the other,
approved by the bankruptcy judge, a contract by which the debtor proposes a recovery plan and the payment
of the claims to these creditors, and the creditors agree to support the efforts made by the debtor to overcome
the difficulty;
…
25. The proceeding initiation date is:
a) if the debtor filed the petition to initiate the proceedings, the date on which the bankruptcy judge issues the
resolution, as provided in art. 71;
b) if the creditor filed the petition to initiate the proceedings, the date on which the bankruptcy judge issues
the resolution, as provided in art. 72;
c) in case of cross-border insolvency, the date on which the decision to initiate the proceedings is effective,
even if it is not final;
29. Insolvency is the situation of the debtor's property where the cash funds available for the payment of
certain, liquid and due debts are insufficient, as follows:
a) the debtor's insolvency is presumed when the debtor, 60 days from the due date, has not paid its debt to the
creditor; the assumption is relative;
105
b) insolvency is imminent when there is proof that the debtor shall not be able to pay, on due date, the
outstanding liabilities incurred, using the funds available on due date;
…
35. a group of companies means two or more companies which are interconnected by control and/or
ownership of qualified holdings;
36. An ad hoc mandate is a confidential proceeding, initiated at the request of the debtor experiencing
financial difficulty, by means of which an ad-hoc agent, appointed by the court, negotiates with the creditors
in order to achieve an agreement between one or more of them and the debtor, in order to overcome the
difficult situation in which the debtor is;
37. a group member may be any of the group's companies, be it the parent company or a controlled member
of the group;
38. a controlled member of the group is a company controlled by the parent company;
…
41. qualifying holding means a capital fraction between 20% and 50%, owned by a person in another
company;
…
54. legal reorganisation is the proceeding applied to the insolvent debtor, a legal entity, in order to pay its
debts, according to the schedule of payment of claims. The reorganisation proceeding involves the drafting,
approval, confirmation, implementation and compliance with a plan, called reorganisation plan, which may
include, together or separately, but not limited to:
a) the operational and/or financial restructuring of the debtor;
b) the corporate restructuring by changing the capital structure;
c) limiting the activity by the partial or complete winding up of the debtor's assets;
…
62. a parent company is the company exercising control or dominant influence on the other companies in the
group;
…
71. the private creditor test is the comparative analysis of the payment degree of the budgetary claim in
relation to a diligent private creditor, within an insolvency prevention proceeding or a reorganisation
proceeding, compared to a bankruptcy proceeding. The analysis is based on a valuation report prepared by a
valuator who is an authorised member of ANEVAR, appointed by the budgetary creditor, and is related to the
duration of bankruptcy proceedings, compared to the proposed payment schedule. The situation in which the
private creditor test proves that the allocations that the budgetary creditor would receive in the event of an
insolvency prevention proceeding or in the event of reorganisations are higher than they would receive
following a bankruptcy proceedings does not constitute State aid;
72. the threshold value is the minimum amount of the claim, following which the initiation of insolvency
proceedings can be filed. The threshold value is RON 40,000 for both creditors and debtor, including for
demands made by the liquidator appointed in the liquidation proceedings under Law 31/1990, republished, as
subsequently amended and supplemented, for claims different from wages, and for employees is 6 gross
average salaries/employee. .
106
TITLE I
Insolvency prevention proceedings
(…)
TITLE II
Insolvency proceeding
CHAPTER I
(…)
Section 3
Initiating the proceeding and effects thereof
Article 66. - (1) The insolvent debtor must file a petition with the court to be subject to the provisions of this
law, within 30 days of the onset of insolvency. The petition filed with the court must be accompanied by a
proof of notification of the competent fiscal body of the intention to open insolvency proceedings
(2) If on the date stipulated in para. (1) the debtor is engaged, in good faith, in extrajudicial negotiations to
restructure its debt, it is required to file a petition with the court to be subject to the provisions of this law,
within 5 days following the failure of the negotiations.
(3) If during the negotiations conducted as a part of an ad-hoc mandate proceeding or as a part of an
arrangement with creditors, the debtor becomes insolvent, but there is a reasonable assumption, based on
good grounds, that the results of the negotiations could have been capitalised in the short term by signing an
out-of-court agreement, the debtor, in good faith, must file a petition to initiate the proceeding under the
conditions and in the time frame stipulated in para. (2). Otherwise, the debtor must file a petition to initiate
the insolvency proceedings within 30 days from the onset of insolvency.
(4) The debtor in whose case the onset of insolvency is imminent may petition the court to be subject to the
provisions of this title.
(5) The petitions filed by legal entities shall be signed by the persons who, according to the articles of
incorporation or by-laws, have the capacity to represent said entities, without requiring a resolution of the
partners/shareholders. Where the debtor's petition requests the use of the simplified proceedings, a resolution
of the general meeting of the shareholders/partners shall be filed in this regard.
(6) Upon registering the petition, the registry service shall check, of its own motion, the existence of other
pending petitions to initiate proceedings, which have been filed previously by creditors. Where such petitions
filed by creditors exist, the debtor's petition shall be settled by out-of-court procedures; the judge shall order,
in the same resolution, the joining of the petitions filed by creditors, which, in the event the proceeding is
initiated, shall become statements of claim, and if the debtor's petition is rejected, they are settled according
to art. 72 et seq.
(7) If, after the registration of the debtor's petition, but before its settlement, petitions to initiate proceedings
are filed by the creditors, these shall be recorded directly with the petition filed by the debtor. The registry
service shall make checks of its own motion and shall record the petitions in the case file of the debtor's
petition. In this case, the debtor's petition shall be settled by out-of-court procedures. If the petition is
received, the petitions of the creditors shall be deemed statements of claim, and if it is rejected, the petitions
filed by creditors shall be settled according to art/ 72 et seq.
(8) If the insolvency proceedings are initiated, the claims subject of the petitions to initiate proceedings,
which become statements of claim, may be updated with accessory obligations calculated until the initiation
date of the proceedings, observing the deadline set for the statements of claims, under Art. 102
(9) Should the debtor file prematurely and in bad faith a petition to initiate the proceeding, it shall result in
the patrimonial liability of the debtor, natural person or legal entity, for the damages caused.
107
(10) The petition of the debtor shall be judged as an emergency case, within 10 days, in closed session,
without summoning the parties. Notwithstanding the provisions of art. 200 of the Code of Civil Procedure,
the bankruptcy judge shall set the court day in closed session within 10 days of filing, even if the petition
does not meet all legal requirements and if all the documents have not been submitted. If, on the date on
which the debtor has filed the petition, there are pending petitions filed by creditors, the court shall proceed
according to para. (6), second sentence.
(11) After filing the petition to initiate the proceedings, in urgent cases, which would endanger the debtor's
assets, the bankruptcy judge may order, in closed session and without summoning the parties, the temporary
suspension of any foreclosure proceedings on the debtor's assets, until a ruling is given in relation to the
petition.
…
Article 72. - (1) For the petition for the initiation of insolvency proceedings, filed by the creditor, at the
request of the debtor, filed within the period specified in para. (3), the bankruptcy judge may order, by way
of a resolution, that the creditor requests a bank to make a record of a security of up to 10% of the debt,
however no more than RON 40,000. The security shall be recorded within 5 days of the notification, under
penalty of rejection of the petition to initiate the proceeding.
