Descarca catalogul - ALB

Piaţa Instituţiilor Financiare
Nebancare din România - 2012
The Non-Banking Financial
Institutions Market in Romania - 2012
60184_file_interior_lucian_v9.indd 1
11/5/2012 9:21:43 AM

Publicaţie realizată de
DIPLOMAT CONSULT SRL
pentru
ASOCIAŢIA SOCIETĂŢILOR
FINANCIARE - ALB ROMÂNIA
Preşedinte: Antoaneta Curteanu
Vicepreşedinte: Gilles Zeitoun
Secretar General: Adriana Ahciarliu
Adresa: Str. Gaetano Donizetti nr. 3, et. 4,
apart. 10,
Bucureşti, sector 2, cod postal 020182,
România
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: office_alb@alb-leasing.ro
Web: www.alb-leasing.ro
Redactori şi tehnoredactare computerizată:
Diplomat Consult SRL
Adriana Ahciarliu
Gabriela Magheru
Valeriu Bogdan Pîciu
Distribuţie gratuită prin:
Diplomat Consult SRL
www.office@diplomatconsult.com
Tiparit de: SC Best Print Services SRL
ISSN: 2067 – 5232
ISSN-L 2067 – 5232
Acest catalog se distribuie gratuit
Made by
DIPLOMAT CONSULT SRL
for
FINANCIAL COMPANIES
ASSOCIATION – ALB
ROMANIA
President: Antoaneta Curteanu
Vicepresident: Gilles Zeitoun
Secretary General: Adriana Ahciarliu
Address: 3, Gaetano Donizetti Street, 4-th
floor, apart. 10,
Bucharest, district 2, postal code 020182,
Romania
Tel: 021/ 230.61.52; 021 230.03.50
Fax: 021/230.61.32
E-mail: office_alb@alb-leasing.ro
Web: www.alb-leasing.ro
Editors and DTP:
Diplomat Consult SRL
Adriana Ahciarliu
Gabriela Magheru
Valeriu Bogdan Pîciu
Distribution free of charge:
Diplomat Consult SRL
www.office@diplomatconsult.com
Printed by: SC Best Print Services SRL
ISSN: 2067 – 5232
ISSN-L 2067 – 5232
This catalogue is available only free of
charge
60184_file_interior_lucian_v9.indd 2
11/5/2012 9:21:44 AM

60184_file_interior_lucian_v9.indd 3
11/5/2012 9:21:44 AM

Cuprins Table of Content Pag./Page
I. Cuvânt inainte – Antoaneta Curteanu I. Foreword – Antoaneta Curteanu 7
II. De la istoria leasingului şi a creditului
de consum înapoi la mediul macroeconomic
actual – Adriana Ahciarliu
III. Criminalitatea de business – Magda
Luminiţa Dănilă
IV. România riscă procedura de infringement
pentru nerespectarea prevederilor directivei
europene în domeniul TVA – Daniel
Anghel, Diana Coroabă
V. Provocări curente privind aplicarea
practică a reglementărilor contabile de către
instituţiile financiare nebancare – Angela
Manolache
VI. Texte legislative pentru IFN-uri
publicate în perioada iunie 2011 – iunie
2012 (doar versiunea in l.engleză)
II. From history of leasing & consumer
credit back to present macroeconomic environment
– Adriana Ahciarliu
III. Criminal Business Law – Magda
Luminiţa Dănilă
IV. Romania risks to face infringement
procedure for failure to comply with the
European VAT Directive – Daniel Anghel,
Diana Coroabă
V. Current challenges regarding practical
application of accounting regulations by
non-banking financial institutions – Angela
Manolache
VI. Legislation for NBFI issued between
June 2011 to June 2012
11
57
62
67
83
Regulamentul BNR nr. 24/2010 – privind
creditele destinate persoanelor fizice
Regulation No. 24/2010 of the National
Bank of Romania governing loans extended
to individuals
Regulamentul BNR nr. 24/2011 – pri -
vind creditele destinate persoanelor fizice –
modificări
Regulation No. 24/2011 of the National
Bank of Romania governing loans extended
to individuals – amendments
Ordinul BNR nr. 25/2011 privind raportarea
situaţiilor aferente aplicării Regulamen-
tului BNR nr. 11/2011 privind clasificarea
creditelor şi plasamentelor
Order No. 25/2011 of the National Bank
of Romania governing the status reports
on the enforcement of Regulation No.
11/2011 of the National Bank of Romania
governing the classification of credits and
placements
Anexa la Ordinul BNR nr. 25/2011
Annex to NBR Order no. 25/2011
60184_file_interior_lucian_v9.indd 4
11/5/2012 9:21:44 AM

Ordinul nr. 27 din 27.12.2011 – pentru
aprobarea Reglementărilor contabile conforme
cu directivele europene
Order No. 27/ 27 December 2010 to approve
the accounting regulations harmonised with
the European directives
Ordinul nr. 4 din 8.03.2012 – referitor la
raportarea situaţiei privind clasificarea expunerilor
din credite/credite legate de serviciile
de plată şi necesarul de provizioane
specifice de risc de credit aferent acestora,
aplicabil entităţilor supravegheate de BNR,
altele decât instituţiile de credit + Anexa
Order No. 4 of 8 March 2012 governing
the status reports on the classification of
that are applicable to the entities monitored
by the National Bank of Romania, others
than the credit institutions + Annex
Regulamentul nr. 5 din 08.03.2012 – privind
clasificarea creditelor şi constituirea, regularizarea
şi utilizarea provizioanelor specifice
de risc de credit aplicabil entităţilor supravegheate
de Banca Naţională a României,
altele decât instituţiile de credit + Anexe
Regulation No. 5/8 March 2012 – on credit
classification and the establishment, adjustment
and use of specific credit risk provisions,
applicable to the entities supervised
by the National Bank of Romania, other
than credit institutions + Annex
Legea nr. 9/2012 privind taxa pentru emisiile
poluante provenite de la autovehicule +
Anexe
Law 9/2012 on the motor vehicle emission
tax + Annexes
Ordonanţa de urgenţă nr. 1/2012 pentru
suspendarea aplicării unor dispoziţii ale
Legii nr. 9/2012 privind taxa pentru emisiile
poluante provenite de la autovehicule,
precum şi pentru restituirea taxei achitate
în conformitate cu prevederile art. 4 alin.
(2) din lege.
Emergency Ordinance No. 1/2012 to suspend
the enforcement of certain provisions
of Law No. 9/2012 governing the tax
chargeable on motor-vehicle pollution and
to reimburse the tax paid according to Article
4, paragraph (2) of Law
Ordonanţa de urgenţă nr. 24 din 6.06.2012
- pentru modificarea şi completarea Legii
nr. 571/2003 privind Codul fiscal şi reglementarea
unor măsuri financiar fiscale
Emergency ordinance no. 24 of 6 June 2012
amending and supplementing Law No.
571/2003 governing the Tax Code and regulating
certain financial and tax measures
60184_file_interior_lucian_v9.indd 5
11/5/2012 9:21:44 AM

60184_file_interior_lucian_v9.indd 6
11/5/2012 9:21:44 AM

Antoaneta Curteanu
Presedintele ALB
Cuvant inainte
Foreword
Perioada iulie 2011 – iulie 2012, pe care o tratam
in acest anuar, va ramane probabil in istoria
Asociatiei ca una dintre cele mai dificile de la
nasterea ei in 2004. Au trecut 8 ani de la data la
care membrii fondatori au decis sa creeze acest
instrument de lobby al sinergiei unei industrii
ce se definea a fi leasingul si care incepand cu
2006 a fost redefinita ca industria institutiilor
financiare nebancare.
Mandatul membrilor fondatori a fost unul de
constructie a unui cadru legislativ propice unei
asezari si dezvoltari sanatoase a leasingului financiar
si operational in Romania, in contextul
aderarii tarii la Uniunea Europeana. In doi ani
de activitate intensa de lobby Asociatia a reusit
sa “lanseze la apa” trei proiecte importante in
domeniul legislatiei speciale: legea 287/2006 a
leasingului, legea 266/2006 ce defineste cadrul
legislativ al autorizarii, monitorizarii si supravegherii
institutiilor financiare nebancare si
amendarea, in iunie 2006, a articolelor 7, 8 si 25
din Codul fiscal (cu referire la definirea fiscala a
leasingului financiar, operational si a statutului
fiscal al locatorului si locatarului in cele doua
produse principale ale leasingului). Cu acest
pachet legislativ industria leasingului financiar
precum si cea a creditului de consum au pornit,
cu speranta, pe drumul unei dezvoltari concrete
si sanatoase. Cu toate acestea criza care batea
la usa Europei nu a permis acestui sector de activitate
financiara sa atinga maturitatea sa.
The period of time between July 2011 and July
2012 treated in this year-book will probably
remain the most difficult one in the history of
the Association since its establishment in 2004.
Eight years ago the founding members decided
to create this lobby instrument for the synergy
of an industry defined as leasing which was redefined
as the industry of the non-banking financial
institutions in 2006.
The mandate of the founding members was
based on the building of a proper legal framework
for setting up the financial and operational
leasing in Romania on a healthy development
basis in the context of the country’s accession
to the European Union. During two years of
intensive activity the Association managed to
launch three important special legislative projects:
law no. 287/2006, i.e. the leasing law,
law no. 266/2006, i.e. the law defining the legal
framework meant for the authorisation, monitoring
and supervision of the non-banking financial
institutions and, in June 2006, the amendment
of articles 7, 8 and 25 of the Fiscal Code
(related to the fiscal definition of the financial
and operational leasing and of the fiscal statute
of the lessor and of the lessee in the two main
products of the leasing). Based on this legislative
kit the start up of the financial leasing industry
and the consumer credit industry relied
on the expectation of a solid and healthy path of
development. However, the crisis knocking at
the frontiers of Europe did not allow this sector
of financial activity to reach its maturity.
7
60184_file_interior_lucian_v9.indd 7
11/5/2012 9:21:45 AM

2008 a fost un an de referinta. Anul care a inregistrat
cea mai mare crestere si cea mai mare
scadere semestriala. Prapastia dintre cresterea
semestrului 1 si scaderea semestrului 2 a fost
construita atat de impactul crizei economice si
financiare – criza ce debuta la acea data si in
Romania – dar si de necesitatile fiscale macroeconomice
identificate la acea data. Debutul
crizei, cu o scadere de peste 50% semestru la
semestru si cu inregistrarea primei scaderi anuale
de 3%, a insemnat, de fapt, inceputul unei
noi tendinte pentru industria leasingului, in special,
cat si pentru creditul de consum.
Contextul macroeconomic al scaderii consumului,
al cresterii somajului si al reducerii puterii
de cumparare, ce a urmat, a dus la o crestere
rapida a creditului de consum tip IFN. Creditarea
responsabila, coduri de buna practica,
transparenta si prudentialitatea, promovate de
Banca Nationala a Romaniei, in scopul alinierii
la tendintele europene de limitare a creditarii
neperformante si diminuarii nivelului de credit
cu impact in nivelul de trai al persoanelor fizice,
au devenit termeni cunoscuti pentru actorii pietei
financiar bancare si implicit ai institutiilor
financiare nebancare. Directiva Creditului
de Consum armonizata in Romania a indus o
scadere considerabila, in actualul context al
bugetelor de austeritate, a creditului de consum
manifestat sub forma leasingului.
Leasingul si creditul - industrial si de consum
- au ramas speranta institutiilor financiare nebancare,
in contextul in care austeritatea tintea
mai mult zona consumatorului si mai putin pe
cea a agentilor economici. Cu toate acestea, intarzierea
alinierii prevederilor fiscale la Directivele
Europene, cu precadere in domeniul TVA
sau al taxelor parafiscale, mentin un nivel ridicat
de impredictibilitate si nesiguranta, simtit
cu precadere in acest interval de referinta.
In acest context rolul Asociatiei este acela de
a pastra sinergia membrilor sai, de a gasi so-
2008 has been a reference year. It was the year
registering the biggest growth and the highest
decrease in a semester. The gap between the
growth from semester 1 and the decrease in
semester 2 was created both by the impact of
the economic and financial crisis, a crisis that
began at that time in Romania, too, and by the
fiscal macroeconomic necessities identified at
that time. The beginning of the crisis, with a decrease
exceeding 50% from semester to semester
and with the registration of the first annual
decrease of 3% meant in fact the beginning of
a new trend especially for the leasing industry,
but also for the consumer credit.
The further macroeconomic context involving
a lower consumption, an increased unemployment
and a reduced purchasing power led to a
rapid growth of the consumer credit of a NBFI
type. The responsible lending, the codes of best
practices, the transparency and the prudential
measures promoted by the National Bank of
Romania aiming to reach an alignment to the
European trends for limiting the non-performing
credits and to diminish the level of credit
with an impact over the living standard of the
individuals became usual words for the players
of the banking financial market and, implicitly,
of the non-banking financial institutions. The
Consumer Credit Directive harmonised in Romania
induced an important decrease in the present
context of the austerity budgets of the consumer
credit manifested in the form of leasing.
The leasing and the credit – industrial and consumer
ones – remained the hope of the nonbanking
financial institutions within the context
of an austerity aimed more at the consumer
area and less at the area of the economic agents.
Nevertheless, the alignment delay of the fiscal
provisions to the European Directives, particularly
in the VAT field or in the field of the parafiscal
taxes still maintain a high level of unpredictability
and uncertainty, mostly felt in this
period of reference.
The role of the Association in this context is
to preserve the synergy of its members, to find
8
60184_file_interior_lucian_v9.indd 8
11/5/2012 9:21:45 AM

lutii viabile de rezolvare a conflictelor fiscale,
in sensul deschiderii usii dialogului social. Fara
dialog social tendinta de scadere a volumului
finantarilor in leasing nu poate fi usor controlata
si stopata. Anul 2012 indica acea vointa a
membrilor Asociatiei de a iesi din curba negativa,
de a opri scaderea si a accelera din nou
motoarele spre crestere. Chiar si o crestere
modesta, pe care noi o estimam pana la maxim
10%, la finele anului 2012, poate fi un indiciu
care sa renasca increderea agentilor economici
intr-o industrie care in 2008 finanta aproape 4%
din PIB-ul Romaniei!
viable solutions for solving the fiscal conflicts
towards opening the door of the social dialogue.
The trend of decreasing the leasing financed
volume cannot be easily controlled
and stopped without a social dialogue. 2012 is
a year indicating the will of the Association’s
members to get out from the negative curve, to
stop the decrease and to speed up the engines
again towards a possible growth. Even a modest
growth, estimated by us at maximum 10% at
the end of the year 2012 can be a clue to revive
the confidence of the economic agents in our
industry which in 2008 used to finance about
4% from the Romanian GDP!
Antoaneta Curteanu
Presedintele ALB
9
60184_file_interior_lucian_v9.indd 9
11/5/2012 9:21:45 AM

Orice afacere ai avea,
noi `\i finan\[m investi\iile
www.garantileasing.ro
021 232 17 77 sau 0734 272 684
Garanti Leasing este marca sub care func\ioneaz[ compania Motoractive IFN S.A.
60184_file_interior_lucian_v9.indd 10
11/5/2012 9:21:51 AM

De la istoria leasingului si a creditului de
consum inapoi la mediul macroeconomic
actual
From history of leasing & consumer
credit back to present macroeconomic
environment
1. Perspectiva istorica a leasingului si
creditului de consum ca instrumente de
sustinere a dezvoltarii economice
Este limpede ca produse ca leasingul si creditul
de consum au raspuns unei anumite realitati
economice si macroeconomice ale vremurilor
respective. Poate ca formularea a fost diferita,
insa efectele si functiile creditului de consum
si ale leasingului erau similare cu cele ale
produselor financiare prezente care sunt foarte
bine definite.
Imi asum curajul sa va prezint o scurta istorie
a acestor doua produse financiare, precum si
unele exemple care pot arata rolul si puterea
unor astfel de produse financiare nebancare.
Am ales aceste exemple deoarece ele reprezinta
momente de istorie care au fost marcate de
crize financiare si razboaie, momente ce au
gasit ca solutie alternativa a disputelor folosirea
leasingului ca acord de razboi intre state sau
folosirea creditului de consum ca solutie
alternativa pentru consolidarea nivelului de trai
si pentru incurajarea asa-numitei „indatorari
productive”!
Pentru curiozitatea cititorilor acestui anuar al
Asociatiei care reprezinta leasingul si creditul
de consum din Romania am inclus unele
1. Historical perspective on leasing and
consumer credit as supporting instruments
for the economic development
It is obvious that products like consumer
credit and leasing have responded to a certain
economic and macroeconomic reality of certain
times. Wording may have been different but the
effects and functions of credit and leasing were
similar to today’s very well defined financial
products.
I take the courage to present you a brief history of
these two financial products as well as examples
that may indicate the role and the power of such
non-banking financial products. I choose these
examples as they represent moments of history
that were marked by financial crisis and wars,
moments that have found as alternative dispute
solution the use of lease as war agreements
among states or the use of consumer credit as
alternative solution for enhancing the lifestyle
and encouraging the so named “productive
debt”!
For the curiosity of the readers of this annual
book of the Association that represents leasing
and consumer credit in Romania I have included
11
60184_file_interior_lucian_v9.indd 11
11/5/2012 9:21:51 AM

informatii interesante care pot vorbi in numele
nostru despre rolul acestor doua produse in
dezvoltarea marilor puteri economice, precum
si in schimbarea in bine a stilului de viata
in unele tari ca SUA ori in unele economii
europene occidentale.
Sursele aferente informatiilor de mai jos se
regasesc la sfarsitul acestui capitol.
Se stie bine ca prin definitie CREDITUL
reprezinta un mod de plata care intervine
atunci cand cel care ia cu imprumut primeste
finante de la un finantator promitandu-i
acestuia inapoierea banilor mai tarziu. Unul
din cele mai timpurii exemple de folosire a
creditului este finantarea de care a dispus
Cristofor Columb pentru calatoriile sale
din secoului XV. Dupa primirea fondurilor
de la Regina Spaniei, Columb ar fi platit-o pe
Maiestatea Sa impartind cu aceasta un procentaj
din noile sale bogatii. Din punct de vedere
istoric, creditul a fost folosit la inceput pentru
bunuri cu scopul de a pune consumatorul in
ceea ce se numea o „indatorare productiva”.
Lendol Calder, autorul volumului „Financing
the American Dream: A Cultural History
of Consumer Credit,” („Finantarea visului
american: o istorie culturala a creditului de
consum”) a citat chestorul de recensamant
de la 1890 care a spus urmatoarele: „motivul
principal al datoriilor private a fost acela de a
avea garduri mai bune, hambare mai bune, case
mai bune si mai mult pamant pentru fermieri”.
In epocile moderne, scopul creditului este acela
de a permite consumatorilor sa aiba teluri mai
mari pentru care acestia nu dispun de bani.
Achizitiile de acest tip sunt deseori considerate
drept articole de lux. Desi nu toate achizitiile
de bunuri prin credit ale consumatorilor sunt
considerate drept lux, unele articole nu sunt
privite ca fiind esentiale. Realitatea poate
arata ca saracia poate fi invinsa prin folosirea
creditului de consum ca sursa alternativa de
some interesting information that may speak, on
our behalf, about the role of these two products
for the development of the big economic powers
as well as the change in better of lifestyle in
countries like USA or some European Western
economies.
The sources of the below information are
presented at the end of this chapter.
It is well known that, by definition, CREDIT
represents a way to stipulate the payment
that occurs when a borrower receives
finances from a lender by means of promising
to pay him back at a later point in time. One
of the earliest examples of credit usage is
the financing made available to Christopher
Columbus for his fifteenth century voyages.
After receiving funds from the Queen of Spain,
Columbus would pay Her Majesty back by
sharing with her a percentage of his newfound
riches. Historically, credit was used primarily
for goods that would put a consumer into
what was called a “productive debt.”
Lendol Calder, author of “Financing the
American Dream: A Cultural History of
Consumer Credit,” quoted the 1890 census
superintendent as saying, “the prime motive in
the private debt has been better fences, better
barns, better homes and more land for the
farmer.” In modern times, the purpose of credit
is to allow consumers to make larger purposes
for which they might not have the money.
Such purchases are often deemed luxury items.
Although not all goods consumers purchase on
credit are deemed luxurious, some items are
not deemed as essential. Reality may show
that poorness may be made up by using
consumer credit as alternative source to
finance everyday life of a family with poor
resources.
12
60184_file_interior_lucian_v9.indd 12
11/5/2012 9:21:51 AM

finantare a vietii cotidiene a unei familii care
nu dispune de mari resurse.
Nimeni nu stie data precisa a primului
LEASING sau a primiei inchirieri din istoria
omenirii. Cu toate acestea, prima marturie reala
a unei astfel de activitati dateaza din jurul anului
2000 IC. In timpul sapaturilor care au avut loc
in anul 1984 in orasul sumerian Ur, arheologii
au descoperit prototipul primului contract
de inchiriere. Acestea au fost tablitele de lut
pe care partile expuneau obligatiile care le
reveneau din inchirierea utilajelor agricole, din
dreptul de a folosi sursele de apa etc. Tablitele
de lut au indicat oamenilor de stiinta faptul ca
primii finantatori au fost, ca de obicei, preotii
care au trait in templele din orasul Ur.
Prima companie de inchiriere
Oamenii de stiinta au gasit dovezi ca intre anii
400 si 450 IC in sud-estul Babilonului, prima
companie de inchiriere din istoria omenirii a
fost condusa de familia Murashu din anticul
oras Nippur. Murashu era un conducator
remarcabil pe piata serviciilor de inchiriere din
Imperiul Persan. Membrii acestei familii erau
specializati in leasingul terenurilor, dar puneau
totodata la dispozitie si alte servicii, precum
inchirierea bovinelor, echipament agricol și
semințe de vânzare în rate.
Leasingul in Evul Mediu
In anul 1066 AD, Anglia a fost atacata pe
neasteptate de regele norvegian si de ducele
normand. La doua saptamani dupa inceperea
expeditiei navele acestora au ajuns pe coastele
Angliei. Nici regele norvegian, nici ducele
normand nu aveau un numar suficient de mare
de nave si nici timpul or banii necesari pentru
a-si construi flota si pentru a plati desfasurarea
unei astfel de expeditii. Pentru acele vremuri
aceasta era o operatiune militare de anvergura.
Britanicii nu puteau gasi o alta explicatie
pentru acest fapt neobisnuit decat referirea
Nobody has the evidence of the precise date of
the first LEASE or rent deal in the history of
mankind. However, the first real evidence of
such activity dates to about 2000 BC. During
the excavations, which took place in 1984 at
the Sumerian city Ur, archaeologists discovered
a prototype for the first rental agreement.
These were clay tablets on which the parties
set forth their obligations on rent agricultural
implements, the right to use water resources etc.
Clay tablets told the scientists that, as usual, the
first lessees had been the priests who lived in
the temples of Ur.
The first rental company
Scientists have found evidence that between
400 and 450 BC to the South-East of Babylon,
the first known in the history of mankind rental
campaign was run by the Murashu family in
the ancient city Nippur. The Murashu was
an outstanding leader in the market of rental
services in the Persian Empire. They specialized
in land leasing, but also offered a number of the
other services such as rent of cattle, agricultural
equipment and seeds for sale in installments.
Lease in Middle Ages
In 1066 AD, suddenly, England was attacked by
the Norwegian king and the Norman duke. In
two weeks since the beginning of the campaign
their ships reached the coast of England. Neither
the Norwegian king, nor the Norman duke had
owned a sufficient number of ships, and did not
have the money and time to build their fleets
and pay for running such a campaign. It was a
serious military operation for those times. The
British could not find any other explanation for
the phenomenon, but to refer God’s blessing.
Actually, everything was much simpler: the
13
60184_file_interior_lucian_v9.indd 13
11/5/2012 9:21:51 AM

la binecuvantarea lui Dumnezeu. De fapt,
totul era mult mai simplu: cei doi conducatori
gasisera o sursa de finantare, inchiriasera vase
si arme, angajasera echipajele si isi dusesera la
bun sfarsit „planul de afaceri”.
In Evul Mediu era ceva obisnuit sa fie inchiriati
caii, precum si echipamentele si utilajele pentru
industria agricola. Sunt fapte istorice bine
cunoscute ca unii luau armurile cavalerilor cu
chirie, ceea ce era foarte scump. De exemplu,
in 1248, Cavalerul Bonfils Manganella Gaeta,
care urma sa plece in cea de-a saptea cruciada,
a inchiriat un lot intreg de armuri. Profitul s-a
ridicat la circa 25% din costul armurii.
Dezvoltarea relatiilor de leasing in secolul
XIX
In secolul XIX se constata o crestere
semnificativa in activitatea de leasing, in
special datorita cresterii diversitatii de articole
inchiriate, folosite de comunitate. Leasingul
a devenit mai important datorita dezvoltarii
rapide a tehnologiei in agricultura, in industrie
si transport. Spre exemplu, companiile de
transport, care fabricau sinele ferate, dadeau
altor companii, celor care asigurau conducerea
trenurilor, dreptul de utilizare a sinelor
prin inchiriere. Iar aceste companii dadeau
companiilor de transport, prin leasing, trenurile.
Construirea rapida a cailor ferate a constituit un
stimul important pentru dezvoltarea ca ramura
a leasingului in Statele Unite. Concomitent
cu construirea cailor ferate, „trusturile de
echipamente” se implicau in strangerea
fondurilor deponentilor si investeau aceste
fonduri in achizitionarea de material rulant si
de diverse utilaje. Aceste trenuri si echipamente
erau inchiriate companiilor de transport maritim
si celor feroviare, transportatorilor, celor de
marfa si de pasageri. Investitorii privati au
primit certificate speciale. Prin folosirea lor ei
isi primeau inapoi investitia cu dobanda.
two leaders had found a source of funding, they
rented ships and weapon, hired crew and had
completed their “business plan” successfully
It was popular to rent horses in the Middle
Ages, as well as equipment and facilities for
agricultural industry. It is well-known historical
fact that some people took on lease knight’s
armours, which was very expensive. For
example, in 1248 Knight Bonfils Manganella
Gaeta, who was going to the seventh crusade,
rented a full set of knight’s armour. Profit
amounted to about 25% of the cost of the
armour.
Development of leasing relations in the XIX
century
In the nineteenth century there was a significant
increase in leasing activity, mainly due to the
increasing diversity of rented items used by
the community. Lease became more important
because of the rapid development of technology
in agriculture, manufacturing and transport.
For example, the transport companies, which
were building railways, gave other companies,
that had driven the trains, to use their rails for
rent. And these companies offered trains to the
transport companies on lease.
The rapid construction of railways has been a
great stimulus in the development of leasing
as a branch of the United States. Whilst the
railways were being built, ‘equipment trusts’
were involved in raising depositors’ funds and
invested these funds in the purchase of rolling
stock and various equipment. These trains and
equipment rented to shipping companies and
rail companies, carriers, freight and passengers.
Private investors received special certificates.
Using them, they could get their investment
back, plus interest.
14
60184_file_interior_lucian_v9.indd 14
11/5/2012 9:21:51 AM

Leasingul in prima jumatate a secolului XX
In secolul XX leasingul a capatat o importanta
si mai mare. Cresterea interesului in randul
producatorilor de echipamente in leasing a
devenit acum un stimul nou pentru dezvoltarea
acestuia. La inceputul secolului, fabricantii
au realizat ca este foarte greu sa obtina
fonduri pentru achizitionarea concomitenta
de echipamente scumpe si ca in majoritatea
cazurilor este chiar imposibil. Un mare numar
de producatori au definit leasingul drept un
mijloc de a avea nu doar proprietatea, ci si
tehnologia pe care se bazau echipamentele.
De exemplu, compania de telefoane Bell a luat
decizia de a da aparatele sale doar prin contract
de leasing. Acelasi lucru s-a intamplat si in alte
industrii atata vreme cat legislatia antitrust a
fost adoptata, iar producatorii au fost fortati sa
vanda aparatele.
Leasingul a devenit o parte de viata in statele
Unite si in Europa Occidentala in epoca
masinilor. Prima tranzactie de achizitie a
vehiculelor prin leasing dateaza din 1918. Cu
toate acestea, Frank Zollia, un vanzator de
vehicule din Chicago, este considerat drept
parintele leasingului auto modern. El a fost cel
care a propus nu doar inchirierea vehiculelor de
transport individual la inceputul anilor ’40 ai
secolului XX, ci si un leasing pe termen lung
pentru un intreg parc auto.
Leasingul ca politica de razboi – Conventia
despre imprumut – leasing semnata de SUA
si Marea Britanie a fost un instrument care a
servit scopului lui Roosevelt in vederea acordarii
catre Anglia a tuturor posibilelor ajutoare de
razboi. Acest program a fost intitulat oficial
Un act suplimentar de promovare a Apărării
Statelor Unite. El s-a numit „Conventia de
Imprumut – Leasing” si a fost semnat ca lege
pe 11 martie 1941.
Drepturile & obligatiile finantatorului si ale
utilizatorului in cadrul conventiei de imprumut
si leasing din 1941, definitia valorii reziduale
Lease in the first half of the twentieth century
In the twentieth century lease has become even
more important. Now the increasing interest
among producers of leasing equipment has
become a new stimulus to its development. At
the beginning of the century producers realized
that it is very difficult to find the funds to
purchase expensive equipment simultaneously
and in most cases it is really impossible. A
great number of producers defined the lease
as a way of possessing not only property but
the technology on which the equipment was
based. For example, Bell’s telephone company
made a decision to give its appliances only on
lease. The same phenomena occurred in other
industries as long as antitrust legislation was
passed and manufacturers were forced to sell it.
Leasing has become a part of life in the United
States and Western Europe in the era of cars.
The first transaction of taking vehicles on lease
was fixed in 1918. However, a car salesman
from Chicago, Frank Zollia is considered to
be the father of modern auto leasing. He was
the first who proposed not only to rent the
individual transport vehicles in the early 40s of
XX century, but a long-term lease of a whole
car park.
Lease as war policy - The Lend-Lease Act
of 1941 signed by the USA & UK was a tool
that served the purpose of Roosevelt towards
providing Britain with all possible aid short of
war. The Program was officially titled An Act
Further to Promote the Defence of the United
States. It was named “The Lend-Lease Act” and
signed into law on March 11, 1941.
Rights & Obligations of the lessor and lessee
in Lend Lease Act of 1941, definition of
residual value
15
60184_file_interior_lucian_v9.indd 15
11/5/2012 9:21:51 AM

Aceasta conventie l-a mandatat pe presedinte
sa „vanda, sa transfere titlul, sa schimbe, sa
finanteze prin leasing, sa imprumute sau, cu
alte cuvinte, sa dispuna de orice fel de articol
de aparare in favoarea altui guvern (a carui
aparare este considerata de Presedinte drept
vitala pentru apararea Statelor Unite)”.
De fapt, ea i-a permis Presedintelui SUA
sa autorizeze transferul de echipamente
militare catre Marea Britanie cu intelegerea
ca la sfarsit sa fie platiti pentru ele sau ca
echipamentele sa li se inapoieze daca nu au
fost distruse.
The act empowered the president to “sell,
transfer title to, exchange, lease, lend, or
otherwise dispose of, to any such government
[whose defence the President deems vital to
the defence of the United States] any defence
article.” In effect, it allowed the President of
the USA to authorize the transfer of military
materials to Britain with the understanding
that they would ultimately be paid for or
returned if they were not destroyed.
SPV-ul (Special Purpose Vehicle) urma sa
serveasca scopului: pentru administrarea
acestui program, Roosevelt a creat Biroul pentru
Administrarea Imprumutului – Leasingului,
aflat sub conducerea fostului director al
industriei siderurgice Edward R. Stettinius.
The SPV to serve the scope: to administer the
program, Roosevelt created the Office of Lend-
Lease Administration under the leadership
of former steel industry executive Edward R.
Stettinius.
Relatiile publice ale lui Roosevelt in vederea
obtinerii sprijinului public pentru Conventia
Leasingului – Prin vanzarea acestui Program
catre publicul american, Roosevelt l-a comparat
cu „imprumutarea furtunului unui vecin a carui
casa a luat foc”. ”Ce sa fac intr-o asemenea
criza” a intrebat presedintele presa. „Nu spun
... Vecine, furtunul meu de gradina ma costa 15$;
trebuie sa-mi platesti 15$ pentru el – nu vreau
15$ - vreau inapoi furtunul meu de gradina dupa
ce focul este stins”. Gradul de constientizare
cu privire la Conventia Leasingului a fost unul
pozitiv si a permis, in aprilie 1941, extinderea
programului prin oferirea de ajutor de imprumut
– leasing catre China in razboiul lor contra
japonezilor. Profitand rapid de pe urma acestui
Program, britanicii au primit peste 1 miliard de
dolari ca ajutor in octombrie 1941.
Efectele Imprumutului – Leasingului:
Imprumutul si Leasingul au continuat dupa
intrarea in razboi a SUA in urma atacului de
la Pearl Harbor din decembrie 1941. Odata
The Public Relations of Roosevelt towards
getting public support for the Lease Act - In
selling the program to the American public,
Roosevelt compared it to “loaning a hose to
neighbour whose house was on fire. “What do
I do in such a crisis ” The president asked the
press. “I don’t say... ‘Neighbour, my garden
hose cost me $15; you have to pay me $15 for
it’ - I don’t want $15 — I want my garden hose
back after the fire is over. ” The awareness of
the Lease Act was positive and it permitted, in
April 1941, the expansion of the program by
offering lend-lease aid to China for their war
against the Japanese. Taking swift advantage
of the program, the British received over $1
billion in aid through October 1941.
Effects of Lend-Lease:
Lend-Lease continued after the US entry into
the war following the attack on Pearl Harbour
in December 1941. As the American military
16
60184_file_interior_lucian_v9.indd 16
11/5/2012 9:21:52 AM