(2) within 48 hours of filing the petition, by the creditor, the court shall notify it to the debtor and to the
competent taxation body
(3) within 10 days of receiving the petition, the debtor must either appeal or acknowledge the existence of
insolvency; if the debtor appeals, only documentary evidence shall be given
(4) If the bankruptcy judge finds that the debtor is not insolvent, the judge shall reject the creditor's petition,
which shall be deemed devoid of any effect from its registration date. In this case, the security shall be used
to cover the losses incurred by the debtor due to the filing, in bad faith, of such a petition, according to the
ruling of the bankruptcy judge.
(5) in the event of the payment, by the end of the deliberations, of the debt of the creditor that has requested
that the proceeding be initiated, the bankruptcy judge shall reject the petition as ungrounded, and the security
established shall be returned
(6) If the debtor fails to pay the creditor's debt by the end of the deliberations, and the bankruptcy judge
determines that the debtor is insolvent, the bankruptcy judge shall receive the petition to initiate proceedings,
and shall initiate, by ruling, either the general insolvency proceedings, or the simplified proceeding, as
applicable. In this case, the security shall be returned to the creditor.
…
Article 75. - (1) Starting on the date on which the proceeding has been initiated, all judicial, extrajudicial or
enforcement measures to settle the claims against the debtor's assets shall be suspended. The capitalisation on
their rights can only be made as part of the insolvency proceedings, by filing petitions for the admission of
claims. Their reinstatement is possible only in the event of the dissolution of the resolution to initiate the
proceeding, if the resolution to initiate the proceeding is revoked, or if the proceedings are closed under art.
178. If the resolution to initiate the proceeding is annulled or, where appropriate, revoked, the judicial or
extrajudicial actions to settle the claims against the debtor's assets may be reinstated, and the enforcement
measures may be resumed. When the resolution to initiate the proceeding is final, both the judicial or the
extrajudicial actions, as well as the suspended enforcements shall cease.
(2) The following are not subject to suspension by operation of law provided in para. (1):
a) the remedies pursued by the debtor against the actions of a/several creditor/creditors, which were began
before the initiation of the proceedings, and the civil actions of the criminal proceedings initiated against the
debtor;
b) the legal actions against co-debtors and/or third party guarantors
(3) The judicial actions undertaken to determine the existence and/or the amount of the claims against the
debtor, arising after the initiation date of the proceeding, shall not be subject to the suspension provided in
para. (1). A payment request may be filed for such actions for the duration of the monitoring and
reorganisation period; this payment request shall be reviewed by the receiver, observing the provisions of
Art. 106 para. (1), which shall apply accordingly, without recording these claims in the list of creditors. An
108
appeal may be lodged against the measure ordered by the receiver, in compliance with art. 59 para. (5), (6)
and (7).
(4) The holder of a current, certain, liquid and payable claim that was acknowledged by the receiver or by the
bankruptcy judge under para. (3) and whose amount exceeds the threshold value may request, during the
observation period, the initiation of the debtor's bankruptcy proceedings, if the claims are not settled within
60 days from the date the action was taken by the receiver or from the date of the ruling of the court. The
provisions of Article 143, para. (2) and (3) shall apply accordingly
(5) if the debtor's assets that have already been awarded or the amounts already seized by enforcement
proceedings, until the date of initiation of the proceedings, the enforcement bodies shall transfer the
appropriate amounts to the account referred to in art. 39 para. (2), less their fees and other enforcement
expenses incurred; the debtor shall retain all rights provided by that proceeding
(6) The proceeds of the enforcements shall be paid by the receiver/liquidator to the creditors having
preference on the goods awarded within 30 days, even during the observation period. No insolvency
proceeding-related fees and costs shall be applied to these amounts.
(7) The amounts of money in the debtor's account as of the initiation date of the proceeding, and which are
subject to a mortgage, as well as cash collaterals shall be distributed, on demand of the creditor, by the
receiver/liquidator of the creditor holding the mortgage, to cover the outstanding debts of the debtor, within 5
days of the creditor's request. In the case of amounts deposited into an escrow account, in the event of
objections, they shall be transferred to the account specified in Art. 39, after the receiver has checked that the
conditions of the contract have been fulfilled.
(8) The amounts of money in the debtor's account as of the initiation date of the proceeding, and which are
subject to a mortgage, as well as cash collaterals shall be distributed, on demand of the creditor, by the
receiver/liquidator of the creditor holding the mortgage, to cover the outstanding debts of the debtor, within 5
days of the creditor's request. In the case of amounts deposited into an escrow account, in the event of
objections, they shall be transferred to the account specified in Art. 39 para. (2), after the receiver has
checked that the conditions of the contract have been fulfilled.
(9) In order to provide the resources required to continue the debtor's current activity, during the observation
period, the amounts of money subject to the causes of preference referred to in this article may be used by the
receiver with the consent of the creditor holding the security. In the event such consent is refused, the
bankruptcy judge may authorise the use of these amounts, while granting the creditor holding the security the
adequate protection under Art. 87 para. (3).
…
Article 84. - (1) except for the cases stipulated in art. 87, for the cases authorised by the bankruptcy judge or
approved by the receiver, all acts, transactions and payments made by the debtor after the initiation of the
proceedings are null and void
(2) The administrator appointed during an insolvency proceeding is liable for the breach of the provisions of
art. 87, the bankruptcy judge, at the request of the receiver, of the meeting of creditors, filed by the chairman
of the creditors' committee or by another creditor appointed by it, or at the request of the creditor holding
50% of the value of the claims included in the pool of creditors, and may order that a part of the liabilities to
be borne by the special purpose administrator, without exceeding the damage having a causal link to the acts
or operations conducted in this manner.
(3) The debtor and/or, as appropriate, the receiver is/are bound to prepare and maintain a list of all receipts,
payments and compensations given after the initiation date, indicating their nature and value, as well as the
identification information of the co-contractors.
…
Article 87. - (1) During the observation period, the debtor may continue its current activities and may make
payments to known creditors that observe the usual conditions for the exercise of its current activity, as
follows:
a) under the supervision of the receiver, if the debtor has filed a reorganisation application, within the
meaning of art. 67 para. (1) g), and the administration right was not prohibited;
b) under the management of the receiver, if the debtor no longer has administration rights
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(2) The acts, operations and payments exceeding the conditions stipulated in para. (1) can be authorised
during the exercise of the monitoring duties by the receiver; the latter shall convene a meeting of the
creditors' committee in order to submit, for approval, the request of the special purpose administrator, within
5 days of its receipt. Where an operation that exceeds the scope of the current activity is recommended by the
receiver, and the proposal is approved by the creditors' committee, it must be carried out by the special
purpose administrator. If the activity is managed by the receiver, the operation shall be performed by the
latter with the approval of the creditors' committee, and the request of the special purpose administrator is not
necessary
(3) In the event of proposals for the sale of property from the debtor's assets, which are subject to causes of
preference, the holding creditor has the following rights:
a) the right to receive adequate protection for its claim, under Art. 78;
b) the right to receive distributions of amounts under art. 159 para. (1) pt. 3 and art. 161 pt. 1, given that it
cannot benefit from an adequate protection of the claim, under a cause of preference, according to Art. 78
(4) The funding granted to the debtor during the observation period, for the purposes of conducting its current
activities, with the approval of the creditors' meeting, shall have priority upon repayment, under Art. 159
para. (1) pt. 2 or, as appropriate, under Art. 161 pt. 2. This funding shall be mainly secured by property or
rights which are not subject to causes of preference, and, in the alternative, if no such property or rights are
available, with the consent of the creditors that benefit from such causes of preference. If the consent of these
creditors cannot be obtained, the repayment priority of these claims, provided by art. 159 para. (1) pt. 2, shall
result in a decrease of the payment of the creditors with causes of preference, pro rata, in relation to the entire
value of the property or rights which form these causes of preference. In the event of the absence or
insufficiency of the property to be encumbered by causes of preference in favour of creditors that provide
financing during the observation period for the purpose of the conduct of the current activity, for the
unsecured portion of the claim, they shall have priority under Art. 161 pt. 2.