cu mobilizarea americanilor pentru razboi,
bunurile/materialele de imprumut-leasing sub
forma de vehicule, aeronave, arme etc. au fost
duse pe cale maritima catre celelalte natiuni
aliate care luptau activ impotriva puterilor
Axei. Odata cu incheierea Aliantei dintre SUA
si Uniunea Sovietica din 1942, programul a fost
extins pentru a permite participarea lor cu mari
cantitati de bunuri care treceau prin convoaiele
arctice, coridorul persan si ruta aeriana Alaska-
Siberia.
mobilized for war, Lend-Lease goods/materials
in the form of vehicles, aircraft, weapons, etc.
were shipped to other Allied nations who were
actively fighting the Axis Powers. With the
alliance of the US and Soviet Union in 1942,
the program was expanded to allow their
participation with large amounts of supplies
passing through the Arctic Convoys, Persian
Corridor, and the Alaska-Siberia Air Route.
Reversul programului Imprumut-Leasing:
Reverse Lend-Lease:
Concomitent cu programul Imprumut-Leasing
prin care au fost in general livrate bunuri
catre Aliati, a existat si o schema inversa de
Imprumut-Leasing prin care au fost date SUA
bunuri si servicii. Odata cu sosirea fortelor
americane in Europa, Marea Britanie a oferit
asistenta materiala. In plus, natiunile din
Commonwealth au furnizat deseori hrana,
baze, aeronave si alt suport logistic. In timpul
razboiului, SUA au primit circa 7,8 miliarde $
in baza reversului programului de ajutor prin
imprumut-leasing, din care 6,8 $ din Marea
Britanie si natiunile din Commonwealth.
While Lend-Lease generally saw goods being
provided to the Allies, a Reverse Lend-Lease
scheme also existed where goods and services
were given to the US. As American forces began
arriving in Europe, Britain provided material
assistance. Additionally, Commonwealth
nations often provided food, bases, aircrafts and
other logistical support. Through the course of
the war, the US received around $7.8 billion in
Reverse Lend-Lease aid with $6.8 of it coming
from Britain and the Commonwealth nations.
Sfarsitul programului de imprumut-leasing /
plata valorii reziduale:
The End of Lend-Lease/ residual value
payment:
Initial creat drept un program decisiv pentru
castigarea razboiului, conventia de imprumutleasing
a ajuns la un final brusc odata cu
incheierea acestuia. Deoarece Marea Britanie
avea nevoie sa retina o mare parte din
echipamentul obtinut prin imprumut-leasing
pentru utilizare dupa incetarea razboiului, a
fost semnat Creditul anglo-american prin care
britanicii au convenit sa achizitioneze aceste
articole cu circa zece centi din valoarea unui
dolar. Valoarea totala a creditului a fost de circa
1,075 milioane £. Plata finala a creditului a fost
A critical program for winning the war, Lend-
Lease came to an abrupt end with its conclusion.
As Britain needed to retain much of the Lend-
Lease equipment for post-war use, the Anglo-
American Loan was signed through which
the British agreed to purchase the items for
approximately ten cents on the dollar. The total
value of the loan was around £1,075 million.
The final payment on the loan was made in
2006. All told, Lend-Lease provided $50.1
billion worth of supplies to the Allies during
the conflict, with $31.4 billion to Britain, $11.3
17
60184_file_interior_lucian_v9.indd 17
11/5/2012 9:21:52 AM

efectuata in 2006. Luand totul in considerare,
conventia de imprumut-leasing a furnizat
aliatilor marfuri in valoare de 50,1 miliarde $
in timpul conflictului, respectiv 31,4 miliarde
$ Marii Britanii, 11,3 miliarde $ Uniunii
Sovietice, 3,2 miliarde $ Frantei, si 1,6 miliarde
$ Chinei.
billion to the Soviet Union, $3.2 billion to
France and $1.6 billion to China.
2. Pietele financiare nebancare din Romania
– istoric si prezent
Pe baza lectiilor istoriei in ceea ce priveste
creditul de consum si leasingul, piata emergenta
din Romania dupa revolutia din 1989 a inceput
cu modestie sa foloseasca produse precum
leasingul si creditul de consum pe o piata
nereglementata. Legea creditului ipotecar si
legea leasingului au fost unele din primele
texte legislative care au recunoscut rolul
acestor produse pentru economia emergenta din
Romania.
Asa cum am prezentat in anuarele noastre
anterioare, Asociatia a avut scopul de a oferi
sprijinul pentru lobby in favoarea unei mai
bune reglementari a unei piete care a prezentat
o crestere imensa si rapida in privinta cifrelor
si a jucatorilor intre anii 1994 si 2008. In iulie
2005 Asociatia a informat in mod oficial, printrun
comunicat de presa, ca membrii sai „simt
nevoia sa amelioreze legislatia din domeniul
leasingului in sensul introducerii unui articol
tranzitoriu in textul de lege pentru demararea
unei autoritati de reglementare a leasingului
ca parte a pietei financiare nebancare. Aceasta
autoritate ar fi trebuit sa inceapa sa functioneze
cat de urgent posibil sub umbrela BNR. Rolul
sau ar fi vizat autorizarea, reglementarea si
supervizarea acestui segment de piata, precum
si pregatirea Romaniei in vederea intrarii in
Uniunea Europeana.”
Acest fapt a exprimat in mod oficial intentia
jucatorilor de a ajunge la o reglementare minima
a pietei financiare nebancare, aratand maturitatea
acestora, precum si dorinta de a investi in viitor
2. Non-banking financial markets in
Romania – history and present
Following the lessons to learn from the history
of consumer credit and leasing the emerging
market of Romania after the 1989 revolution
has modestly started to use products like
leasing and consumer credit in a non-regulated
market. The mortgage credit law and the leasing
law were some of the first texts of legislation
recognizing the role of these products for the
emerging economy of Romania.
As we have already presented within our
previous yearly books the Association has been
aimed to offer the necessary lobby support
towards better regulation of a market that was
showing huge and rapid increase in figures and
players from 1994 to 2008. In July, 2005 the
Association was officially informing, within its
press release, that its members “feel the need
to amending leasing legislation with respect to
introducing a transitory article within the text of
law towards starting up of a regulatory authority
of leasing as part of non-banking financial
market. This authority should start its activity
a.s.a.p. and would work under the umbrella of
NBR. Its role would be to authorize, regulate
and supervise this segment of market as well
as prepare it for Romania’s accession into
European Union. “
This officially expressed intention of the
players towards minimal regulation of the nonbanking
financial market shows the maturity
of the players as well as the well intention to
18
60184_file_interior_lucian_v9.indd 18
11/5/2012 9:21:52 AM

in aceasta piata locala. Exista nevoia de a avea
un cadru juridic si de a constientiza importanta
acestor produse financiare pentru dezvoltarea
economiei. Conjunctura economica era
pozitiva, iar piata, inclusiv piata de leasing si
de credit, cunoastea o intensa crestere. Aceasta
crestere trebuia sa fie sprijinita de un anumit
nivel de reglementare!
Raspunsul legislativ a fost unul pozitiv, iar anul
2006, chiar inainte de intrarea Romaniei in
Uniunea Europeana, a marcat intrarea in vigoare
a noii legi a leasingului special ameliorata, a
legii institutiilor financiare nebancare, precum
si a modificarilor aduse tratamentului fiscal si
definitiei leasingului financiar si operational.
Acest nou set legislativ este inca in vigoare
si reprezinta baza legala pe care se sprijina
aceasta industrie specifica. Aceasta baza a fost
apoi dezvoltata din punct de vedere prudential
de catre Banca Nationala a Romaniei.
Mai exista inca voci care considera ca aceasta
piata nu ar fi trebuit sa fie reglementata sau voci
care au opinia ca nivelul pietei leasingului si al
creditului de consum continua sa fie interesant
dupa acesti ani de criza tocmai datorita faptului
ca piata este reglementata, iar acest nivel
de reglementare da in continuare incredere
investitorilor prezenti si viitori.
3. Gradul de constientizare al institutiilor
financiare nebancare precum leasingul si
creditul de consum din Romania are o mare
importanta pentru toate partile implicate.
Una dintre cele mai importante parti este
reprezentata de puterea legislativa. Atentia
indreptata asupra dialogului social ne arata ca
rolul puterii legislative, fie ca e vorba de Executiv
ori de Parlament, este acela de a actualiza
cadrul legislativ la realitatea economica. Aici
apare rolul Asociatiei de zona de tampon intre
jucatorii din piata si factorii decizionali, inclusiv
presa! Dupa cum puteti vedea in graficele din
acest capitol, leasingul a avut un rol de mare
importanta in 2008 cand finanta aproape 4% din
further invest in this local market. There was
the need for a legal framework and for official
awareness of the importance of these financial
products for the development of the economy.
The economic conjuncture was positive and the
market, including leasing and credit market,
was growing intensively. This growth had to be
supported by a certain level of regulation!
The legislative response was positive and the
year 2006, just before Romania’s accession
into European Union, had marked the entering
into force of the newly amended special leasing
law, the non-banking financial institutions law
as well as amendments to the fiscal treatment
and definition of leasing, both financial and
operational. This new legislative kit is still
in force and represents the legal base for
supporting this specific industry. This base was
further developed from the prudential point of
view by the National Bank of Romania.
There are still voices that do consider that
this market should not have been regulated or
voices that do express the opinion that the level
of leasing and consumer credit market keeps
being interesting after these years of crisis
just because the market is regulated and such
level of regulation keeps the confidence for the
present and future investors.
3. The awareness of non-banking financial
institutions like leasing and consumer credit
in Romania is of great importance for all
involved parties. One of the most important
parties is represented by the legislative power. A
focus on the social dialogue shows that the role
of the legislative power, being it the Executive
or the Parliament, is to upgrade the legislative
framework to the reality of the economy. Here
comes also the Association’s role as a buffer
zone between the players in the market and the
decision makers, including media! As you may
see in the graphics in this chapter the role of
leasing was of high importance in 2008 when
it was financing almost 4% of GDP. It became
19
60184_file_interior_lucian_v9.indd 19
11/5/2012 9:21:52 AM

PIB. El a devenit mai putin important in iunie
2012 cand acelasi indicator a atins circa 1%.
Analistii ar spune ca cel mai important factor al
acestei evolutii negative a fost criza financiara,
atat la nivel european, cat si la nivel local. As
mentiona ca un alt motiv important a fost acela
de sprijinire din ce in ce mai mica a leasingului,
si nu numai a leasingului! din punct de vedere
fiscal. Cresterea TVA de la 19% la 24% din iunie
2010, diversele tipuri de taxa de poluare care au
lovit in mod direct majoritatea portofoliului de
leasing, respectiv piata vehiculelor, precum si
decizia din martie 2011 de a considera din punct
de vedere fiscal bunurile finantate prin leasing
din contractele reziliate ca bunuri lipsa, contrar
Directivei TVA a UE, pot constitui o lista de
motive care au „inlesnit” reducerea leasingului
ca sursa alternativa de finantare a economiei.
As vrea totodata sa adaug aici si faptul ca
lobby-ul competitiv al comunitatii bancare care
a avut o mare parte din cofinantarea cu fonduri
UE, precum si „neintelegerea intentionata” cu
privire la utilizarea terminologiei „nebancar”
in necceptarea garantiilor IFN-urilor la nivel
guvernamental sunt alte surse de reducere a
increderii in acest produs financiar.
4. Conjunctura macroeconomica din anii
2011 – 2012
Eforturile autoritatilor fiscale din acesti ani
de criza pe fondul agravarii mediului extern
financiar si bancar au fost intensificate de cele
ale Bancii Nationale a Romaniei care a actionat
ca factor de aparare pentru a monitoriza
riscurile externe si canalele de contagiune din
sectoarele bancare si cele reale din Romania.
Unul din riscurile care au atins in mod direct
activitatea de creditare a fost acela care privea
creditele in devize. Ca atare, Banca Nationala a
Romaniei a elaborat Reglementarea nr. 24/2011
„ care vizeaza supraindatorarea si asumarea de
riscuri pe care debitorul nu le poate intelege sau
gestiona. Acest act legislativ impune criterii
mai stricte cu privire la acordarea de credite de
less important in June 2012 when the same
indicator reaches around 1%. The analysts
would say that the most important factor of this
negative evolution would be the financial crisis
both at European and local level. I would say
that another important reason was the lower and
lower support leasing, and not only leasing! -
has received from the fiscal point of view. The
increase of VAT from 19% to 24% in June,
2010, the several models of pollution tax hitting
directly on the majority of leased portfolio,
meaning the vehicles’ market, as well as the
March 2011 decision to fiscally declare leased
assets in early terminated contracts as missing
goods, contrary to VAT EU Directive may be
a list of reasons that “helped” the decrease of
leasing as an alternative source for financing
the economy.
I would also like to add here the competition
lobby of the banking community that took
the great part of EU Funds co-financing and
also the “intended misunderstanding” of the
“non-banking” use of terminology in not
accepting the guarantees issued by NBFIs at the
Governmental level are also sources of creating
less confidence in this financial product.
4. Macroeconomic conjuncture of 2011 - 2012
The efforts made by the fiscal authorities during
these years of crisis against the background
of a worsening of the external financial and
economic environment were enhanced by
the ones of the Romanian National Bank that
has acted as a guardian to monitor external
risks and contagion channels to the banking
and real sectors in Romania. One of the risks
that directly have touched the credit activity
was related to the foreign currency loans.
Thus, the National Bank of Romania issued
Regulation No. 24/2011 “aimed at precluding
over-indebtedness and assumption of risks that
the debtor cannot understand or manage. This
piece of legislation imposes stricter criteria on
20
60184_file_interior_lucian_v9.indd 20
11/5/2012 9:21:52 AM

consum, in special cele in devize (doritorii sunt
obligati sa prevada garantii acoperitoare de cel
putin 133 la suta din finantarea totala; durata
creditului nu trebuie sa depaseeasca cinci ani;
au fost introduse constrangeri suplimentare
pentru debitorii expusi riscului valutar etc.) fara
a impiedica insa accesul la creditele ipotecare
imobiliare. Aceasta Reglementare include
cerinta explicita pentru creditor de a-si informa
si avertiza clientii asupra riscurilor asociate cu
imprumuturile in devize”. In 2012 organismul
de reglementare si-a exprimat in mod clar
intentia de a extinde aceasta Reglementare la
entitatile juridice cu privire la constientizarea
si asumarea riscurilor pe care debitorul nu
le poate intelege ori gestiona. Din punct de
vedere al reglementarii, anul 2011 a fost marcat
de adoptarea Standardelor Internationale de
Raportare Financiara (IFRS) care implica
schimbari ale cadrului de reglementare sub
aspectul capitalizarii, provizionarii, nivelelor de
lichiditate ale institutiilor de credit fara a include
IFN-urile sub umbrela acestei noi reglementari!
Aceste cerinte prudentiale noi legate de IFRS,
care au scopul de a acoperi riscurile in mod
adecvat, sunt extrem de asteptate pentru a fi
implementate si in piata IFN-urilor.
granting consumer loans, especially foreign
currency-denominated lending (applicants are
bound to provide collateral covering at least
133%of the total financing; loan term shall not
exceed five years; supplementary constraints
for unhedged borrowers were introduced
etc.) without hampering access to real estate
mortgage loans. The Regulation includes the
explicit requirement for the creditor to inform
and warn its clients about the risks associated
with foreign currency-denominated lending.”
In 2012 the regulator has expressed its intention
to extend this Regulation to legal entities with
respect to awareness and assumption of risks
that the debtor cannot understand or manage.
Year 2011 was marked from the regulatory point
of view by the adopting of the International
Financial Reporting Standards (IFRS) that
meant changes to the regulatory framework
in terms of capitalization, provisioning,
liquidity levels of credit institutions without
including the NBFIs under the umbrella of
this new regulation! This new IFRS prudential
requirements that are aimed to cover risks in
an adequate manner are highly expected by the
NBFI market to be implemented, too.
In „Raportul anual al Bancii Nationale a
Romaniei din 2011” cu privire la realitatea
economica se arata ca „cele mai afectate
au fost IMM-urile, deoarece rata de credite
neperformante a acestora a avut cea mai rapida
crestere si cel mai inalt nivel (20,9 la suta la
sfarsitul lunii martie 2012). A crescut si riscul
de credit cu privire la imprumuturile legate
de bunurile de uz casnic, insa cu un ritm mai
mic (de 9,0 la suta la sfarsitul lunii martie
2012 de la 7,9 la suta la sfarsitul anului 2010),
vulnerabilitatile cele mai mari ramanand cele
de mare indatorare si cele privind devizele
considerabile pe termen scurt.
Rata creditelor neperformante din sectorul
marilor clienti a ramas la 3,7 la suta la sfarsitul
lunii martie 2012, cele mai importante riscuri
According to the “2011 Annual Report” of the
National Bank of Romania with respect to the
economic reality “the hardest hit were smalland
medium-sized enterprises, as their nonperforming
loan ratio posted the fastest growth
and the highest level (20.9%at end-March
2012). Credit risk attached to household loans
also expanded, albeit at a slower pace (to 9.0%
at end-March 2012 from 7.9%at end-2010),
with high indebtedness and the substantial short
foreign currency position remaining the major
vulnerabilities.
The corporate sector’s non-performing loan
ratio stood at 3.7% at end-March 2012, with the
most significant risks coming from a relatively
low debt servicing capacity and loose payment
discipline among business partners. “
21
60184_file_interior_lucian_v9.indd 21
11/5/2012 9:21:52 AM

provenind de la un nivel relativ scazut al
capacitatii serviciului datoriei si de la pierderea
disciplinei de plata in randul partenerilor de
afaceri”.
Clientul tinta al institutiilor financiare nebancare
de leasing financiar este in principal constituit
de IMM-uri. Leasingul financiar si operational
sunt produse care pot oferi stimulente pentru
entitatile juridice, ceea ce depinde bineinteles de
cadrul fiscal la nivel local, precum si de costurile
prudentiale ale activitatii pentru acele companii
de leasing financiar care se afla in Registrul
Special al Bancii Nationale a Romaniei. Banca
Nationala a Romaniei a adus la cunostinta prin
„Raportul anual din 2011” faptul ca, la fel ca in
anii precedenti, anul 2011 a atestat in continuare
restructurarea IFN-urilor, un proces generat de
nevoia de adaptare la performanta economiei
interne si de conformare cu cerintele juridice
si de reglementare aplicabile in acest domeniu.
In consecinta, la sfarsitul anului 2011, un numar
de 203 IFN-uri au fost inregistrate in Registrul
General, cu sapte IFN-uri mai putin decat in anul
precedent, ca urmare a inregistrarii a patru noi
companii si a deregistrarii a 11 institutii. Sapte
institutii au fost deregistrate la cererea lor, trei
au fost deregistrate ca sanctiune pentru violarea
prevederilor legale aplicabile si o institutie a
fost deregistrata in urma fuziunii prin absorbtie
a doua IFN-uri. Dupa tipul de activitate, cele
11 deregistrari au fost raportate dupa cum
urmeaza: opt la sectiunea „Activitati multiple
de creditare” si trei la „leasing financiar”.
grafice mici bune_V2.pdf 1 10/29/2012 3:08:44 PM
Prima jumatate a anului 2012 a inregistrat o
evolutie similara. Ca atare, totalul de IFN-uri
The target client of the financial leasing nonbanking
financial institutions is mainly the
SMEs. Financial and operational leasing are
products that may offer incentives for the legal
entities, depending of course, on the fiscal
framework at local level as well as on the
prudential costs of activity for those financial
leasing companies that are under the Special
Registry of the National Bank of Romania.
The National Bank of Romania has informed
within its “2011 Annual Report” that similar
to the prior years, 2011 further witnessed the
restructuring of NBFIs, a process generated
by the need to adjust to the performance of
domestic economy and to comply with the
applicable legal and regulatory requirements in
this field. Accordingly, at end-2011, a number
of 203 NBFIs were listed in the General
Register, seven NBFIs less from the previous
year, as a result of the registration of four new
companies and the erasure of 11 institutions.
Seven institutions were erased upon request,
three were erased as a sanction for breaching the
applicable legal provisions, and one institution
was erased following the merger through
absorption of two NBFIs. By type of activity,
the 11 erasures were reported as follows: eight
under section “Multiple lending activities” and
three under “Financial leases”.
grafice mici bune_V2.pdf 2 10/29/2012 3:08:45 PM
The first half of year 2012 has registered a
similar evolution. Thus, the total number of
22
60184_file_interior_lucian_v9.indd 22
11/5/2012 9:21:52 AM

inregistrate in Registrul General, s-a redus la
189 cu urmatoarea
grafice mici bune.pdf
distributie
4 10/25/2012 5:48:59
in ceea
PM
ce priveste
obiectul principal de activitate:
registered NBFIs in the General Registry went
down to
grafice
189
mici bune.pdf
with
3
the
10/25/2012
following
5:48:59 PM
distribution
related to the main object of activity:
Registrul Special pastreaza numarul total de
52 de IFN-uri cu urmatoarea componenta in
privinta obiectului principal de activitate:
De la inceputul procesului de notificare a
institutiilor financiare nebancare din august
2006 au fost deregistrate 82 de IFN-uri din
Registrul General si 20 din Registrul Special.
Majoritatea lor erau autorizate pentru activitate
multipla de creditare (32 in Registrul General
si 12 in Registrul Special) si pentru leasing (45
in Registrul General si 7 in Registrul Special).
Diferenta o reprezinta activitatea de credit de
consum (3 in General Registrul General si 1 in
Registrul Special) , activitatea de microcreditare
(3 in Registrul General) si finantarea tranzactiilor
comerciale (1 in Registrul General).
5. Piata romaneasca de leasing la sfarsitul
lunii iunie 2012 in cifre
Piata romaneasca de leasing financiar a
inregistrat o tendinta de stagnare in prima
jumatate a anului 2012 in comparatie cu
aceeasi perioada din anul precedent. Cu toate
acestea putem spune ca aceasta este o tendinta
pozitiva in comparatie cu tendinta anului
precedent de dinamica negativa! Totalul de
finantari acordate a insumat 649 milioane
de Euro (pe baza valorii bunurilor finantate)
acoperind diverse domenii, mai precis 25%
The Special Register keeps the total number of
52 NBFIs having the following composition in
terms of main object of activity:
From the beginning of the notification process of
the non-banking financial institutions in August
2006, 82 NBFIs were erased from the General
Registry and 20 from the Special Registry. The
majority of them were authorized as multiple
credit activity (32 in General Registry and 12
in Special Registry) and financial leasing (45
in General Registry and 7 in Special Registry).
The difference is represented by the consumer
credit activity (3 in General Registry and 1 in
Special Registry) , microcredit activity (3 in
General Registry) and financing of commercial
transactions (1 in General Registry).
5. Romanian Leasing Market as of end of
June, 2012, in figures
The Romanian financial leasing market has
registered in the first half of year 2012 a
stagnation trend when compared to the same
period of the previous year. Yet, we may say
that this is a positive trend when compared to
the last years’ tendency of negative dynamic!
The total granted financings amounted at
649 million Euros (based on the value of
the financed assets) covered various fields,
namely 25% the industrial equipment, 3%
23
60184_file_interior_lucian_v9.indd 23
11/5/2012 9:21:53 AM

echipamente industriale, 3% domeniul
imobiliar si 72% cel al transportului. Acest
declin al ariilor de interes arata ca, chiar dupa
anii de criza financiara in care jucatorii cautau
noi nise de piata pentru o mai buna gestionare
a bunurilor, dar si a riscurilor financiare,
finantarea agentilor economici concentrata pe
ariile activitatii de transport ramane una din
pietele cele mai de incredere.
In privinta finantatorilor, piata romaneasca de
leasing financiar este dominata de societatile
de leasing detinute de marile grupuri financiarbancare.
Ca atare, cea mai mare cota de piata
este cea din sectorul companiilor subsidiare ale
bancilor, cu 62% din total, urmata de sectorul
companiilor captive cu 24% şi de sectorul
companiilor independente, cu 14%.
În domeniul transporturilor, evoluţia
finanţărilor dupa trimestrul al II-lea din 2012
indică păstrarea unei ponderi relativ constante
pe categorii de vehicule, după cum urmează:
autoturismele deţin o cotă de 61%, vehiculele
comerciale grele 27% şi vehiculele comerciale
uşoare 12% din total.
In domeniul finantarii de echipamente este
interesant de menţionat faptul că ponderea
sectorului construcţiilor este în creştere faţă
trimestrul al II-lea al anului 2011, de la 17%
la 33%, ponderea industriei metalurgice este
de asemenea în creştere de la 4% la 9%, in
timp ce ponderea echipamentului agricol,
a echipamentelor medicale şi a aparatelor
electrice este în scădere de la 22% la 18%, de
la 6% la 4%, respectiv de la 14% la 8%, iar
finanţarea celorlalte sectoare ale economiei
păstrează o pondere relativ constantă (2-3%
industria de prelucrare a lemnului, 3-4% în
domeniul echipamentelor IT şi software),
precum şi alte domenii. Aceasta evolutie indica
o intentie sporita a finantatorilor de a investi in
noi domenii de interes, alaturi de piata auto care
ramane cea mai importanta.
Finantarea sectorului imobiliar arata intre anii
2009 si 2012 o evolutie contrara in comparatie
cu criza specifica din acest domeniu de
the real estate field and 72% the transport
field. This breakdown of areas of interest proves
that, even after the financial crisis years when
the players were looking for new market niches
in order to better manage both the asset and the
financial risks, the financing of the economic
agents focused on transport areas of activity
remain ones of the most confident markets.
The Romanian financial leasing market, in
terms of lessors is dominated by the leasing
companies owned by the big financial &
banking groups. Thus, the biggest market
quota is registered by the sector of the banks’
subsidiaries, with 62% out of the total, followed
by the captive companies sector with 24% and
by the independent companies sector with 14%.
In the transport field the evolution of the
financings after the second quarter of 2012
indicates a constant weight related to the vehicle
categories, namely: the passenger cars have a
quota of 61%, the heavy commercial vehicles
27% and the light commercial vehicles cover
12% out of the total.
In terms of equipment financing it is interesting
to mention that compared to the same period
of 2011 the weight of the construction field
is increasing from 17% to 33%, the metal
processing segment from 4% to 9% while the
shares of agricultural field, medical equipment
and electrical devices dropped from 22% to
18%, from 6% to 4% and from 14% to 8%
respectively, whereas the financing of the other
economic sectors have still a weight relatively
constant (2-3% wood processing industry,
3-4% IT and software equipment) as well as
other sectors. This evolution shows an intensive
intention of the lessors to invest in new fields
of interest, besides the vehicles market that
remains the most important one.
The financing of the real estate sector shows
between 2009 and 2012 an antagonist evolution
when compared to the specific crisis of this
24
60184_file_interior_lucian_v9.indd 24
11/5/2012 9:21:53 AM

activitate. In timp ce dezvoltarea imobiliara
cunoaste o evolutie negativa, contractele de
sale & lease back dedicate zonei imobiliare
au reprezentat o sursa alternativa pentru acei
finantatori care au avut incredere si know-how
in a supravietui in aceste vremuri dificile din
punct de vedere macroeconomic. In consecinta,
dinamica acestui sector ar trebui sa fie analizata
mai mult caz cu caz si nu din perspectiva unei
analize de nisa.
In acest sens, cifrele de la H1 2012 comparate
cu cele de la H1 2011, arata o crestere de
la 1% la 57% in privinta ponderii finantarii
hotelurilor, in timp ce ponderea finantarii
cladirilor rezidentiale a crescut de la 5% la 6%.
In contrast cu aceasta, s-au înregistrat scăderi
in pondere ale finanţărilor cladirilor industriale
de la 40% la 5%, ale terenurilor de la 31% la
16%, a categoriei retail-outlet de la 5% la 1% şi
a finanţării clădirilor de birouri clasa A, B şi C
de la 18% la 15%.
Datorita stimulentelor fiscale oferite de
legislatia romaneasca in principal finantatorilor
care sunt organizati ca agenti economici,
clienţii persoane juridice au atras cea mai mare
pondere (90%) din totalul finanţărilor, urmaţi
de persoanele fizice (10%) şi de sectorul public
(0%). Este interesant de mentionat faptul ca
sectorul public nu are inca experienta utilizarii
leasingului ca sursa de finantare, chiar daca
legislatia parteneriatului public privat a fost
armonizata cu respectiva Directiva europeana.
Penetrarea leasingului in PIB-ul Romaniei
indica o tendinta pozitiva in timpul perioadei
premergatoare crizei si una negativa dupa
criza financiara. Astfel, daca in 2008, primul
an de declin pentru aceasta piata, indicele de
penetrare este de 3,52%, in 2011 acelasi indice
a atins nivelul de 0,99%. Cauza este una foarte
transparenta si nu constituie un secret: criza
financiara atat la nivel european, cat si la nivel
local. Acest indice indica faptul ca piata de
leasing din Romania este una emergenta care
a supravietuit mediului macroeconomic foarte
dificil la nivel european si acest fapt ne da
field of activity. While the development of the
real estate is on a negative evolution, the sale
and lease back contracts dedicated to the real
estate area, represented an alternative source
of financing for those lessors that have proven
confidence and know-how in surviving these
difficult macroeconomic times. Consequently,
the dynamics of this sector should be analysed
much more on a case by case basis and not as a
niche analysis.
Thus, the figures of H12012 compared to H1
2011, show an increasing from 1% to 57%
related to the financing of the hotels in terms
of weight, while the financing of the residential
buildings weight increased from 5% to 6%.
On the contrary, the financing of the industrial
buildings decreased from 40% to 5%, land
financing from 31% to 16%, retail-outlet from
5% to 1% and the financing of the offices areas
class A, B and C from 18% to 15%.
Due to fiscal incentives offered by the Romanian
legislation mainly to lessors that are organized
as economic agents, the legal clients attracted
the largest part (90%) of the total financings,
followed by the individuals (10%). It is
interesting to mention that the public sector
has no experience yet in using leasing as a
source of financing, even if the public private
partnership legislation has been harmonized
with the respective European Directive.
The leasing penetration into Romanian GDP
shows a positive trend during the pre-crisis
period and a negative one after the financial
crisis. Thus, if in 2008, the first year of decline
for this market, the penetration index is at
3.52% in 2011 this index has reached the level
of 0.99%. The cause is very transparent and not
a secret: the financial crisis both at the European
and local level. This index indicates that the
Romanian leasing market is an emerging
one that has survived over the very difficult
macroeconomic environment at the European
level and that promises confidence in future
25
60184_file_interior_lucian_v9.indd 25
11/5/2012 9:21:53 AM

incredere in viitoarea sa evolutie. Este important
de mentionat faptul ca pentru moment principalii
jucatori reprezinta capitalul european investit
in piata financiara din Romania in timpul
ultimelor doua decade si ca acest capital a fost
direct afectat de evolutia monetar-financiara la
nivel global si continental.
6. Piata creditului de consum a ALB in cifre
la sfarsitul lunii iunie 2012
Membrii ALB, reprezentanţi ai creditului de
consum au acordat credite în valoare de 225,8
milioane Euro, din care 206,5 milioane Euro
(91,4%) credite destinate consumului personal,
14,6 milioane Euro (6,5%) credite industriale si
4,7 milioane Euro (2,1%) credite auto, astfel:
În domeniul creditelor destinate consumului
personal, imprumuturile de tip nevoi personale
detin o cota de 52%, creditele de tip revolving
(inclusiv cardurile de credit) au o pondere de
34%, iar credite la POS 14%.
Din totalul finantarilor de tip credit auto
acordate, 95% au fost destinate achizitiei de
vehicule noi si doar 5% achizitiei de vehicule
second hand.
Din totalul finantaărilor acordate in functie de
valoarea creditului, 59% au fost credite intre 0
si 1000 Euro, 24% intre 1000 si 5000 Euro, 9%
intre 5000 si 10 000 Euro si 8% mai mult de 10
000 Euro. In ceea ce priveste creditele acordate
pe categorii de varsta, 29% au fost acordate
persoanelor cu varste cuprinse intre 35 si 45 de
ani, 26% persoanelor care au peste 55 de ani,
20% persoanelor cu varste cuprinse intre 25 şi
35 de ani, 20% persoanelor cu varste cuprinse
intre 45 şi 55 de ani, si doar 5% persoanelor sub
25 de ani.
Din totalul finantarilor acordate in functie de
sex si din punct de vedere al situatiei civile a
clientilor 50% au fost credite pentru persoane
de sex feminin si 50% pentru persoane de sex
masculin, din care 70% declara ca sunt casatoriti
şi 30% necasatoriti.
In funcţie de gradul de educare 52% au fost
development. It is important to mention that
for the time being the main players represent
the European capital invested in the financial
market in Romania during the last two decades
and this capital has directly been affected by the
monetary and financial evolution at the global
and continental level.
6. ALB‘s market of consumer credit in
figures as of end of June 2012
The ALB members representing the consumer
credit granted credits amounting 225.8 million
Euros, out of which 206.5 million Euros (91.4%)
consumer credits for personal consumption,
14.6 million Euros (6.5%) industrial credits and
4.7 million Euros (2.1%) credits for vehicles,
namely:
In the field of consumer credits for personal
consumption, the personal loans have a quota
of 52%, the revolving credits 34% and credits
at the point of sale 14%.
Out of the granted financing for the vehicle
credits, 95% were dedicated to the acquisition
of new vehicles and only 5% to the acquisition
of second-hand vehicles.
Out of the total granted financing depending
on the loan amount, 59% were loans between 0
and 1000 Euros, 24% between 1000 and 5000
Euros, 9% between 5000 and 10 000 Euros and
8% for more than 10 000 Euros.
In terms of loans based on age, 29% were
granted to people between ages of 35 and 45
years old, 26% to people who are over 55 years
old, 20% to people aged between 25 and 35
years old, 20% to people aged between 45 and
55 years old and only 5% to people under 25
years old.
Out of the total granted financing, taking into
consideration the clients’ sex and marital status,
50% were loans granted to women and 50%
to men, out of which 70% declared they are
married and 30% unmarried.
Considering the level of education 52% were
loans granted to people with medium studies,
26
60184_file_interior_lucian_v9.indd 26
11/5/2012 9:21:53 AM