Section 4
First measures. Drawing up the list of creditors. Appeals
(…)
Article 102. - (1) Except for the employees whose claims shall be recorded by the receiver according to the
accounting records, all the other creditors whose claims antedate the initiation of the proceeding shall file a
petition for the admission of their claims in the time frame specified in the resolution to initiate the
proceeding; the petitions for the admission of claims shall be recorded in a register, which shall be kept by
the court clerk office of the court. Budget debts that are established by a tax audit report, prepared after the
initiation of the proceedings, but which covers the debtor's previous activities, are also deemed previous
claims. Within 60 days from the date of publication of the notification on the initiation of the proceedings in
the BPI, the tax audit bodies shall perform the tax audit and prepare the tax audit report, under Government
Ordinance no. 92/2003 regarding the Fiscal Procedure Code, republished, as subsequently amended and
supplemented. Budget creditors shall register the petition for the admission of the claim within the time
frame stipulated in art. 100 para. (1) b) and, within 60 days from the date of publication of the notification
regarding the initiation of the proceeding in the BPI, they shall register a supplement to the petition for the
admission of the initial claim, if applicable.
(2) The claim that led to the initiation of the insolvency proceedings is recorded by the receiver, based on the
supporting documents attached to the petition to initiate the proceeding and after performing the required
checks, without requiring a petition for the admission of the claim, under para. (1), except for cases in which
accessory obligations are calculated until the proceeding initiation date
(3) The claim admission petition must be submitted even if they are not established by a title
(4) Claims not yet due or conditional as of the initiation date of the proceeding shall be included in the pool
of creditors and shall be entitled to participate in distributions of amounts to the extent permitted by this title
(5) The voting right and the right to distribution of claim holders subject to conditions precedent on the date
on which the proceeding is initiated, including of the holders of claims whose capitalisation is subject to prior
enforcement against the principal, shall arise only after the condition in question is fulfilled.
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(6) Claims arising after the initiation of the proceeding, during the observation period or during the judicial
reorganisation shall be paid according to the documents from which they arise, and their recording in the pool
of creditors is not required. This provision shall apply accordingly to claims arising after the date of initiation
of the bankruptcy proceedings
(7) if the bankruptcy proceeding is initiated after the observation period or after reorganisation, the creditors
shall require the registration in the additional list for claims arising after the date of initiation of the
insolvency proceedings and which have not been paid
(8) The claim of an injured party in criminal proceedings shall be recorded as being subject to a condition
precedent, until the final ruling is given in the matter of the civil action in the criminal proceedings in favour
of the injured party, by submitting a petition for the admission of the claim. If the civil action in the criminal
proceedings is not completed by the time the insolvency proceedings is completed, either as a result of the
success of the reorganisation plan, or as a result of the liquidation, any claims arising from the criminal
proceedings shall be covered from the assets of the reorganised legal entity or, if applicable, from the
proceeds of the action resulting in the patrimonial liability of the persons who have contributed to the
insolvency of the legal entity, under to Art. 169 et seq.
(9) All claims submitted for admission and recording purposes with the Clerk Office of the Court shall be
presumed valid and correct if not disputed by the debtor, by the the receiver or by the creditors.
Article 103. - The claims under a cause of preference shall be recorded in the final list until the market value
of the security determined by valuation, ordered by the receiver or by the liquidator, conducted by a valuator
appointed according to Art. 61. If the capitalisation of the assets subject to the cause of preference is made at
a price that is higher than the amount recorded in the final table or in the consolidated final table, the
difference shall be returned to the secured creditor, even if a part of the claim had been recorded as unsecured
debt, until the main claim and the accessory obligations (calculated in accordance with the provisions of the
documents from which the claim arises, until the date on which the asset is capitalised) are covered. This
provision also applies in the event of the failure of the reorganisation plan and of the sale of the asset during
the bankruptcy proceedings.
…
Article 105. - (1) All claims shall be subject to the verification proceeding provided in this chapter, except for
the claims established by final and enforceable judgments, and by enforceable arbitral awards. If such
judgments or arbitral awards are annulled, reversed or amended in appeal, the receiver/ liquidator must
amend the list of creditors accordingly. If the court, following the annulled or reversed judgment, does not
release the merits submitted for trial, the receiver or liquidator shall proceed to verify the claim, notifying the
creditors in the event of the failure to include the claim, in whole or in part, according to Art. 110 para. (4). In
the latter case, an appeal may be filed, under art. 59, para. (5), against the partial recording of the claim or
against the non-inclusion thereof on the list of creditors.
(2) Budget claims resulting from an enforceable title, which remained undisputed during the period of time
stipulated by special laws, shall not be subject to this proceeding.
(3) Claims resulting from leasing agreements that were terminated before the initiation of the insolvency
proceeding, shall be recorded as follows:
a) if the ownership of the goods subject to the leasing agreement is transferred to the debtor, the lender shall
acquire a legal mortgage on the property in question, equal in rank with the initial leasing operation, and its
claim shall be recorded according to art. 159 para. (1) pt. 3;
b) If the property subject to the leasing agreement is recovered, with the priority stipulated in art. 161 pt. 8, if
no other property to give the holder the quality of creditor having a cause of preference, only the difference
between the value of the entire claim and the market value of the property subject to the leasing agreement,
determined by an independent valuer, shall be recorded;
c) if one or several recovered goods was/were capitalised upon by the leasing company until the date when
the preliminary list of creditors was prepared, the proceeds of the sale shall be deducted from the total claim.
(4) for financial leasing agreements in progress as of the date of initiation of the proceedings and maintained,
in accordance with art. 123 para. (12), the current claims shall not be recorded in the list of creditors, being
paid at maturity. The previous instalments recorded in the list shall be governed by the legal conditions
governing the claims referred to in art. 159 para. (1) pt. 3. If all the current debts have been paid and all other
111
obligations arising after the initiation of the proceedings have been paid, the ownership of the property
subject to the financial leasing agreement shall be transferred to the debtor; in this case, for the previous
instalments recorded in the list, the lender shall simultaneously obtain a legal mortgage on the property
concerned, equal in rank to the initial leasing operation. The receiver/liquidator shall notify the lender of the
ownership transfer and shall make a mention in the relevant records regarding the fact that the lender's claim
rank was maintained.
…
Article 112. - (1) After all the claim disputes are resolved and the collateral valuation report is submitted, the
receiver/liquidator shall register immediately with the court and shall publish in the BPI the final list of
creditors against the debtor's property; the list shall indicate the amount, the priority and status of each claim,
be it subject to a cause of preference or not
(2) After registering the final list, only the holders of the claims recorded in the final list may take part in the
voting procedures on the reorganisation plan or to any distributions of amounts of money, in the event of
bankruptcy following the simplified proceeding.
(3) The maximum duration of the observation period is 12 months, calculated from the date of initiation of
the proceedings. To meet this deadline, the bankruptcy judge may apply the provisions of art. 113 para. (4)
accordingly.