credite acordate persoanelor cu studii medii,
30% persoanelor cu studii superioare si 18%
persoanelor cu studii elementare.
ALB reprezinta conform statisticilor ALB si BNR
93% din totalul pietei creditului de consum IFN
din Romania.
7. Participarea ALB la diverse organisme
nationale si internationale
In conformitate cu politicile membrilor si cu
reprezentarea, Asociatia este membra a Federatiei
Europene de Leasing – Leaseurope si a Federatiei
Europene de Credit de Consum – Eurofinas. Ca
urmare, ea este parte a dialogului cu anumite
organisme si directii europene precum Autoritatea
Bancara Europeana, DGTAXUD, DGSANCO,
si DGMARKT in privinta activitatii de lobby
referitoare la schimbarile directivelor europene cu
privire la aria de interes si activitatea industriei.
In ceea ce priveste principiile statutare de
buna practica, ALB a semnat protocoale de
cooperare sau s-a angajat in programe comune
cu urmatoarele autoritati romanesti: Inspectoratul
General al Politiei Romane, Autoritatea Nationala
pentru Protectia Consumatorului, Consiliul
Concurentei; echipa de experti ALB este parte
activa a comisiilor de dialog social la nivelul
Ministerului de Finante Publice si al Bancii
Nationale a Romaniei. ALB este totodata
membru activ al Comisiei Nationale de Formare
Profesionala a Adultilor care functioneaza
sub auspiciile Ministerului Muncii si care este
gazduita de Institutul Bancar Roman. Asociatia
si membrii ei au aratat un mare interes pentru
programele de educatie destinate consumatorului
de servicii financiare, fiind un membru activ al
echipei pentru Strategia de Educatie Nationala cu
scopul de a semna protocoale cu inspectoratele
scolare locale in vederea inceperii programelor de
educatie in licee.
Asociatia este membra a Uniunii Nationale a
Patronatelor cu Capital Privat din Romania –
UNPCPR si din 2010 Secretarul General al
Asociatiei este vicepresedinte al acestei uniuni a
patronatelor.
30% to people with superior studies and 18% to
people with elementary studies.
Based on the ALB and NBR statistics, ALB is
representing 93% of the NBFI consumer credit
& leasing total market in Romania.
7. ALB’s participation in various national and
international bodies
In line with its members’ policies and
representation the Association is member of
the European Leasing Federation – Leaseurope
and European Consumer Credit Federation –
Eurofinas. Consequently it is part of the dialogue
with certain European bodies and directorates
like European Banking Authority, DGTAXUD,
DGSANCO, and DGMARKT in lobbying
changes to the European Directives with respect
to industry’s area of interest and activity.
With respect to its statutory principles of best
practice ALB has signed protocols of cooperation
or engaged in common programs with the
following Romanian authorities: Romanian
General Inspectorate of Police, National
Authority for Consumer Protection, Competition
Council; the ALB’s team of experts is actively
part of the social dialogue commissions at the
level of Ministry of Public Finance and National
Bank of Romania. ALB is also active member
of the National Commission for Professional
Training of Adults that functions under the
auspices of the Ministry of Labour and is
hosted by the Romanian Banking Institute. The
Association and its members have shown a high
interest in educational programs for financial
services consumer being an active member of the
National Educational Strategy Team and aiming
to sign protocols with the local educational
inspectorates for starting dedicated educational
programs in high schools.
The Association is member of the National Union
of Employers of Private Equity in Romania -
UNPCPR and functions through its Secretary
General as vice president of the Employers since
2010.
27
60184_file_interior_lucian_v9.indd 27
11/5/2012 9:21:53 AM

8. Creditare responsabila – in mai a intrat in
vigoare Codul de Bune Practici semnat si asumat
de industria creditului de consum. Textul
acestui cod de autoreglementare a fost revizuit
si aprobat de Autoritatea Nationala pentru
Protectia Consumatorului si produce efecte
juridice pentru semnatari si clientii acestora.
Acest Cod impune ALB sa monitorizeze
respectarea principiilor de creditare care sunt
definite de Codul de Bune Practici.
Adunarea Generala Anuala din 2012 a decis
ca industria leasingului ar trebui sa inceapa
si ea sa elaboreze Codul de bune practici al
acestei industrii cu scopul ca finantatorii sa
transparentizeze si sa respecte principiile
de buna practica in relatiile contractuale cu
utilizatorii, fie ca acestia sunt persoane fizice
ori juridice.
Concluzie: Piata financiara nebancara
din Romania este inca la inceputuri in
comparatie cu istoria acestor produse in alte
economii! Unii ar putea spune că mediul
actual financiar nu ar trebui să sprijine
dezvoltarea în continuare a acestor produse
…. Altii ar putea spune ca in principal aceste
doua servicii financiare speciale ar putea
fi o solutie alternativa pentru rezolvarea
problemelor financiare ale economiilor.
Creditul de consum ar putea inlesni
mentinerea increderii populatiei intr-un stil
de viata care nu este in mod necesar definit
prin consum, ci prin ideea de „indatorare
productiva”! Leasingul ar putea servi, in
lipsa lichiditatilor, ca sursa alternativa
pentru rezolvarea situatiilor economice
si conjuncturale dificile ... realitatea
economica romaneasca a aratat faptul ca
agentii economici au inceput sa inteleaga
rolul leasingului in astfel de vremuri dificile
din punct de vedere financiar atunci cand
au cerut “sale & lease back”! Istoria a
aratat ca leasingul poate sprijini de-a
lungul secolelor marile bugete de razboi!
El are bineinteles nevoie de doua elemente
importante: sprijinul statului si increderea
8. Responsible lending – in May 2012 the
Code of Best Practice signed and assumed by
the Consumer Credit industry has entered into
force. The text of this self-regulatory code has
been revised and approved by the National
Authority of Consumer Protection and produces
legally effects towards its signatories and their
customers. The Code enforces ALB to monitor
the respect of the responsible lending principles
that are defined by the Code of Best Practice.
The Annual General Assembly in 2012 has
decided that the leasing industry should also
start working on the text of industry’s Code
of best practice aimed to better transparency
and best practice principles’ respect by lessors
in their contractual relationship with lessees,
being those individuals or legal entities.
Conclusion: Non-banking financial market
in Romania is yet at its beginnings when
compared with the history of these products
in other economies! Some may say that
the present financial environment should
not support further development of these
products…. Other may say that mainly these
two special financial services may be an
alternative solution to solving the financial
problems of the economies. Consumer credit
may help the maintenance of the population
confidence in a life style that is not necessarily
defined by consumption but by the idea of
“productive debt”! Leasing may serve, when
lack of liquidities, as alternative source for
solving conflict situations….the Romanian
economic reality has shown that the
economic agents have started understanding
the role of leasing in such difficult financial
times when asking for “sale & lease back”!
History has proved that leasing can support,
through centuries, big war budgets! It needs,
of course, two important elements: state
support and confidence in its power and
economic role. Personally, I trust that the
decision makers in Romania will understand
the role leasing and consumer credit may
28
60184_file_interior_lucian_v9.indd 28
11/5/2012 9:21:53 AM

acestuia in puterea si in rolul sau economic.
In ceea ce ma priveste, eu sunt convinsa ca
factorii decizionali din Romania vor intelege
rolul pe care leasingul si creditul de consum
l-ar putea juca in viitoarea dezvoltare a
economiei romanesti si in principal rolul
acestor produse in punerea la dispozitie a
unui cadru economic reglementat acolo unde
sunt mai putine lichiditati. Asadar, leasingul
poate fi un produs clasic care nu rivalizeaza,
ci este o solutie alternativa creditului pentru
a oferi sursele finaciare adecvate de exemplu
pentru viitoarele parteneriate public private
in construirea infrastructurii atat de
necesara in Romania.
play in the near future development of the
Romanian economy and mainly the role
of these products in offering an economic
framework agreement where is less liquidity.
Thus, leasing may be a classic product that
does not compete but alternates with credit
in offering the adequate financial sources
for instance for the future public private
partnerships in building the so much needed
infrastructure in Romania.
Surse bibliografice selectate
• US Navy: Lend-Lease Act Text
• U-boat.net: The Lend-Lease Act
• Library of Congress: Lend-Lease & the
Soviet Union
• British War Economy: Lend-Lease
• Microcredit site WBK
• eHow.com – Brief history of consumer
credit
• BNR: Raport anual 2011
Selected Sources
• US Navy: Lend-Lease Act Text
• U-boat.net: The Lend-Lease Act
• Library of Congress: Lend-Lease & the
Soviet Union
• British War Economy: Lend-Lease
• Microcredit site WBK
• eHow.com – Brief history of consumer
credit
• NBR – 2011 Annual Report
9. Grafice
9. Graphics
Adriana Ahciarliu
Secretar General ALB România
29
60184_file_interior_lucian_v9.indd 29
11/5/2012 9:21:53 AM

Asociatia Societatilor Financiare - ALB Romania
The Financial Companies Association – ALB Romania
Piaţa de leasing financiar în România
Financial Leasing Market in Romania
30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
1
60184_file_interior_lucian_v9.indd 30
11/5/2012 9:21:53 AM

Evolutia pietei de leasing financiar (cresteri anuale)
Financial Leasing Market Evolution (annual growth rates)
2,943,533
2,170,399
35%
2,103,643
-74%
37%
-76%
1,537,173
647,378
776,653
663,314
36%
22%
-2%
543,719
648,685
476,158
-76%
-30%
507,149
397,756
17%
17%
-33% 338,992
464,745
157,068 23% 192,512 -39%
152,197
184,220 -12%
-28% 95,407 69%
161,678
117,307
81,338 22,262
109,320
-19%
-15%
-73%
30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012
TOTAL Equipment/Echipamente Vehicles/Vehicule Real Estate/Imobiliar
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
(000 euro)
60184_file_interior_lucian_v9.indd 31
11/5/2012 9:21:56 AM

Piata de leasing financiar in Romania - Ponderea segmentelor in total finantari
Romanian Financial Leasing Market - Weight per Good Segment
76%
71%
71%
72%
65%
62% 60%
28%
20% 22% 22%
20%
20%
25%
4%
7%
15% 18%
7%
12%
3%
30.06.2006 30.06.2007 30.06.2008 30.06.2009 30.06.2010 30.06.2011 30.06.2012
Equipment/Echipamente Vehicles/Vehicule Real Estate/Imobiliar
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 32
11/5/2012 9:21:56 AM

Piata de leasing financiar din Romania dupa categoria utilizatorului
Romanian Financial Leasing Market Structure by Customer Type
120%
93%
100% 100% 100%
100%
96%
95%
90%
91%
95% 93%
88%
86%
80%
60%
40%
20%
0%
CORPORATE /
COMPANII
7%
5%
9%
RETAIL /
RETAIL
13%
10%
6%
4%
5%
0%
2% 2% 3%
3%
0% 0% 1% 1% 1%
0%
0% 0% 0% 1% 0%
PUBLIC /
PUBLIC
CORPORATE /
COMPANII
RETAIL /
RETAIL
PUBLIC /
PUBLIC
CORPORATE /
COMPANII
RETAIL /
RETAIL
PUBLIC /
PUBLIC
30.06.2010 30.06.2011 30.06.2012
TOTAL ALB Equipment / Echipamente Vehicle / Vehicule Real Estate / Imobiliar
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 33
11/5/2012 9:21:56 AM

Piata de leasing din Romania (echipamente si vehicule) dupa tipul achizitiei
Romanian Leasing Market (Equipment and Vehicles) Structure by Acquisition Type
100%
90%
93%
86% 85%
84%
79%
82%
80%
80%
76% 76%
88%
86% 85%
70%
60%
50%
40%
30%
20%
10%
14% 15%
7%
24% 24%
21%
20%
18%
16%
14% 15%
12%
0%
New / Noi Used / Second
Hand
New / Noi Used / Second
Hand
New / Noi Used / Second
Hand
New / Noi Used / Second
Hand
30.06.2009 30.06.2010 30.06.2011 30.06.2012
TOTAL ALB Equipment / Echipamente Vehicle / Vehicule
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 34
11/5/2012 9:21:56 AM

Piata de leasing financiar (echipamente si vehicule) din Romania dupa originea bunului
Romanian Financial Leasing Market (Equipment and Vehicles) Structure by Origin
92%
100%
78%
81%
90%
80%
70%
60%
50%
40%
30%
20%
10%
12%
10% 8%
11%
8%
0%
0%
30.06.2010 30.06.2011 30.06.2012
Domestic RO Domestic EU Import
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 35
11/5/2012 9:21:57 AM

30%
25%
20%
15%
10%
5%
0%
Piata de leasing financiar din Romania dupa durata contractului
Romanian Financial Leasing Market Structure by Duration of Contract
26%
25%
23%
22%
20%
19%
13%
14%
30.06.2011
30.06.2012
8%
8%
5%
4%
4%
3%
2%
1% 1%
1%
1 YEAR / 1
AN
1-2 YEARS /
1-2 ANI
2-3 YEARS /
2-3 ANI
3-4 YEARS /
3-4 ANI
4-5 YEARS /
4-5 ANI
5-7 YEARS /
5-7 ANI
7-10 YEARS
/ 7-10 ANI
10-15
YEARS / 10-
15 ANI
>15 YEARS
/ >15 ANI
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 36
11/5/2012 9:21:57 AM

Piata de leasing financiar din Romania - finantarea vehiculelor
Romanian Financial Leasing Market - Vehicle Financing
70%
60%
58%
57%
61%
56%
50%
40%
30%
20%
10%
0%
PASSENGERS CARS/
Autoturisme
17%
16%
13%
12%
LIGHT COMMERCIALS /
Vehicule Comerciale
Usoare
19%
25%
30%
27%
HEAVY COMMERCIALS/
Vehicule Comerciale Grele
6%
2%
1%
OTHERS/Alte vehicule
0%
30.06.2009 30.06.2010 30.06.2011 30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 37
11/5/2012 9:21:57 AM

Piata de leasing financiar din Romania - finantarea echipamentelor
Romanian Financial Leasing Market - Equipment Financing
30.06.2012 vs 30.06.2011
H1 2012
Forklift
3%
Agriculture
18%
Electrical devices
8%
Printing & Packaging
2%
Medical
4%
Furniture
1%
Office + IT
2%
Car service
1%
Others
12%
Food & Beverage
5%
Construction
33%
Metal processing
9%
Car Service
4%
Agriculture
22%
Others
19%
Electrical devices
14%
Construction
17% Metal processing
4%
Medical
6%
Food & Beverage
7%
Wood processing
Office + IT 3%
4%
Wood processing
2%
H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 38
11/5/2012 9:21:57 AM

Piata de leasing financiar din Romania - finantarea sectorului imobiliar
Romanian Financial Leasing Market Real - Estate Financing
70%
65%
60%
57%
50%
40% 39%
40%
31%
31%
30%
18% 22%
20%
18%
15%
16%
10%
0%
INDUSTRIAL /
Industriale
5%
OFFICE HOTEL /
Hoteluri
1%
1% 0% 0%
RETAIL
OUTLETS
5%
7%
5% 5% 5% 6% 7%
1%
RESIDENTIAL/
Rezidential
LAND/ Teren
30.06.2009 30.06.2010 30.06.2011 30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 39
11/5/2012 9:21:57 AM

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)
59,803
-8%
60,000
54,991
50,000
+5%
40,000
35,319
33,679
30,000
31.03.2012
30.06.2012
20,000
-33%
10,000
9,028
6,093
0
EQUIPMENT /
ECHIPAMENTE
VEHICLE / VEHICULE REAL ESTATE /
IMOBILIAR
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 40
11/5/2012 9:21:57 AM

Piata de leasing din Romania dupa numarul activelor reposedate
Romanian Leasing Market by No. of Repossessed Assets
4,500
4,003
4,000
-34%
3,500
3,000
2,638
2,500
30.06.2011
2,000
30.06.2012
1,500
-18%
1,000
429
352
500
33
+57%
52
0
EQUIPMENT /
ECHIPAMENTE
VEHICLE / VEHICULE REAL ESTATE /
IMOBILIAR
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 41
11/5/2012 9:21:57 AM

Piata de leasing din Romania dupa numarul activelor revandute
Romanian Leasing Market by No. of Remarketed Assets
4,000
3,876
3,500
2,919
-25%
3,000
2,500
2,000
30.06.2011
30.06.2012
1,500
1,000
+13%
-85%
322
286
500
32 5
0
EQUIPMENT /
ECHIPAMENTE
VEHICLE / VEHICULE REAL ESTATE /
IMOBILIAR
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 42
11/5/2012 9:21:57 AM

Piata de leasing din Romania dupa numarul de angajati
Romanian Leasing Market by No. of Employees
-3,5%
1659
1800
1604
-3%
1600
1384
1341
1400
1200
1000
31.03.2012
800
30.06.2012
600
-4%
400
275
263
200
0
Number of employees
in HO / Nr. de angajati
in sediul central
Number of employees
in branches / Nr. de
angajati in sucursale
Total employees / Total
angajati
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 43
11/5/2012 9:21:57 AM

The Financial Companies Association – ALB Romania
Asociatia Societatilor Financiare - ALB Romania
Consumer Credit Market in Romania
Piata creditului de consum in Romania
30.06.2012
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
15
60184_file_interior_lucian_v9.indd 44
11/5/2012 9:21:58 AM

Outstanding by Loan Type
Portofoliul dupa tipul de credit
30.06.2012
4.2%
0.1%
€ 742,297
million
Consumer credit for personal
consumption / Credite destinate
consumului personal
Credits for Vehicles / Credite auto
Industrial Credit/ Credite
Industriale
95.8%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 45
11/5/2012 9:21:58 AM

New Credit Granted
Credite noi acordate
2.1%
6.5%
€ 225,875
million
30.06.2012
Consumer credit for personal
consumption / Credite destinate
consumului personal
Credits for Vehicles / Credite auto
Industrial Credit/ Credite
Industriale
91.4%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 46
11/5/2012 9:21:58 AM

New Credit for Personal Consumption
Credite noi acordate pentru consum personal
30.06.2012
14%
52%
Direct personal loans
Imprumuturi de tip
nevoi personale
14%
Credit at the point of sale
Credit la POS
34%
€ 206,515
million
52%
34%
Revolving credits,
including credit cards
Credite de tip revolving,
inclusiv carduri de credit
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 47
11/5/2012 9:21:58 AM

New Credit Granted by Value
Credite noi acordate dupa valoare
30.06.2012
8%
9%
24%
€ 225,875
million
59%
0-1000 Euro
1000 - 5000 Euro
5000-10000 Euro
>10000 Euro
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 48
11/5/2012 9:21:58 AM

New Credit Granted by Client Age
Credite noi acordate dupa varsta clientilor
30.06.2012
5%
26%
€ 225,875
million
20%
< 25 years old
25-35 years old
35-45 years old
45-55 years old
>55 years old
20%
29%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 49
11/5/2012 9:21:58 AM

New Credit Granted by Client Residential Areas
Credite noi acordate dupa zona de resedinta a clientilor
30.06.2012
24%
€ 225,875
million
Rural
Urban
76%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 50
11/5/2012 9:21:58 AM

New Credit Granted by Client Macro-Regions Areas
Credite noi acordate dupa zona de macro-regiune a clientilor
30.06.2012
10%
8%
10%
€ 225,875
million
11%
11%
Nord - Vest
Centru
Nord - Est
Sud-Est
Sud-Muntenia
21%
Bucuresti-Ilfov
Sud-Vest
14%
Vest
15%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 51
11/5/2012 9:21:58 AM

New Credit Granted by Client Gender
Credite noi acordate dupa sexul clientilor
30.06.2012
50%
€ 225,875
million 50%
F
M
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 52
11/5/2012 9:21:58 AM

New Credit Granted by Marital Status
Credite noi acordate dupa starea civila
30.06.2012
30%
€ 225,875
million
Married / Casatoriti
Unmarried / Necasatoriti
70%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 53
11/5/2012 9:21:58 AM

New Credit Granted by Education
Credite noi acordate dupa gradul de educatie
30.06.2012
18%
30%
€ 225,875
million
Elementary
(1-8 clase)
Medium
(Liceu+ profesionala)
Superior
52%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 54
11/5/2012 9:21:58 AM

New Credit Granted by Net Income of Applicant
Credite noi acordate dupa venitul net al solicitantului
30.06.2012
2%
1% 1%
3%
9%
8%
0-500 RON
501-1.000 RON
1.001-1.500 RON
21%
1.501-2.000 RON
2.001-2.500 RON
2.501-3.000 RON
55%
3.001-4.000 RON
>4.000 RON
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Issued by Diplomat Consult for ALB Romania
60184_file_interior_lucian_v9.indd 55
11/5/2012 9:21:59 AM

60184_file_interior_lucian_v9.indd 56
11/5/2012 9:21:59 AM

Criminalitate de Business
Intrebare: DANILA, PETRE & ASOCIATII a
constituit si dezvoltat un department specializat
in Dreptul penal al afacerilor. Cum si cand a
aparut interesul pentru specializarea avocatilor
DPA intr-un astfel de domeniu al dreptului
Dreptul penal a constituit unul dintre domeniile
dreptului abordat de Casa noastra de avocatura
inca de la infiintarea sa, in luna ianuarie 2003.
Ca judecator, timp de 14 ani mai inainte de a
alege sa parasesc magistratura pentru a imbatisa
cariera de avocat, avusesem spre solutionare
foarte multe dosare penale, unele extrem de
complexe, astfel incat problemele de fond si de
procedura specifice imi erau foarte cunoscute.
Si partenerul meu, Cristian Petre, pledase ca
avocat in cauze penale anterior asocierii noastre.
Departamentul de Drept penal al afacerilor a
fost insa constituit in anul 2006. A fost perioada
in care am realizat ca, in proportie covarsitoare,
cauzele penale in care eram implicati ca si
avocati, erau cauze legate de sfera afacerilor, in
special cauze ce afectau patrimonial, uneori si
ca imagine, firme carora le acordam consultanta
juridica sau pe care le reprezentam in litigii
civile sau in fata autoritatilor fiscale. Atunci
a aparut necesitatea constituirii si dezvoltarii
departamentului de Drept penal al afacerilor in
Cadrul casei noastre de avocatura.
Intrebare: Drept penal al afacerilor - Drept
penal. Exista o diferenta
Dreptul penal al afacerilor trateaza incalcari ale
normelor de drept penal ce au loc in special in
legatura cu afacerile sau companiile: spalare
de bani, fraude fiscale, infractiuni legate de
falimentarea businessului, cele prevazute de
Legea societatilor comerciale nr. 31/1990,
manipularea pietei de capital, intocmire si
utilizare de documente false in scopul de a
ascunde anumite venituri sau de a inventa
anumite cheltuieli, ignorarea unor conflicte
de interese, a normelor privitoare la protectia
datelor personale, constituirea de grupuri
Criminal Business Law
Question: DANILA, PETRE&ASSOCIATES
(DPA) founded and grew a department
specialized in Criminal business law. How
and when did the interest for specializing DPA
lawyers in this area of law appeared
The Criminal Law is one of the areas of law
practiced by our law firm since its foundation
in January 2003.
Being a judge for 14 years before deciding to
become a lawyer I have had numerous criminal
cases to judge and therefore the specific legal
aspects were very well known to me. Cristian
Petre, my partner, had as well assisted clients
as a lawyer in criminal cases, previous to
our association. The Criminal Business Law
Department was, however, created in 2006. At
that time we realised that the majority of the
criminal cases that we managed as lawyers were
connected to the business environment, mainly
cases that had an impact on the patrimony
or on the image of the companies that we
were providing legal consultancy or we were
representing in civil cases or in front of the
fiscal authorities. Thus it became necessary to
create and to grow the Criminal Business Law
Department.
Question: Criminal Business Law – Criminal
Law. Is there a difference
The Criminal Business Law approaches the
breach of the legal provisions of the criminal
law norms that are primarily connected to the
business environment or with the companies:
money laundering, fiscal frauds, crimes
connected to the bankruptcy of a business,
crimes provided by the Company Law no.
31/1990, manipulating and rigging the capital
market, compiling and using false documents
for the purpose of hiding certain incomes or
generating false expenses, ignoring certain
conflicts of interests, the norms regarding the
57
60184_file_interior_lucian_v9.indd 57
11/5/2012 9:21:59 AM

infractionale - uneori transfrontaliere - in scopul
fraudarii unei afaceri, obtinerea si folosirea
neadecvata a fondurilor europene, incalcarea
legislatiei privitoare la achizitiile publice,
folosirea ilegala a fondurilor bugetar etc. Fie
ca businessul, compania, prin persoanele cu
drept de dispozitie este cel care incalca normele
de drept penal, fie ca businessul este victima
incalcarii de catre un tert a respectivelor norme,
fie ca este vorba de persoane cu functii publice
implicate in procese decizionale, vorbim
despre o categorie aparte de infractiuni ce se
circumscrie sferei afacerilor.
Intrebare: Prin ce se deosebeste un departament
de Drept penal al afacerilor de un departament
de Drept penal, in cadrul unei case de avocatura
Din punct de vedere managerial, noi am gandit
si dezvoltat acest departament astfel incat sa
asiguram activitatea de asistare si reprezentare
a clientilor nostri de catre echipe mixte de
avocati, unii specializati in arii ale dreptului
ce tin strict de business (civil, proprietate
intelectuala, fiscal, contencios administrativ,
drept societar, bancar, vamal etc.) si altii cu
competente speciale in domeniul dreptului
penal. Constituirea unei astfel de echipe prezinta
avantajul indiscutabil al unei depline intelegeri
a tuturor aspectelor de business care au capatat
sau pot genera o situatie ce sa implice incidenta
legii penale.
Pe de o parte, avocatii care asigura asistenta /
reprezentarea efectiva a clientilor in cauzele
penale cunosc in amanunt si sunt in masura
sa expuna organelor de urmarire penala /
judecatorilor modul in care businessul a fost
afectat de sau a generat incalcarea legii penale.
Pe de alta parte, conlucrarea avocatilor cu
specializari distincte in cadrul echipei mixte
creeaza posibilitatea pentru DPA de a oferi
in cadrul serviciilor de consultanta juridica
acordate in special companiilor, sfaturi
avocatiale menite sa previna posibilitatea ca
prin incheierea sau executarea unui contract, sa
protection of the personal data, organising
groups – sometimes cross-border groups – with
the purpose of defrauding a business, attaining
and using the European funds improperly;
breaching the norms regarding public
acquisitions, using illegally the budgets etc.
No matter whether the business, the company,
by the legal representatives is breaching the
criminal law norms, or the business is the
victim of such a breach by a third party or if we
are talking about people with public positions
involved in the decisional process, we are
referring to a special category of crimes that
includes the business environment.
Question: What is the difference between a
Criminal Business Law Department and a
Criminal Law Department within a law firm
From a managerial point of view, we structured
and grew this department so that it enables us
to provide our clients the legal assistance and
representation by mix teams of lawyers, some
specialised in areas of law that are strictly linked
to business (civil law, intellectual property law,
fiscal law, company law, banking law etc.) and
others with special skills in criminal law. Joining
such team offers the indisputable advantage of
complete understanding of all business aspects
that have or may generate a situation that falls
under the incidence of the criminal law.
The lawyers specialised in criminal law know
in detail and are able to explain to the criminal
authorities or judges the manner in which the
business was affected by or led to the breach
of the criminal norms. On the other hand,
the cooperation of the lawyers with distinct
specialisations that are part of the mix teams
enables DPA to advice its clients, mainly
companies, how to prevent the possible risk
of breaching certain criminal law norms or
to become victims of such breaches when
concluding or executing a contract.
Our clients, that are mostly financial institutions,
58
60184_file_interior_lucian_v9.indd 58
11/5/2012 9:21:59 AM

se expuna incalcarii anumitor prevederi legale
din domeniul dreptului penal, sau sa devina
victimele unor astfel de incalcari de catre
cealalta parte contractanta.
Clientii nostri, care sunt in cea mai mare parte
institutii financiare, sunt interesati in cel mai
inalt grad de o astfel de consultanta si pana in
prezent, foarte multumiti de rezultate.
Intrebare: Spuneti ca ati creat Departamentul
de Drept penal al afacerilor in 2006. Experienta
acumulata va ajuta
Indiscutabil. Am invatat si continuam sa ne
perfectionam pe baza experientei. In primul rand
am reusit sa asiguram o foarte buna colaborare in
cadrul departamentului intre avocatii penalisti si
colegii care sunt specializati in alte domenii ale
dreptului. Atunci cand un client ne incredinteaza
analizarea unui anumit caz, pentru a se stabili daca
aceasta are sau poate capata o conotatie de natura
penala, avocatul civilist constata care este situatia
contractuala sau de fapt a cazului, iar avocatul
penalist analizeaza daca din aceasta situatie, sunt
sau pot aparea consecinte penale. Opinia juridica
– ca rezultat al analizei mixte - este prezentata
clientului caruia ii apartine decizia finala. In al
doilea rand, am reusit sa dezvoltam relatii de
colaborare profesionala foarte bune cu institutiile
statului si cu organele de urmarire penala, in
procedura legala care se desfasoara atunci cand
sunt inregistrate cauze penale in care sunt implicati
clientii DPA - ca faptuitori sau victime. Avem
relatii de colaborare profesionala foarte bune si cu
autoritati politienesti din alte state, precum si cu
colegi avocati din statele respective.
Intrebare: Cum vedeti evolutia activitatii
desfasurate de Departamentul de Drept penal al
afacerilor Va avea mai mult sau mai putin de
lucru in viitor
Cred ca activitatea acestui departament al DPA
va spori. Am in vedere faptul ca in aceasta
perioada, criza economica ce se incapataneaza
sa nu ne paraseasca va continua sa constituie un
climat propice actiunilor infractionale, inclusiv
are interested by this type of legal consultancy
and until present, very satisfied of the outcomes.
Question: You mentioned that the Criminal
Business Law Department was created in 2006.
Does the experience accumulated help you
Absolutely. We learned and continue to improve
based on our experience. We have also managed
to facilitate a very good cooperation between
the lawyers specialised in criminal business law
and the lawyers that are focused on other areas
of law. When a client entrusts us a certain case,
for assessing if it has or may generate criminal
implications, the lawyer specialised in civil law
establishes the contractual or factual status of
the case and the lawyer specialised in criminal
law analyses if the case has or may trigger
criminal consequences. The legal opinion – as
the outcome of the mix analysis – is presented
to the client, which has the final decision. In
addition, we established very good professional
cooperation with the state authorities and the
criminal authorities. Such cooperation is also
very successful with the police authorities from
other countries as well as with our colleagues
from abroad.
Question: What is your opinion about
the activity of the Criminal Business Law
Department Will this department have more or
less activity in the future
In my opinion the activity of this department
from DPA will increase. I have in mind
that the economic crises which persists will
continue to encourage the criminal activities,
including those connected with the business
59
60184_file_interior_lucian_v9.indd 59
11/5/2012 9:21:59 AM

celor legate de activitatea de business. Nu
mai putin, infractorii ce actioneaza in legatura
cu afacerile au devenit mai inventivi, mai
sofisticati, tot mai mult actioneaza organizat in
retele ce se desfasoara in mai multe tari, uneori
cu concursul unor reprezentanti ai autoritatilor
din tarile respective. Datele prezentate pe site
de catre DIICOT in raportul de activitate aferent
anului 2011 evidentiaza cresterea numarului de
cauze si a complexitatii modurilor de actiune a
infractorilor. Dar, cel mai mult ma bazez, atunci
cand afirm ca previzionez cresterea activitatii
Departamentului de Drept penal al afacerilor
din cadrul DPA, pe statistica interna. In mod
cert, activitatea acestui departament - care
asigura o pondere importanta in cadrul cifrei de
afaceri a DPA - a avut un trend ascendent. In
prezent, in cadrul Departamentului, se afla peste
480 cauze penale in care DPA asigura asistenta
si reprezentare juridica clientilor in legatura cu
afacerile, achizitiile publice, spalare de bani,
fonduri europene, evaziune fiscala, constituire
de grupari infractionale s.a.
DANILA, PETRE & ASOCIATII a dobandit o
buna reputatie in piata avocaturii si pe aceasta
arie de activitate.
De altfel, anul acesta, a fost distinsa ca «Echipa
anului – Criminal Business Law» de catre
prestigioasa retea de business “avocat.net.ro”.
environment. Nevertheless, the perpetrators
became more inventive and sophisticated,
acting in international criminal organisations,
sometimes with the help of the representatives
of the authorities in the respective countries.
The information presented on the web site of
DIICOT in the activity report for 2011 shows
the increase of the number and complexity of the
modus operandi of the perpetrators. However,
when I foresee the increase of the activity
in the Criminal Business Law Department
I am relying on our internal statistics. It is
indubitable that the activity of this department
– that generates an important percentage of our
turn-over – had an increasing trend. At present,
our department manages over 480 criminal
cases connected to the business environment
(SPA, public procurement, money laundering,
European funds and tax evasion) in which we
offer legal conciliation or representation for our
clients.
DANILA, PETRE & ASSOCIATES has a good
reputation on the legal market as well in this
area of practice.
This year DPA was distinguished by the
prestigious business portal “avocat.net.ro” as
“The team of the year – Criminal Business
Law”.
Va multumesc pentru raspunsurile detaliate.
Si eu va multumesc.
Thank you for your answers.
I thank you as well.
Magda Luminita Danila,
Partener fondator al DPA
60
60184_file_interior_lucian_v9.indd 60
11/5/2012 9:22:00 AM