Section 5
Status of certain legal acts of the debtor
(…)
§ 3. Status of contracts in progress
Article 123. - (1) Contracts in progress are deemed maintained as of the date of the initiation of the
proceeding, art. 1417 of the Civil Code not being applicable. Any contractual provisions to terminate the
contracts in progress, to forfeit the benefit of the payment by instalments or of acceleration for the reason of
the initiation of the proceedings are null and void. The provisions relating to maintaining the contracts in
progress and to the nullity of the termination or acceleration clauses do not apply in respect of the qualified
financial contracts and of the bilateral netting operations under a qualified financial contract or under a
bilateral netting agreement. In order to maximise the value of the debtor's assets, within a limitation period of
three months from the date of the initiation of the proceedings, the receiver/liquidator may terminate
contracts, unexpired leases and other long-term contracts, as long as these contracts were not performed in
whole or substantially by all parties. The receiver/liquidator must respond, within 30 days of receipt, to the
notification of the contractor, submitted in the first 3 months after the initiation of the proceedings, by which
it is required to terminate the contract; in the absence of a response, the receiver/liquidator shall not be able to
demand the performance of the contract, as it is deemed terminated. The contract shall be deemed terminated:
a) upon expiry of a 30-day period from the receipt of the request of the co-contractor to terminate the
contract, if the receiver/liquidator does not respond;
b) on the date of the notification of the termination, by the receiver/liquidator
(2) If the performance of the contract is required, the receiver/liquidator shall mention, quarterly, in its
activity reports, whether the debtor has the necessary funds to pay for the value of the goods or services
provided by the co-contractor
(3) The debtor shall forfeit the benefit of payment by instalments if, in the first 3 months after the initiation of
the proceedings, the co-contractor notifies to the receiver its intention to accelerate or terminate the contract.
If the contract was not terminated, the co-contractor may request its termination due to the debtor's fault, and
the demand shall be settled by the bankruptcy judge
(4) In the event of the termination of a contract, an action for damages may be brought by the contractor
against the debtor and shall be settled by the bankruptcy judge. The rights arising in favour of the cocontractor, following the action for damages, shall be paid to the co-contractor under Art. 161 pt. 4, based on
the ruling under which they have been recognised, which was deemed final.
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(5) During the observation period, with the consent of the co-contractors, the receiver shall be able to amend
the terms of the contracts entered into by the debtor, including the loan agreements, in order to ensure future
equivalent benefits. Any request under Art. 1271 of the Civil Code shall be settled by the bankruptcy judge
(6) If the seller of a property retained ownership until the full payment of the sale price, the sale shall be
deemed executed by the seller and shall not be subject to the provisions of para. (1); the reserve is binding on
the receiver/liquidator if the notification formalities, as provided by the laws, have not been fulfilled. The
property in relation to which the seller has retained ownership shall be included in the debtor's assets, and the
seller shall have a cause of preference, under art. 2347 of the Civil Code
(7) An employment contract or a lease, as tenant, may be terminated only observing the legal notice term
(8) After the initiation of the proceeding, the receiver/liquidator may immediately proceed to the termination
of the individual employment contracts of the debtor's staff. The receiver/liquidator shall give the statutory
notice to the dismissed personnel. If the provisions of Law 53/2003 - Labour Code, republished, as
subsequently amended and supplemented concerning redundancies are applicable, the time stipulated by art.
71 and art. 72 para. (1) of Law 53/2003, republished, as subsequently amended and supplemented, shall be
reduced by half
(9) In the case of a contract providing for periodic payments to be made by the debtor, maintaining the
contract shall not result in an obligation of the receiver/liquidator to make the payments due for periods prior
to the initiation of the proceedings. A request for the admission of the claim can be filed for such payments
against the debtor
(10) To maximise the value of the debtor's assets or in the event that the contract cannot be performed any
more, the receiver may assign the contracts in progress to third parties, provided that those contracts have not
been entered into intuitu personae, according to the Civil Code
(11) In the event of the termination of the financial leasing agreements by the lender, the latter may opt for
one of the following:
a) the transfer, to the debtor, of the ownership of the goods subject to the leasing agreement, in which case
the lender acquires a legal mortgage on those goods, equal in rank to the leasing operation, which is recorded
in the pool of creditors, according to the order of priority set forth in Article 159 para. (1) pt. 3, with the
equivalent value of the outstanding invoiced instalments and accessory obligations, plus the remainder of the
amounts due under the leasing agreement, however without exceeding the market value of the property, as
determined by an independent valuer, according to Art. 61;
b) the recovery of the property subject to the leasing agreement, and the registration of the lender in the pool
of creditors according to Art. 161 pt. 8, if there are no other properties conferring the holder the quality of
creditor having a cause of preference, with the equivalent value of the outstanding invoiced instalments and
accessory obligations, as of the date of initiation of the proceedings, plus the remainder of the amounts due
under the leasing agreement minus the market value of the recovered property, as determined by an
independent valuer, according to Art. 61;
(12) Notwithstanding the provisions of para. (1), first sentence, in the case of the financial leasing agreement,
if the lender does not give, within three months from the date of the initiation of the proceedings, its express
consent to maintain the agreement, it shall be deemed terminated at the expiration of that period. In the event
in which, during that same period, the lender sends the receiver a notice requiring the latter to terminate the
agreement, it shall be deemed terminated upon expiry of a 30-day period from the receipt of the notice by the
receiver. In order to maximise the value of the debtor's assets, the liquidator may terminate any financial
leasing agreement, the agreement being deemed terminated on the date on which the termination notice was
given by the receiver/liquidator.
…
Article 133. - (1) The reorganisation plan shall indicate the prospects for recovery in relation to the
possibilities and the specific activity of the debtor, with the funds available and the market demand and shall
include measures consistent with public order, including in relation to the selection, appointment and
replacement of managers and directors.
(2) The reorganisation plan shall necessarily include the claims payment schedule. The claims recorded as
subject to causes of preference in the list of creditors may be bearing interest and other accessory obligations.
113
(3) The execution of the reorganisation plan may not exceed a 3-year period, calculated from the date the
confirmation thereof. The payment terms established in the agreements - including in loan or leasing
agreements - can be maintained by the plan, even if they exceed the 3-year period. These terms can be
extended with the express consent of the creditors, if initially they were shorter than 3 years. After fulfilling
all the obligations included in the plan and the closure of the reorganisation proceeding, these payments shall
be resumed under the agreements they arise from.
(4) The reorganisation plan shall indicate:
a) the categories of claims that are not disadvantaged, for the purpose of this title;
b) the treatment of disadvantaged categories of claims;
c) whether and to what extent the debtor, the members of the economic interest grouping, the shareholders of
a general partnership and the partners with unlimited liability, in the case of a limited partnership are
discharged;
d) what is the compensation to be offered to the holders of all categories of claims, compared to the estimated
value that could be received following the distribution in the event of bankruptcy; the estimated value is
calculated based on a valuation report prepared by a valuer appointed under Art. 61;
e) the payment terms of the current claims.