60184_file_interior_lucian_v9.indd 61
11/5/2012 9:22:00 AM

Romania risca procedura de infringement
pentru nerespectarea prevederilor
Directivei europene in domeniul TVA
Romania risks to face infringement
procedure for failure to comply with the
European VAT Directive
Problema tratamentului TVA aplicabil bunurilor
nereposedate de societatile de leasing, urmare
rezilierii contractelor cu utilizatorii rau platnici,
este foarte bine cunoscuta de piata de leasing
financiar din Romania.
Istoricul acestei probleme a debutat in luna
martie 2011 si care, speram noi, se va incheia
cu „happy -end” indecembrie 2012.
Rezumand, amintim faptul ca legislaţia TVA
în vigoare în prezent, prevede ca, atunci
cand bunurile nu mai exista in gestiunea unei
companii, exceptand anumite situatii expres
mentionate in lege (bunuri disparute urmare a
unor evenimente precum calamitati naturale,
forta majora, furt dovedit legal), se impune
autocolectarea TVA.
In situatia particulara a vehiculelor acordate
în leasing şi care nu au reintrat în posesia
societăţilor de leasing la rezilierea contractelor,
incepand cu luna martie 2011, normele de
aplicare a Codului fiscal mentioneaza ca in cazul
in care societatile de leasing nu recupereaza
aceste bunuri in termen de 30 de zile de la
data rezilierii contractului, au obligatia de a
autocolecta TVA aferenta valorii de capital si
dobanzilor ramase nefacturate.
Asadar, prin aparitia acestor modificari in
legislatia secundara privind TVA, societatile
de leasing, deja profund afectate de criza
economica, primeau o noua lovitura, prin faptul
ca nu doar erau pagubite de anumite bunuri de
catre utilizatorii care nu le returnau, dar li se mai
cere sa plateasca si TVA aferenta acestora. Este
adevarat ca legiuitorul acorda operatorilor de
leasing un ragaz de 30 de zile in care societatile
de leasing trebuie sa recupereze aceste bunuri
The issue of the VAT treatment applicable to
goods which cannot be re-possessed by leasing
companies, following early termination of
contracts with defaulting customers, is very
well known by the Romanian financial leasing
market.
This all started in March 2011 and hopefully it
will have a “happy-end” in December 2012.
To summarize, we have to recall that the VAT
legislation currently in force stipulates that, when
goods no longer exist in a company’s inventory,
with the exception of certain situations (i.e.
missing goods as a consequence of events such
as natural disasters, force majeure and legally
proven theft), VAT self-charge is due.
For vehicles subject to leasing agreements,
which have not been repossessed by leasing
companies following the early termination
of the leasing agreements, the Implementing
Rules of the Fiscal Code, in force as of March
2011, stipulate that when leasing companies do
not recover such goods within 30 days from the
contract’s cancellation date, they are obliged to
self-charge VAT on the value of the outstanding
capital and interest.
As a result of these amendments to the
secondary VAT legislation, leasing companies,
already deeply affected by the economic crisis,
receive a new hit, as they are not only losing the
goods the users do not return, but they are also
required to pay the VAT related to these goods.
While it is true that the lawgiver offers leasing
companies a deadline of 30 days to recover the
goods in question in order to avoid having to
pay VAT for them, the term itself is entirely
62
60184_file_interior_lucian_v9.indd 62
11/5/2012 9:22:00 AM

pentru a evita astfel plata TVA la buget, insa
acest termen este total nerealist, tinand cont de
faptul de procedura legala de recuperare poate
dura de la cateva luni, in cele mai bune cazuri,
pana la doi – trei ani, in cazurile cele mai
frecvente. Asadar, impactul financiar negativ
asupra societatilor de leasing este unul foarte
mare si, practic, potrivit actualelor prevederi
legale, de neevitat.
Trebuie spus faptul ca, pe cat sunt de
surprinzatoare aceaste prevederi legale, pe atat
sunt in neconcordanta cu legislatia europeana
in domeniul TVA, mai exact cu prevederile
Directivei TVA.
Acum, problema descrisa mai sus pare a fi
mai acuta ca oricand desi, in mod constant, a
reprezentat o preocupare pentru operatorii de
leasing din Romania. Acestia, prin Asociatia
Societatilor Financiare – ALB Romania (care
reprezinta 91% din piata de leasing financiara si
63% din piata creditului de consum acordat de
institutii financiare non-bancare din Romania),
cu ajutorul constant al PricewaterhouseCoopers
(PwC) Romania, au depus in permanenta
eforturi pentru solutionarea ei.
Astfel, este cunoscut faptul ca ALB Romania
a depus toate diligentele, inclusiv la institutiile
relevante de la Bruxelles, pentru semnalarea si
solutionarea situatiei in discutie, care practic
provenea dintr-o interpretare eronata a cadrului
legal european relevant in ceea ce priveste
tratamentul TVA aplicabil acestor bunuri
nerecuperate.
Eforturile ALB Romania au intrat acum
intr-o noua etapa, care, spre deosebire de cele
precedente, este caracterizata si de un nivel mai
mare de incredere ca problema pentru a carei
solutionare au fost intreprinse aceste eforturi va
fi intr-adevar rezolvata.
Concret, urmare corespondentei purtate intre
ALB Romania si Comisia Europeana, aceasta
unrealistic. It is therefore impossible for these
companies to meet the 30 day deadline since
the legal procedure for recovery may last from
a few months, in a best case scenario, to twothree
years, which happens most of the time.
Therefore, the negative financial impact
on leasing companies is overwhelming
and, practically, according to the current legal
provisions, unavoidable.
It has to be said that, these legal provisions are
as surprising as they are inconsistent with the
European VAT Directive.
However, the problem described above seems
to be more acute than ever, even though
Romanian leasing companies have constantly
strived to overcome it. Their efforts towards
a beneficial resolution have been channelled
by The Financial Companies Association –
ALB Romania (which stands for 91% of the
Romanian financial leasing market and 63% of
the market for consumer credit granted by nonbanking
financial institutions) with the constant
support of PricewaterhouseCoopers (PwC)
Romania.
Thus, it is a well known fact that ALB Romania
has diligently followed up on this issue with the
relevant bodies from Bruxelles and not only.
The purpose was to raise awareness and to find
a solution for this issue which basically derives
from the misinterpretation of the relevant
European VAT legal framework as concerns
the VAT treatment applicable for unrecovered
leased goods.
The efforts of ALB Romania have reached
a new stage, which unlike the previous ones,
is characterized by an even higher level of
confidence that the problem will be indeed
solved.
Specifically, following the correspondence
between ALB Romania and the European
63
60184_file_interior_lucian_v9.indd 63
11/5/2012 9:22:00 AM

din urma s-a sesizat cu privire la cadrul legal
incorect din Romania in privinta bunurilor
nerecuperate de societatile de leasing in
circumstantele descrise mai sus, motiv pentru
care a avertizat in acest sens autoritatile fiscale
din tara noastra. Avertizarea s-a concretizat prin
declansarea împotriva României a primei etape
a fazei precontencioase a acţiunii în constatarea
neîndeplinirii obligaţiilor care îi revin în temeiul
Directivei TVA.
Acesta actiune din partea Comisiei Europene
a provocat o prima reactie a autoritatilor din
Romania, care, in luna august a acestui an,
au abrogate, cu efect din 1 ianuarie 2013,
prevederile din Codul fiscal ce impuneau
autocolectarea TVA pentru bunurile constatate
lipsa din gestiune. Aceasta abrogare va avea un
impact direct si asupra societatilor de leasing,
care, in teorie, n-ar mai trebui sa autocolecteze
TVA pentru bunurile nereposedate.
Totusi, potrivit noile reglementari TVA, care vor
intra in vigoare la data de 1 ianuarie 2013, s-ar
putea sa existe obligatia in sarcina societatilor
de leasing de ajusta TVA dedusa initial pentru
bunurile nerecuperate la care am facut referire
in acest articol, obligatie care impune practic
societatilor de leasing plata aceluiasi TVA la
buget, doar ca acesta va fi calculat utilizand o
alta formula.
In acest context, este lesne de inteles
nemultumirea din randul operatorilor de
leasing din Romania, care asa cum spuneam
la inceputul acestui articol, continua acum, cu
eforturi sustinute, sa clarifice si sa solutioneze
problema.
Cu toate acestea, ramane sa vedem daca
autoritatile competente din Romania vor
folosi in mod intelept ocazia data de faptul ca
normele de aplicare ale Codului fiscal urmeaza
a fi actualizate in raport cu ultimele modificari
din Codul fiscal, pentru a oferi un remediu
companiilor de leasing pentru prejudicial creat.
Commission, the latter took note of the
incorrect Romanian VAT legal framework
concerning goods which cannot be repossessed
by leasing companies, in the above described
circumstances, and, as a result, has given
a notice to the fiscal authorities from our
country. This notice was in fact the launch of
the first phase of litigation against Romania, in
the action of assessing its failure to fulfil the
obligations under the VAT Directive.
This action undertaken by the European
Commission has provoked a first reaction in
the Romanian authorities, which, in August
this year (with effect from 1 January 2013),
have abolished the Fiscal Code provisions
that required companies to self-charge VAT
on missing goods. This amendment will also
have a direct impact on leasing companies
who, in theory should no longer be required
to self charge VAT for goods which cannot be
repossessed.
On the other hand, it seems that according to
the new VAT rules, applicable as of 1st of
January 2013, leasing companies may be
required to adjust the VAT initially deducted
for those goods that cannot be repossessed; this
obligation basically requires leasing companies
to pay the same VAT to the budget, but using a
different formula.
Within this context, it is easy to understand the
discontent of Romanian leasing market, which,
as we said at the beginning of this article, is
actively trying to clarify and solve this issue.
Nevertheless, it remains to be seen if the
competent authorities will use the opportunity
given by the fact that the Implementing rules
to the Fiscal code also need to be updated and
amended (in accordance with the changes to
the Fiscal Code), in order to repair the damage
done to leasing companies.
64
60184_file_interior_lucian_v9.indd 64
11/5/2012 9:22:00 AM

Incepeam acest articol prin a spune ca speram
la o rezolvare a problemei tratamentului TVA al
bunurilor nerecuperate de societatile de leasing,
favorabila acestora din urma, undeva pana in
luna decembrie a acestui an.
Speranta noastra se bazeaza pe faptul ca
avem incredere ca autoritatile responsabile
cu reglementarea legala a acestei probleme
nu doresc declansarea impotriva Romaniei a
procedurii de infringement, ce ar urma in mod
logic dupa avertizarea pe care tara noastra a
primit-o deja de la Comisia Europeana.
Asadar, asteptam sa fie luate masurile necesare
pentru a elimina din legislatia TVA din Romania
a prevederilor neconforme cu cadrul legal
comunitar in domeniu.
We started this article by saying that we hope
for a favourable solution for leasing companies
before December this year.
We dare to hope because we are confident that
the lawgiver does not want an infringement
procedure to be launched against Romania,
which is the logical next step after the notice
that our country already received from the
European Commission.
For that reason, we expect that the necessary
measures will be taken, so that the Romanian
VAT legislation will be in line with the European
legal framework.
Daniel Anghel, Partener
Diana Coroabă, Director
PricewaterhouseCoopers Tax Advisors & Accountants S.R.L.
65
60184_file_interior_lucian_v9.indd 65
11/5/2012 9:22:00 AM

60184_file_interior_lucian_v9.indd 66
11/5/2012 9:22:01 AM

Provocări curente privind aplicarea
practică a reglementărilor contabile de
către instituțiile financiare nebancare
Current challenges regarding practical
application of accounting regulations by
non-banking financial institutions
Convergența la Standardele Internaționale de
Raportare Financiară (”IFRS”) reprezintă un
aspect de interes major pentru organismele de
reglementare din România. Cea mai recentă
cerinţă în acest sens este stabilită prin Ordinul
881/2012 emis de Ministerul Finanțelor Publice,
aplicabil societăţilor comerciale ale căror
valori mobiliare sunt admise la tranzacţionare
pe o piaţă reglementată, care stabilește obligativitatea
acestora de a întocmi situațiile financiare
individuale anuale în conformitate cu IFRS
începând cu anul financiar 2012 și de a aplica
IFRS ca bază a contabilității de la 1 ianuarie
2013.
Astfel, după adoptarea IFRS ca bază a
contabilității de către instituțiile de credit începând
cu 1 ianuarie 2012 și solicitarea de către
Comisia Națională a Valorilor Mobiliare și
Comisia de Supraveghere a Asigurărilor pentru
entitățile pe care le supervizează să întocmească
un al doilea set de situații financiare individuale
conforme cu IFRS în scopuri informative,
IFRS vor deveni de asemenea obligatorii pentru
toate societățile comerciale românești listate pe
o piață reglementată din România.
Aplicarea practică a principiilor IFRS
reprezintă o mare provocare pentru orice
entitate și în mod special pentru entitățile care
adoptă pentru prima dată IFRS, întrucât acestea
Convergence to International Financial Reporting
Standards (“IFRS”) is a major focus point
for regulatory bodies in Romania. The most
recent development is Order 881/2012 issued
by the Ministry of Finance, applicable to companies
whose shares are traded on a regulated
market, which are required to prepare their
individual financial statements in accordance
with IFRS starting with 2012 financial year and
to convert to IFRS as basis of accounting as of
1 January 2013.
Thus, after credit institutions have adopted
IFRS as basis of accounting starting 1 January
2012 and the National Securities Commission
and the Insurance Supervisory Commission
have requested entities falling under their
regulatory requirements to prepare a second set
of individual financial statements in line with
IFRS for information purposes, IFRS will also
become mandatory for all listed entities.
Practical application of IFRS principles is a
great challenge for any company and especially
for first time adopters, as they will be facing both
complex professional judgements on technical
67
60184_file_interior_lucian_v9.indd 67
11/5/2012 9:22:01 AM

se vor confrunta atât cu necesitatea emiterii
unor raționamente profesionale complexe
în ceea ce privește aspecte tehnice de natură
contabilă, cât și cu probleme operaționale
legate de implementare. Alte provocări constau
în necesitatea de a reproiecta procesele interne
și raportările externe către investitori, precum și
experiența limitată în ceea ce privește aplicarea
IFRS a personalului propriu implicat în procesul
de conversie.
În prezent, instituțiile financiare nebancare
(IFN) nu sunt obligate de către organismul de
reglementare să întocmească situații financiare
IFRS. Totuși, principiile IFRS sunt relevante
pentru acestea întrucât multe dintre entități fac
parte din grupuri mai mari și trebuie să respecte
cerințele de raportare către grup, care sunt
aliniate la IFRS. De asemenea, multe IFN-uri
întocmesc situații financiare în conformitate
cu IFRS la cererea băncilor și a altor instituții
finanțatoare.
În acest sens, prezentăm în cele de urmează
câteva aspecte care necesită atenție specială
atât în aplicarea IFRS, cât și a Reglementărilor
Contabile Românești (“RAS”), cum ar fi:
aplicarea contabilității de acoperire, principiile
privind derecunoașterea activelor și achizițiile
de portofolii de creanțe.
În final, descriem modificările anticipate în
IFRS relevante pentru IFN-uri, modificări care
ar putea avea un impact semnificativ asupra
activităților desfăşurate și care ar putea ridica
provocări suplimentare în ceea ce privește
aplicarea practică.
Aplicarea contabilității de acoperire
Conform bunelor practici în domeniu, contabilitatea
de acoperire trebuie implementată în
conformitate cu o metodologie bine documentată,
care să includă atât principiile IFRS cât și
principiile RAS, având în vedere diferențele
dintre cele două cadre de raportare.
accounting topics and operational issues related
to implementation. Other challenges include
the need to redesign the business processes
and external reporting to investors, as well as
limited IFRS experience of own staff involved
in the convergence process.
At this point, non-banking financial institutions
(NBFIs) are not required by the regulatory body
to prepare IFRS financial statements. However,
IFRS principles are still relevant as many are
part of larger groups and need to comply with
group reporting requirements aligned to IFRS.
Also many NBFIs prepare IFRS financial
statements at the request of banks and other
financing institutions.
In this respect, we present below some of the
transactions that require a special consideration
under both IFRS and Romanian Accounting
Standards (“RAS”), such as: application of hedge
accounting, principles for asset derecognition
and receivables portfolio acquisitions.
Finally, we describe the expected changes in
IFRS relevant for NBFIs, which could have
a significant impact over NBFIs activities
and potentially raise additional challenge for
practical application.
Hedge accounting application
As a best practice, hedge accounting should be
implemented according to a well documented
methodology, which needs to incorporate both
IFRS principles and RAS principles, given the
differences between the two reporting frameworks.
68
60184_file_interior_lucian_v9.indd 68
11/5/2012 9:22:01 AM

Există trei tipuri de relații de acoperire definite
de IFRS:
(a) acoperirea valorii juste (fair value hedge
- FVH): acoperirea expunerii la modificările
valorii juste a unui activ sau a unei datorii
recunoscut(e) sau a unui angajament ferm
nerecunoscut, ori a unei porţiuni identificate
dintr-un astfel de activ, datorie sau angajament
ferm, care sunt atribuibile unui anumit
risc și care pot afecta contul de profit și pierdere.
(b) acoperirea fluxurilor de trezorerie (cash
flow hedge - CFH): acoperirea expunerii la
variabilitatea fluxurilor de trezorerie care (i)
este atribuibilă unui anumit risc asociat unui
activ sau unei datorii recunoscut(e) (cum ar
fi toate sau o parte din plățile viitoare de dobânzi
aferente unei datorii cu dobândă variabilă)
sau asociat unei tranzacții previzionate
foarte probabile și (ii) care poate afecta contul
de profit sau pierdere.
(c) acoperirea unei investiții nete într-o
operațiune din străinătate.
There are three types of hedging relationships
defined under IFRS:
(a) fair value hedge (FVH): a hedge of the
exposure to changes in fair value of a recognized
asset or liability or an unrecognized
firm commitment, or an identified portion of
such an asset, liability or firm commitment,
that is attributable to a particular risk and
could affect profit or loss.
(b) cash flow hedge (CFH): a hedge of the
exposure to variability in cash flows that (i)
is attributable to a particular risk associated
with a recognized asset or liability (such as
all or some future interest payments on variable
rate debt) or a highly probable forecast
transaction and (ii) could affect profit or loss.
(c) hedge of a net investment in a foreign operation.
Numai relațiile FVH și CFH sunt prezentate
mai jos, acestea având probabilitatea de a fi relevante
pentru orice IFN.
Aplicarea contabilității de acoperire nu reprezintă
o cerință obligatorie a nici unui cadru
de raportare (IFRS sau RAS). Contabilitatea
de acoperire reprezintă un privilegiu acordat
entităților, o excepție de la tratamentele contabile
aplicabile în mod normal, cu condiția ca anumite
cerințe specifice să fie îndeplinite. Contabilitatea
de acoperire are rolul de a reflecta din
punct de vedere contabil o relație economică
de acoperire împotriva riscurilor implementată
de către un IFN. În acest scop, efectele asupra
contului de profit sau pierdere ale elementului
acoperit și ale instrumentului de acoperire sunt
recunoscute în aceeași perioadă.
Only the FVH and CFH relationships are discussed
below as they are more likely to be relevant
to any NBFI.
Hedge accounting application is not a requirement,
neither under IFRS or RAS. It is a privilege
granted, an exception to the application of
normal accounting rules, provided some specific
requirements are met. Hedge accounting
is aimed to reflect from an accounting point of
view any economic hedging relationship already
undertaken by an NBFI. Having this purpose
in mind, the profit or loss effects of the
hedged item and hedging instrument should be
recognized in the same period.
There are both differences and similarities between
hedge accounting rules under RAS and
IFRS. The differences relate to the applicable
69
60184_file_interior_lucian_v9.indd 69
11/5/2012 9:22:01 AM