(5) The plan shall specify the appropriate measures for its implementation, such as:
A. the preservation, in whole or in part, by the debtor, of the management of its business, including the right
to dispose of property, in what concerns its assets; however, its activity shall be supervised by the receiver
appointed under the law;
B. obtaining the financial resources to support the fulfilment of the plan and the sources thereof; the funding
approved under the plan shall have priority upon repayment, under Art. 159 para. (1) pt. 2 or, as appropriate,
under Art. 161 pt. 2;
C. the transfer of all or part of the debtor's property to one or more natural persons or legal entities, set up
before or after the confirmation of the plan;
D. the merger or division of the debtor, under the law, observing the notification obligation with regard to
concentration between undertakings, according to the appropriate competition legislation. In the event of a
division, the provisions of Art. 2411 para. (3) of Law 31/1990, republished, as subsequently amended and
supplemented, shall not apply;
E. the liquidation of all or part of the debtor's property, either separately or by lots, free of any charges, or
assigning them to the debtor's creditors, on account of the claims that they have against the debtor. The
assignment of the debtor's assets to its creditors shall be made only provided that their prior written consent
has been obtained in relation to this method of settlement of claims;
F. partial or complete liquidation of the debtor's assets, in order to execute the plan. The proceeds of the sale
of property with causes of preference, according to the Civil Code, must be distributed to the creditors having
such causes of preference, in compliance with art. 159 para. (1) and (2);
G. the amendment or the settlement of the causes of preference, with the obligation to grant, in favour of the
creditor holding a security or the equivalent protection, according to Art. 78 para. (2) c), up to the amount of
their claim, including the interest determined under contracts or under the reorganisation plan, based on a
valuation report, by following the procedure stipulated by art. 61;
H. the extension of the due date and the change of the interest rate, of the penalty or of any other terms of the
contract or of the other sources of its obligations;
I. the amendment of the articles of association of the debtor, under the law;
J. the issuance of securities, by the debtor or by any of the persons referred to in sub-para. D and E, as
provided by Law 31/1990, republished, as subsequently amended and supplemented, and by Law 297/2004,
as amended and supplemented. In order to record, in the plan, the issue of securities, the debtor needs the
express written consent of the creditor that is to receive the securities issued, a consent that must be given
prior to the voting proceeding, in relation with the reorganisation plan, by the creditors. Notwithstanding the
provisions of art. 205 para. (2) of Law 297/2004, as subsequently amended and supplemented, the operations
mentioned in this paragraph are considered exempt for the purposes of art. 205 para. (1) of Law 297/2004, as
subsequently amended and supplemented;
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K. Notwithstanding the provisions of subpara. J, the reorganisation plan may not provide for the conversion
of budget claims to securities;
L. the insertion, in the articles of incorporation of the debtor - legal entity - or of the entities referred to in
subpara. D and E, of provisions:
a) prohibiting the issuance of shares without voting rights;
b) determining, in the case of different categories of common shares, the appropriate distribution of voting
rights between these categories;
c) in the case of categories of preferential shares with priority dividends over other categories of shares,
regulating, in a satisfying manner, the appointment of administrators representing the categories of shares in
question, in the event the dividend payment obligation is not fulfilled
(6) Notwithstanding the provisions of Law 31/1990, republished, as subsequently amended and
supplemented, and of Law 297/2004, as subsequently amended and supplemented, the plan proposed by the
creditors or by the receiver may require the amendment, without the agreement of the members or
associates/shareholders of the debtor, of the articles of incorporation
(7) the recording of the mention in the Trade Registry shall be required by the receiver, at the expense of the
debtor, based on the resolution confirming the reorganisation plan, which shall be published in the Official
Journal of Romania, Part IV.
…
Article 139. - (1) the bankruptcy judge shall set the deadline for the confirmation of the plan no later than 15
days after the submission, by the receiver, of the minutes of the meeting of the creditors during which it was
approved. The bankruptcy judge may request an expert to express an opinion on the feasibility of the plan,
before its confirmation. The plan is confirmed in the following conditions:
A. if there are 5 categories, the plan is deemed accepted if at least 3 of the categories of claims mentioned in
the payment schedule, among the categories referred to in art. 138 para. (3), accept the plan, provided that at
least one of the disadvantaged categories accepts the plan and that at least 30 % of the total value of the pool
of creditors accepts the plan;
B. if there are three categories, the plan is deemed accepted if at least 2 of the categories of claims vote in
favour of the plan, provided that at least one of the disadvantaged categories accepts the plan and that at least
30 % of the total value of the pool of creditors accepts the plan;
C. if there are two or four categories, the plan is deemed accepted if at least half od the number of categories
votes in favour of the plan, provided that at least one of the disadvantaged categories accepts the plan and
that at least 30 % of the total value of the pool of creditors accepts the plan;
D. each disadvantaged category of claims which rejected the plan shall benefit from a fair and equitable
treatment, through the plan;
E. the claims that are paid in full within 30 days of the confirmation of the plan or in accordance with the
loan or leasing agreements from which they arise shall be deemed non-disadvantaged claims, and they shall
be deemed to have accepted the plan;
F. the plan observes, in terms of legality and viability, the provisions of art. 133
(2) The fair and equitable treatment exists when the following conditions are met:
a) none of the categories rejecting the plan and none of the claims rejecting the plan receives less than they
would have in the event of bankruptcy;
b) no category or claim belonging to a category receives more than the total amount of their claim;
c) should a disadvantaged category reject the plan, no category of claims of lower rank, compared to the nonaccepting disadvantaged category, as resulting from the hierarchy stipulated in art. 138 para. (3) shall receive
more than they would in the event of bankruptcy;
d) the plan provides for the same treatment for each claim within a distinct category, except for the different
rank of the categories having causes of preference, as well as in the case in which the holder of a claim agrees
to a less favourable treatment of its claim
(3) Only one reorganisation plan shall be confirmed
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(4) The confirmation of a reorganisation plan shall result in the refusal to confirm any other plan
(5) The amendments to the reorganisation plan, including its extension, may be made at any time during the
reorganisation proceedings, however without exceeding a total maximum duration of 4 years, starting on the
initial confirmation. The amendment may be proposed by any of the parties aiming at proposing a plan,
whether or not they have proposed one. The creditors' meeting shall vote with regard to the amendment, and
only the representatives of the claims that are still included in the balance shall cast a vote, in a manner
similar to the voting of the reorganisation plan. The amendments to the plan must be confirmed by the
bankruptcy judge.
Article 140. - (1) When the ruling confirming a plan comes into force, the activity of the debtor is
reorganised accordingly; the claims and rights of the creditors and of other interested parties are amended as
set out in the plan. In the event of bankruptcy, the creditors and debtor shall revert to the previously existing
situation, i.e. the list of claims against the debtor stipulated in art. 112 para. (1), deducting the amounts paid
during the reorganisation plan
(2) If after the confirmation of the reorganisation plan additional amounts are recovered from actions filed
under Art. 117, they shall be distributed in the manner stipulated in art. 163
(3) The proceeds of the current activity of the debtor or of the capitalisation of its assets which are not
encumbered by causes of preference shall be set to be distributed on a pro rata basis for each claim set to be
settled during reorganisation, after deducting the amounts deemed necessary for the settlement of the current
payable claims and for the provision of the working capital, if any. The payment schedule of the claims shall
provide for the payment of these amounts during the quarter following the one in which such amounts
become available
(4) The creditors shall preserve their actions for the entire value of the claims against co-debtors and
fidejussor of the debtor, even if they voted to accept the plan.
(5) If no plan is confirmed and if the deadline for proposing a plan has expired, under art. 132, the
bankruptcy judge shall order the bankruptcy proceedings to begin immediately, under art. 145
(6) The remuneration of the staff employed under Art. 57 para. (2), Art. 61 and 63, and any other expenses
related to the proceedings shall be paid at the time provided, as applicable, by law, unless the interested
parties agree upon other payment terms, in writing. The plan must specify, in the payment schedule, how this
payment is to be secured.
(7) Payment shall be made quarterly, based on legal documents.
Section 7
Bankruptcy and liquidation of assets
(…)
§ 3. Distribution of the amounts obtained following the liquidation
Article 159. - (1) The proceeds of the sale of the assets and rights of the debtor, encumbered, in favour of the
creditor, by causes of preference, shall be distributed in the following order:
1. taxes, stamp duties and any other expenses related to the sale of the assets in question, including the
expenses required for the preservation and management of said assets, as well as the expenses incurred by the
creditor during enforcement proceedings, the claims of utilities providers arising after the proceedings have
been initiated, under art. 77, the remuneration payable, as of the distribution date, to the employees
contracted in the common interest of all creditors, in accordance with art. 57 para. (2), Art. 61 and 63, which
shall be borne on a pro rata basis, in relation to the value of all the properties included in the debtor's assets;
2. claims of the creditors having a cause of preference, which has arisen during the insolvency proceedings.
These claims shall include the principal, the interest, as well as other accessory obligations, if applicable;
3. claims of the creditors having a cause of preference, including the principal, the interest, the additions and
penalties of any kind, including costs, as well as those under art. 105 para. (3) and art. 123 para. (11) point a)
(2) if the amounts obtained from the sale of these assets are insufficient to fully cover such claims, the
creditors may obtain, for the remaining amount, unsecured or budget claims, as applicable, which shall
compete with those included in the corresponding category, according to the nature thereof, stipulated in art.
161, and shall be subject to the provisions of art. 80. If, after the payment of the amounts referred to in para.
116
(1), there is a positive difference, the corresponding amount shall be added, care of the receiver, to the
debtor's assets.
(3) A creditor having a cause of preference is entitled to participate in any distribution of amounts made
before the same of the property encumbered by a cause of preference in their favour. The amounts received
following such distributions shall be deducted from the amounts the creditor would be entitled to receive
afterwards, from the price obtained by selling of the asset encumbered by a cause of preference, if necessary
to prevent such creditor from receiving more than than they would have received, had the property
encumbered by a cause of preference in their favour been sold prior to the distribution.
…
Article 161. - Claims shall be paid, in case of bankruptcy, in the following order:
1. taxes, stamp duties and any other expenses related to the proceedings under this Title, including the
expenses required for the preservation and management of the debtor's assets, for resuming the activity, and
for the payment of wages of employees pursuant to Art. 57 para. (2), Art. 61, 63 and 73, subject to the
provisions of Art. 140 para. (6);
2. claims arising from financing granted under Art. 87 para. (4);
3. claims arising from employment relations;
4. claims arising from the resumption of the debtor's activity after the initiation of the proceedings, claims
due to co-contractors according to Art. 123 para. (4) and due to third-party acquirers, in good faith, or to
secondary acquirers, which return to the debtor's assets the goods or their equivalent value, according to art.
120 para. (2) and Art. 121 para. (1);
5. budget claims
6. claims representing amounts owed by the debtor to third parties, based on support obligations, allowances
for minors or payment of regular amounts to ensure livelihood;
7. claims representing amounts set by the bankruptcy judge for the support of the debtor and of his/her
family, in the case of individuals;
8. claims representing bank loans, with the related expenses and interest, claims arising from deliveries of
goods, services or other works, from rents, claims related to art. 123 para. (11) pt. b), including bonds;
9. other unsecured claims;
10. subordinated claims, in the following order of preference:
a) claims arising in favour of third-party acquirers, in bad faith, of the debtor's assets, under art. 120 para. (2),
claims due to secondary acquirers, in bad faith, in accordance with art. 121 para. (1), and loans granted to the
debtor, a legal entity, by a partner or shareholder holding at least 10 % of the share capital or voting rights in
the general meeting of the shareholders or, as appropriate, by a member of the economic interest grouping;
b) claims arising from documents that don't imply consideration.
Section 8
Liability for insolvency
(…)
Article 175. - (1) A proceeding consisting of reorganisation by resuming the activity or a liquidation
proceeding shall be closed by a court ruling, based on a report of the receiver, which shall record the
fulfilment of all the payment obligations undertaken under the confirmed plan, as well as the payment of the
currently outstanding claims. If a proceeding starts as a reorganisation, and then becomes a bankruptcy
proceeding, it shall be closed under Art. 167
(2) A bankruptcy proceeding shall be closed when the bankruptcy judge approves the final report, when all
funds or assets of the debtor have been distributed and when the unclaimed funds have been deposited in the
bank.
(3) The property shall be distributed to creditors on account of the claims held against the debtor's property,
following the creditor's proposal, with the obligation of the latter to pay all the amounts that would have been
owed to the creditors having priority according to the previous documents, and to those having the same
order of priority, according to Art. 159 and 161, in the event that the property had been sold to a third party.
117
If there are multiple proposals, the property shall be assigned to the highest bidder, in which case the claim of
the creditor in question shall be deducted from the price due. In all cases, the price of the goods distributed to
the creditors to settle their debts shall not be less than the value determined by the valuation report.
(…)
TITLE IV
Penalties
(…)
TITLE V
Transitional and final provisions
(…)
The Chairman of the Chamber of Deputies, Valeriu Stefan- Zgonea
The Chairman of the Senate, Calin-Constantin-Anton Popescu-Tariceanu
In Bucharest, on 25 June 2014.
No. 85.
În viață uneori e ușor, alteori greu.
Suntem aici
oricând.
UniCredit Consumer Financing IFN S.A.
tratează fiecare client drept un partener,
oferindu-i în acest sens atenția și
respectul cuvenite, prin produse de
creditare adecvate și servicii adiționale.
Email: [email protected]
Detalii suplimentare pe: www.ucfin.ro
DECISION NO. 421 of 20 May 2014 to amend and complement the Guidelines
governing the enforcement of Tax Code Law No. 571/2003, as approved by Government
Decision No. 44/2004
Based on Article (108) of the Constitution of Romania, as republished,
The Government of Romania hereby adopts the following decision.
Art. I
Guidelines governing the enforcement of the Tax Code Law No. 571/2003, as approved under
Government Ordinance No. 44/2004, published in Part I of Romanian Official Gazette No. 112 of 6 February
2004, as subsequently completed and modified, is hereby amended and completed, as follows:
(A) TITLE II: Corporate tax
(...)
Tax Code:
Art. 194: Plowback tax exemption
(1) The profit invested in technological equipment - machines, equipment and working systems - as they are
described in subgroup 2.1 of the Catalogue used for the classification and normal functioning durations of the
fixed assets that are used to support a company’s business shall be exempted from paying the corporate tax.
(2) As per paragraph (1), the plowback is the balance of the profit and loss account, more specifically the
gross accounting profit accrued from the beginning of the year, in the year when the respective pieces of
technological equipment were commissioned. The plowback tax exemption is equal to the corporate tax
which is payable for the respective period.
(3) For the period 1 July - 31 December 2014, this exemption shall be applied by considering the gross
accounting profit posted as of 1 July 2014 and invested in the assets that are specified under paragraph (1)
and will have been produced and/or procured and commissioned after that same date.
[...]
(6) The exemption shall be calculated on a quarterly or annual basis, as applicable. The amount of the profit
for which the plowback tax exemption was given, minus the share which is set aside for the legal reserve,
shall be distributed at the end of the financial year, as a priority for the creation of the reserves, in an amount
equal to the accounting profit posted at the year-end. If an accounting loss is posted at the end of every
financial year, the corporate tax related to the plowback shall not be calculated, and the taxpayer shall not
distribute the plowback amount as a reserve.
(7) For the technological pieces of equipment that are described under para. (1) and which are produced over
several consecutive years, the exemption shall cover the investments that are commissioned partially in the
respective year based on partial work acceptance reports.
(8) The provisions of para. (1) shall apply to the technological equipment that are considered to be new, as
per the enforcement guidelines.
[...]
119
METHODOLOGICAL NORMS:
177. For purposes of Article 194 of the Tax Code, the production of technological equipment shall be
construed as self-production.
178. For purposes of the enforcement of Article 194, paragraph (2) of the Tax Code, the gross accounting
profit that has been accrued since the beginning of the year is that accounting profit to which the corporate
tax expenditures should be added, as posted in the quarter/year when the respective technological equipment
were commissioned, without considering the own sources or the attracted sources that are used to finance the
assets mentioned under Article 194, paragraph 1 of the Tax Code.
In the case of the technological equipments that are used based on financial leasing contracts and that are
commissioned between 01 July 2014 - 31 December 2016 included, the user is the one to apply the corporate
tax exemption, provided that the provisions of Article 194, paragraph 9 of the Tax Code should be complied
with.
-****PRIME MINISTER
VICTOR-VIOREL PONTA
Also endorsed by:
Minister of Public Finance,
Ioana-Maria Petrescu
Pp. Minister delegate for budget
Gheorghe Gherghina,
Secretary of State
Published in Official Gazette No. 384 of 23 May 2014
120
EMERGENCY ORDINANCE no. 66 of October 15th, 2014 regarding the approval of the Stimulus
program to purchase new cars
Having in view the need to meet the commitments undertaken in the agreements signed with international
organizations, in order to avoid the risk of missing the target, releasing the credit system and enabling the
natural persons’ access to financing are urgently required, an aspect demanding the Romanian Government to
implement anti-crisis measures for supporting the prior economic sectors.
Given that in the absence of some urgent measures to stimulate the consumption, the economic growth can be
affected and some economy sectors, such as car construction and services, could be significantly affected by
the economic and financial conditions, the credit system releasing and the activity increasing are required,
with effects on the economic growth and positive impact on employment.
By adopting the present regulation it is intended to implement a guarantee mechanism leading to the
diversification of the range for car credits products at costs lower than the current ones, having in view the
high degree of a credit collateralization for car purchase in comparison to personal loans without collaterals.
For maintaining some encouraging perspectives to keep the consumption growth by providing the support of
the banking system in the context of a specific funding offer dedicated to natural persons and tailored to the
potential demands, having in view the need of a favorable framework for adopting and preparing the
implementation of the national strategy for 2014-2020 competitiveness, which makes the car and related
parts industry be among the prior economic sectors, representing one of the 10 sectors for the future. The
absence of a funding offer for the car sector appropriate for natural persons affects the growth of the
population consumption, the utilization degree of the current production capabilities of cars and related parts
producers, as well as the volume of the cars trade and specialized services. These factors represent important
contributors in obtaining the economic added value which do not benefit of the banking system support in the
context of a specific funding offer dedicated to natural persons, in proportion with the potential demand.
Considering that some urgent measures should be taken in order to raise funds for current production
activities related to cars and related parts producers who produce added value and have a positive impact on
the macro-economic level, the present regulation must be complied with, aiming the natural persons’ access
to credits dedicated to the new cars purchase. Given that all these aspects aim the public interest and
represent emergency and exceptional situations of whose regulation can not be postponed, requiring
undertaking immediate measures on basis of emergency ordinance, the Romanian Government adopts the
present emergency ordinance, according to article 115, paragraph (4) of the Romanian Constitution, as
republished.
Art. 1
(1)The stimulus program for new cars purchase, hereinafter referred to as the Program, is approved as
governmental program which aims to enable the natural persons to purchase a new car by accessing state
funds.
(2)The Program enables natural persons to purchase only one car.
Art. 2
In the present emergency ordinance, the following terms and expressions have the meaning hereby:
a)new car – is the new vehicle – defined according to the provisions in article 3, paragraph 2 of the
Government Ordinance no. 27/2011 regarding the road transport, as subsequently amended and
supplemented, produced in the inter-community space or imported, which complies at least with the
minimum requirements of standard EURO 5, purchased from legal entities whose activity is cars selling and
with a maximum purchase price of 50,000 lei, without VAT, as applicable;
b)the Program’s beneficiary is the natural person who fulfills the following conditions:
1.he declares under his sole responsibility, on the date of the guaranteed loan application, that he hasn’t
owned any new car;
2.he is not registered with outstanding payment obligations to the consolidated general budget;
3.he is not registered with any debts to other bank loans;
121
c)credit – the credit line which the credit institution or non-banking financial institution makes available to
the beneficiary with the compliance of the internal norms and based on a credit agreement;
d)guarantee agreement – the agreement signed between the Program’s beneficiary, the credit institution or
non-banking financial institution and the National Loan Guarantee Fund for Small and Medium-Sized
Enterprises – S.A., hereinafter referred to as F.N.G.C.I.M.M., under which the state, represented by the
Ministry of Public Finance - F.N.G.C.I.M.M., is bound to guarantee the credit granted by the credit
institution or non-banking financial institution and the beneficiary undertakes to reimburse the amounts owed
to the state following the guarantee enforcement by the credit institution of non-banking financial institution,
in case of credit risks;
e)guarantor – the state, represented by the Ministry of Public Finance - F.N.G.C.I.M.M.;
f)guaranteed percentage – the credit part which is covered by the state guarantee, expressed in percentage.
The guaranteed percentage may be maximum 50% of the credit value;
g)guarantee value – the amount mentioned in the guarantee agreement which can be maximum 50% of the
credit value. Interests, charges and other costs generated by the participation in the Program are not included
in the guarantee value;
h)credit risk – partial or total non-payment of the credit by the Program’s beneficiary;
i)collateral value - the amount resulting by applying the guaranteed percentage to the loan outstanding
balance, an amount that is to be paid to the credit institution or non-banking financial institution by the
Ministry of Public Finance in the case of credit risks;
j)guarantee premium – amount due by the Program’s beneficiary representing the risk premium owed to the
Ministry of Public Finance and the management fee owed to F.N.G.C.I.M.M., of which the value is annually
established by the an order issued by the Minister of Public Finance and by the Minister delegate for budget;
k)risk premium - the amount owed by the beneficiary to cover the guarantee risk and to annually finance the
capital necessary for the Program;
l)management fee - the amount owed by the Program’s beneficiary covering the costs of evaluation, grant
and management of the guarantees granted by F.N.G.C.I.M.M.;
m)government guarantee - guarantee assumed by F.N.G.C.I.M.M., on behalf and for the account of the state,
included in a guarantee agreement, which covers the loss of the funding provider, in case of the credit risks
and which must be irrevocable, unconditional and explicit, according to the regulations of the National Bank
of Romania relevant in the perspective to be recognized as the credit risk-reducing of guarantees.
Art. 3
(1)By derogation from the provisions of article 4 of the Government Emergency Ordinance no. 64/2007
regarding the public debt, approved with amendments and additions by Law no. 109/2008, as amended, this
regulation stipulates a guarantee mechanism under which the Ministry of Public Finance is authorized to
mandate F.N.G.C.I.M.M. to issue guarantees on behalf and for the account of the State, in favor of credit
institutions and non-banking financial institutions which grant credits to natural persons who are eligible to
purchase a new car within the Program.
(2)In the exercise of the powers delegated under this ordinance, F.N.G.C.I.M.M. is authorized to mandate its
subsidiaries in the purpose of developing the Program.
(3)The payment source for the guarantees granted by F.N.G.C.I.M.M. on behalf and for the account of the
State for credits obtained by the eligible beneficiaries under the Program is the Risk fund for Small and
Medium-Sized Enterprises.
(4)The guarantees annual maximum value, the credit granting terms and conditions, the eligibility
requirements for credit institutions and non-banking financial institutions and natural persons eligible for the
Program, the guarantees management rules are established by the application norms of this emergency
ordinance.
(5)The guarantees are granted within the limit value approved and depending on the specific criteria provided
by the norms and internal procedures for financing credit institutions or non-bank financial institutions and
by the guarantee norms of F.N.G.C.I.M.M.
(6)The guarantee mechanism included in the Program develops in compliance with paragraph 3.5 of the
Commission Notice regarding the application of Articles 87 and 88 of EC Treaty to State aid in the form of
122
guarantees (2008/C 155/02), published in the Official Journal of the European, Series C, no. 155 of June 20th,
2008.
Art. 4
Under the guarantee agreement, a mortgage of movable assets regarding the cars purchased under the
Program in favour of the Romanian state represented by the Ministry of Public Finance is registered in the
Electronic Archive of Movable Security Interests, as well as in favour of funding providers, in proportion to
the guarantee percentage, valid until the discharge of all payment obligations related to guaranteed credit
granted under the Program.
Art. 5
The agreements under which F.N.G.C.I.M.M. grants the guarantees provided in article 2 are enforcement
orders and are considered authentic documents.
Art. 6
The Ministry of Public Finance and F.N.G.C.I.M.M. sign an agreement setting out the parties’ rights and
obligations during the Program.
Art. 7
(1)The Program’s Beneficiary undertakes to constitute, according to Law no. 287/2009 on the Civil Code,
republished, with further amendments in favor of the Romanian state, represented by the Ministry of Public
Finance, a mortgage of movable assets on credit balances of all accounts to the financing credit institution or
non-bank financial institution, valid until the settlement of claims due by the above-mentioned according to
the guarantee agreement, within the limit of the contracted credit line.
(2)The movable assets mortgage agreement provided in paragraph (1) shall be registered in the Electronic
Archive of Movable Security Interests by the financing credit institution or non-banking financial institution
which will receive a special mandate in this regard, according to the application norms of the present
emergency ordinance.
(3)An agreement may be signed under the law between the credit institution or non-banking financial
institution, the Program’s beneficiary and the Romanian state, through the Ministry of Public Finance F.N.G.C.I.M.M., which stipulates that the financing credit institution or non-banking financial institution will
follow the instructions by which the amounts in the account will be available to the Romanian state, without
requiring the beneficiary's consent.
Art. 8
(1)The credit institution and non-banking financial institution shall be entitled to pay the collateral amount in
case of credit risk.
(2)The amounts resulting from the enforcement of state guarantees granted by F.N.G.C.I.M.M. under the
Program, on behalf and for the account of the State, shall be paid from the state budget to the funding
provider by the Ministry of Public Finance, based on the supporting documents submitted by
F.N.G.C.I.M.M., and will be recovered from the Program’s beneficiary.
Art. 9
(1)After the payment referred to in article 8 paragraph (2), the Ministry of Public Finance informs
F.N.G.C.I.M.M. on the payment and the date thereof, and F.N.G.C.I.M.M. issues a document, the act
preceding the enforcement procedure, by which the claim resulting from payment is individualized.
(2)F.N.G.C.I.M.M. notifies the guaranteed financing debtor beneficiary on the document within 15 calendar
days from receiving the notification provided in paragraph (1).
(3)The document, along with proof of the notification sent to the debtor who benefits of the guaranteed
financing, accompanied by the guarantee agreement and the documents provided in the application norms of
the present emergency ordinance shall be submitted to the competent tax authorities of the National Agency
for Fiscal Administration for the application of the enforcement measures, according to chapter VIII of the
Government Ordinance no. 92/2003 regarding the Fiscal Procedure Code, republished, as subsequently
amended and supplemented.
(4)If the amounts referred to in article 8 paragraph (2) are not paid, interests and late payment penalties will
be applied according to the provisions in chapter III of the Government Ordinance no. 92/2003, republished,
as subsequently amended and supplemented, beginning with the day following the date when the amount
resulted from the guarantee enforcement is paid until and including the date of the claim settlement.
123
(5)The claims resulting from the granted guarantees and paid to credit institutions and non-banking financial
institutions under the Program shall be regarded as budgetary debts which are collected and recovered by
enforcement by National Agency for Fiscal Administration, according to the procedure regulated by the
Government Ordinance no. 92/2003, republished, as subsequently amended and supplemented, which are
applied accordingly.
(6)The amounts received according to article 8 paragraph (2) are state budget revenues and are paid in a
separate account for budget revenues.
Art. 10
Within maximum 15 days after the date of the entry into force of the present emergency ordinance, the
Ministry of Public Finance and the Ministry of Economy, will elaborate and submit for approval the
application norms of the present emergency ordinance by issuing a Government decision.
-****PRIME-MINISTER
VICTOR-VIOREL PONTA
Countersigned by:
Minister of Economy,
Constantin Niţă
Minister of Public Finance,
Ioana-Maria Petrescu
Minister delegate for budget,
Darius-Bogdan Vâlcov
Published in the Official Gazette no. 768 on October 22nd, 2014.
Lider european
în domeniul creditelor de consum
acordate persoanelor fizice
“Când vorbim de satisfacția clienților, aplicăm un principiu
simplu: un client ne recomandă pentru că ne este loial și ne
este loial pentru că este mulțumit.”
Cetelem este multi-specialistul creditelor de consum, ale cărui
produse de creditare, de la credite de nevoi personale cu acordare prin
telefon sau internet, până la credite auto, credite în magazin și carduri de
credit, pot fi accesate fie în spaţiile de vânzare – magazine, showroomuri auto, fie prin intermediul altor parteneri afiliaţi sau prin Internet.
Cetelem România aplică permanent principiul “creditului bine
înțeles” în derularea operațiunilor curente, asigurând accesibilitatea,
simplitatea și transparența procesului de acordare a creditelor, deopotrivă
pentru clienții și pentru partenerii săi. Oferirea de servicii de calitate clienților
constituie prioritatea numărul 1 a Grupului BNP Paribas și a BNP
Personal Finance, divizia de credite de consum a Grupului.
principalul promotor al
creditului responsabil®
peste 29 000 de angajaţi
în 30 de ţări pe 4 continente
96% clienți satisfăcuți și
68% dintre clienți recomandă
serviciile și produsele Cetelem*
*Conform studiului IPSOS Customer Satisfaction Survey S1 2014.
Piata Institutiilor Financiare Nebancare din Romania
The Non-Banking Financial Institutions’ Market in Romania
2014
ISSN: 2067 – 5232

Catalog ALB 2014

Transcription

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