Există atât diferențe cât și asemănări între regulile
contabilității de acoperire potrivit RAS
și IFRS. Diferențele se referă la modelele de
contabilizare a operațiunilor de acoperire (i.e.
cum este atins scopul) și la anumite cerințe de
prezentare. Asemănările se referă, în principal,
la cerințele de aplicare a contabilității de acoperire,
inclusiv testarea eficienței.
Contabilitatea de acoperire se aplică unei relaţii
de acoperire dacă sunt întrunite, fără excepție,
următoarele condiţii, atât potrivit IFRS, cât și
RAS:
• Eficienţa operaţiunii de acoperire poate fi
evaluată în mod credibil, respectiv valoahedge
accounting models (i.e. how the purpose
is achieved) and to certain disclosure requirements.
Similarities mainly relate to hedge accounting
application requirements, including
effectiveness testing.
In order to qualify for hedge accounting,
any hedge relationship should fulfil, with no
exception, the following criteria under both
IFRS and RAS:
• La inițierea operațiunii de acoperire există
o desemnare și o documentație formală privind
relația de acoperire precum și obiectivul
și strategia IFN-ului de administrare
a riscului,. Documentația trebuie să includă
identificarea instrumentul de acoperire,
tranzacția sau elementul acoperit, natura
riscului acoperit și modul în care IFN-ul va
evalua eficienţa instrumentului de acoperire
în a compensa expunerea la modificările
valorii a elementului acoperit sau a fluxurilor
de trezorerie ce pot fi atribuibile riscului
acoperit;
• Operațiunea de acoperire se preconizează a
fi foarte eficace în procesul de compensare
a modificărilor valorii juste sau fluxurilor
de trezorerie aferente riscului acoperit,
în concordanță cu strategia de gestionare a
riscului pentru relația de acoperire respectivă;
• Pentru operațiunile de acoperire a fluxurilor
de trezorerie o tranzacție prognozată ce face
obiectul operațiunii de acoperire trebuie să
aibă un grad ridicat de probabilitate și trebuie
să reprezinte o expunere la variațiile
fluxurilor de trezorerie ce ar putea, în final,
afecta profitul sau pierderea;
• At the inception of the hedge there is formal
designation and documentation of the hedging
relationship and the NBFI’s risk management
objective and strategy for undertaking
the hedge. That documentation shall
include identification of the hedging instrument,
the hedged item or transaction, the
nature of the risk being hedged and how the
NBFI will assess the hedging instrument’s
effectiveness in offsetting the exposure to
changes in the hedged item’s fair value or
cash flows attributable to the hedged risk;
• The hedge is expected to be highly effective
in achieving offsetting changes in fair value
or cash flows attributable to the hedged risk,
consistently with the originally documented
risk management strategy for that particular
hedging relationship;
• For cash flow hedges, a forecast transaction
that is the subject of the hedge must be
highly probable and must present an exposure
to variations in cash flows that could
ultimately affect profit or loss;
• The effectiveness of the hedge can be reliably
measured, e.g. the fair value or cash
flows of the hedged item that are attributable
to the hedged risk and the fair value
of the hedging instrument can be reliably
measured;
70
60184_file_interior_lucian_v9.indd 70
11/5/2012 9:22:01 AM

ea justă sau fluxurile de trezorerie aferente
elementului acoperit care sunt atribuibile
riscului acoperit și valoarea justă a instrumentului
de acoperire pot fi evaluate în mod
credibil;
• Operațiunea de acoperire este evaluată în
mod continuu și se constată că aceasta a
avut un grad înalt de eficienţă pe parcursul
perioadelor de raportare financiară pentru
care a fost desemnată relaţia de acoperire
Pentru ca operaţiunea de acoperire să fie
considerată a avea un grad ridicat de eficienţă,
rezultatul efectiv al operațiunii de acoperire
trebuie să se încadreze în intervalul 80%-125%
atât potrivit IFRS, cât și RAS. În timp ce criteriile
privind intervalul de eficiență 80%-125% sunt
similare conform IFRS și RAS, ineficiența în
cadrul intervalului este recunoscută în contul de
profit și pierdere numai în cazul IFRS.
Diferențele dintre modelele de contabilizare
a operațiunilor de acoperire conform IFRS
și RAS sunt ilustrate prin prezentarea a două
exemple practice de relații de acoperire împotriva
riscurilor.
Acoperirea valorii juste
Să presupunem ca un IFN care primește plăți
de dobândă fixă (aferente unor credite acordate
cu dobândă fixă) preconizează că dobânzile pe
piață vor crește și astfel va fi expus modificărilor
valorii juste aferente creditelor acordate,
ca urmare a riscului de rată a dobânzii. În acest
caz, IFN-ul ar putea să ia în calcul schimbarea
fluxurilor de trezorerie fixe aferente creditelor
cu fluxuri de trezorerie variabile pentru a
se acoperi împotriva creșterii ratelor de piață.
Acest lucru va fi realizat prin încheierea unui
contract swap pe rata dobânzii (interest rate
swap - IRS), de tipul plăteşte fix – primeşte variabil.
• The hedge is assessed on an ongoing basis
and determined actually to have been highly
effective throughout the financial reporting
periods for which the hedge was designated.
In order for a hedge to be regarded as highly
effective the actual result of the hedge should be
within a range of 80%-125% under both IFRS
and RAS. While similar criteria apply regarding
the 80-125% efficiency corridor under both
IFRS and RAS, inefficiency within the corridor
is recognized in profit or loss account under
IFRS only.
The differences between IFRS and RAS hedge
accounting models are illustrated on two simple
practical examples of hedging relationships.
Fair value hedge
Let’s assume a NBFI that receives fixed interest
payments (from fixed-income loans granted)
expects that interests on the market will increase
and therefore is exposed to changes in
fair value of the fixed rate loans due to interest
rate risk. In this case, the NBFI could consider
changing the fixed cash flows received on the
loans into variable ones in order to hedge the
increasing market rates. This will be achieved
by contracting a fixed for floating Interest Rate
Swap (IRS).
IFN
% dobanda fixa
Credit cu venit fix
NBFI
% fixed interest
Fixed income loan
% dobanda
% dobanda
Contrapartida pentru IRS
% fixed interest
% variable interest
Counterparty of IRS
71
60184_file_interior_lucian_v9.indd 71
11/5/2012 9:22:02 AM

Prin implementarea scenariului de mai sus,
IFN-ul a creat din punct de vedere economic un
credit cu rata de dobândă variabilă. Cum va fi
înregistrată această tranzacție din punct de vedere
contabil în conformitate cu IFRS și RAS
Modelele contabile aplicabile sunt sintetizate în
tabelul următor (în ipoteza că documentația și
cerințele de eficiență sunt respectate pe deplin).
Conform tratamentelor contabile aplicabile
în mod normal, creditul ar fi evaluat la cost
amortizat, în timp ce IRS-ul ar fi evaluat la
valoare justă, iar modificările valorii juste ar
fi recunoscute în contul de profit sau pierdere.
Conform contabilității de acoperire, atât în
scopul contabilizării IFRS cât și RAS, elementul
acoperit și instrumentul de acoperire vor
afecta contul de profit sau pierdere simultan
(neconcordanțele contabile vor fi eliminate).
By implementing the above scenario, the NBFI
created a variable interest rate loan from an
economical point of view. How will this transaction
be accounted for under IFRS and RAS
We summarize the applicable accounting models
in the table below (assuming documentation
and efficiency requirements are fully met). Under
normal accounting rules, the loans would
be measured at amortised cost, while the IRS
would be measured at fair value, with changes
in fair value recognized in profit or loss. Under
hedge accounting rules, both for IFRS and
RAS purposes, the hedged item and the hedged
instrument will affect profit or loss simultaneously
(the accounting mismatch will be eliminated).
Element
Element
Element acoperit (credit)
Hedged item (loan)
Instrumentul de acoperire (IRS)
Hedging instrument (IRS)
Modelul contabil IFRS FVH
IFRS FVH accounting model
Evaluat la valoare justă numai în
legătură cu riscul acoperit. Modificările
valorii juste recunoscute
în contul de profit sau pierdere.
Re-measured at fair value only
relating to the hedged risk. Fair
value changes recognized in
profit or loss.
Nicio modificare (evaluat la valoare
justă prin contul de profit
sau pierdere)
No changes (recognized at fair
value through profit or loss)
Modelul contabil RAS
Nicio modificare (cost amortizat)
No changes (amortized cost)
Modificările valorii juste sunt
recunoscute temporar într-un
cont de regularizare special
(post din bilanț) și sunt transferate
în mod sistematic în contul
de profit sau pierdere în perioadele
în care riscul acoperit
afectează contul de profit sau
pierdere.
Fair value changes are temporary
recorded in a dedicated
settlement account (balance
sheet item) and are transferred
symmetrically to profit or loss
in the periods when the hedged
risks affects profit or loss.
72
60184_file_interior_lucian_v9.indd 72
11/5/2012 9:22:02 AM

Acoperirea fluxurilor de trezorerie
Să presupunem că un alt IFN care plătește
o rată de dobândă variabilă pentru o linie de
finanțare contractată preconizează că dobânzile
pe piață vor crește și astfel va fi expus la
variațiile fluxurilor de trezorerie aferente
liniei de finanțare, ca urmare a riscului de rată
a dobânzii. În acest caz, IFN-ul ar putea să ia
în calcul schimbarea fluxurilor de trezorerie
variabile aferente liniei de finanțare cu fluxuri
de trezorerie fixe pentru a se acoperi împotriva
creșterii ratelor de piață, prin încheierea unui
Cash flow hedge
Let’s now assume that another NBFI that pays
floating interest on its financing line expects
that interest rates on the market will increase
and therefore it will be exposed to the variability
in cash flows related to the financing line
due to interest rate risk. In this case, the NBFI
could turn the variable cash flows paid on the
financing line into fixed ones in order to protect
against increasing market rates by contracting
a floating to fixed Interest Rate Swap (IRS).
IFN
% dobanda variabila
Linie de finantare
NBFI
% variable interest
Financing line
% dobanda fixa
% dobanda fixa
Contrapartida pentru IRS
% fixed interest
% variable interest
Counterparty of IRS
contract swap pe rata dobânzii, de tipul plăteşte
fix – primeşte variabil.
Prin implementarea scenariului de mai sus,
IFN-ul a creat din punct de vedere economic
o finanţare cu rata de dobândă fixă. Care sunt
diferențele între modelele contabile RAS și
IFRS Să urmărim tabelul de mai jos:
Element
Element
Element acoperit (linie
de finanțare)
Hedged item (financing
line)
Instrumentul de acoperire
(IRS)
Hedging instrument
(IRS)
Modelul contabil IFRS CFH
IFRS CFH accounting model
Nicio modificare (evaluat la cost
amortizat)
No changes (measured at amortized
cost)
Modificările valorii juste aferente
părții eficiente a contractului
de acoperire sunt recunoscute
în alte elemente ale rezultatului
global.
Fair value changes related to the
effective portion of the hedge are
recognized in other comprehensive
income.
By implementing the above scenario, the NBFI
created a fixed interest rate financing from an
economical point of view. What are the differences
between RAS and IFRS accounting models
Let’s have a look at the following table:
Modelul contabil RAS
RAS accounting model
Nicio modificare (evaluat la cost
amortizat)
No changes (amortized cost)
Modificările valorii juste sunt recunoscute
temporar într-un cont de regularizare
special (post din bilanț) și
sunt transferate în mod sistematic în
contul de profit sau pierdere în perioadele
în care riscul acoperit afectează
contul de profit sau pierdere.
Fair value changes are temporary
recorded in a dedicated settlement
account (balance sheet item) and
are transferred symmetrically to
profit or loss in the periods when the
hedged risks affects profit or loss.
73
60184_file_interior_lucian_v9.indd 73
11/5/2012 9:22:02 AM

Aplicarea contabilității de acoperire reprezintă
un aspect complex și necesită un efort important
în ceea ce privește documentarea. IFN-urile
care fac parte din grupuri mari din domeniul
serviciilor financiare pot beneficia de experiența
grupului, dar trebuie să ia în considerare și
limitările suplimentare care pot fi impuse (de
exemplu replicarea instrumentului de acoperire
în afara grupului).
Totuși, aplicarea contabilității de acoperire
poate oferi beneficii oricărui IFN, întrucât
utilizatorii situațiilor financiare vor avea acces
la informații care reflectă şi din punct de vedere
contabil deciziile economice luate de IFN în
ceea ce privește acoperirea riscurilor.
Derecunoașterea activelor în cazul transferului
unui portofoliu de creanțe către o terță parte
Transferul activelor a devenit un subiect din ce
în ce mai important în ultimii ani, în principal ca
urmare a contextului economic. Entitățile analizează
diferite alternative pentru îmbunătățirea
poziției lor financiare prin renunțarea la activele
toxice/ neperformante.
”Cui să vindem Care este prețul corect Care
sunt riscurile asociate” - acestea sunt doar câteva
dintre întrebările pe care şi le pun entitățile
care vor să vândă. Dar dincolo de considerentele
de afaceri există și o altă provocare – perspectiva
contabilă.
Derecunoașterea activelor financiare este unul
dintre cele mai complexe aspecte tratate de
IFRS. Acesta necesită o analiză detaliată a tuturor
faptelor și circumstanțelor și deseori, în
practică, rezultatul este modificat de o anumită
clauză inclusă în documentația tranzacției.
Conform cerințelor IFRS, o entitate trebuie să
derecunoască un activ financiar numai atunci
când:
• drepturile contractuale aferente fluxurilor de
trezorerie care decurg din activul financiar
expiră; sau
Hedge accounting application is a complex
aspect and requires an important documentation
effort. NBFIs part of larger financial services
group may benefit from parent experience but
also need to take into consideration additional
limitations that may be imposed (e.g. replication
of the hedging instrument outside the group).
However, hedge accounting application
may bring benefits to any NBFI as financial
statement users will have access to information
that reflects, also from an accounting point
of view, the economic decisions taken by the
NBFI in terms of risk hedging.
Derecognition of assets in case of receivables
portfolio transfer to a third party
The issue of asset transfer had become increasingly
important in the past years, mainly driven
by the economical environment. Entities are
exploring various alternatives to improve their
financial position by getting rid of the toxic/
nonperforming assets.
“Who do I sell to What is the correct price
What are the risks associated” – these are only
few of the questions entities intending to sell
are asking themselves. But beyond the business
considerations lies another challenge – the accounting
perspective.
Derecognition of financial assets is one of the
most complex aspects in IFRS. It requires detailed
analysis of all facts and circumstances
and often, in practice, the outcome is changed
by a certain clause included in the transaction
documentation.
In accordance with IFRS requirements, an entity
shall derecognise a financial asset when and
only when:
• the contractual rights to the cash flows from
the financial asset expire; or
• it transfers the financial asset and the trans-
74
60184_file_interior_lucian_v9.indd 74
11/5/2012 9:22:02 AM

• transferă activul financiar, iar transferul
îndeplinește condițiile pentru derecunoștere.
De obicei, expirarea drepturilor contractuale
nu este relevantă în cazul transferului unui
portofoliu. Accentul se pune pe îndeplinirea
condițiilor pentru derecunoșterea transferului,
în conformitate cu criteriile contabile relevante.
Analiza necesară în acest caz se efectuează,
de obicei, în mai mulţi paşi succesivi, şi îmbracă
forma unui arbore decizional. Principalii
pași includ: consolidarea tuturor filialelor și a
entităților asociate implicate în proces, identificarea
fluxurilor de trezorerie care fac obiectul
transferului, evaluarea angajamentelor cu fluxuri
identice, analiza riscurilor și beneficiilor și
evaluarea controlului.
Din punct de vedere juridic, transferul unui portofoliu
poate îmbrăca mai multe forme. Transferul
drepturilor contractuale de a primi fluxuri
de trezorerie se poate realiza prin contract de
novație, contract de cesiune de creanțe sau printr-un
contract de participare la risc (risk participation
agreement). Indiferent de forma juridică
a transferului, rezultatul din punct de vedere
contabil poate fi același.
Chiar dacă din punct de vedere juridic creanțele
sunt transferate, un IFN poate alege să păstreze
relațiile de afaceri cu clienții și să continue să
încaseze sumele aferente portofoliului transferat.
În general, păstrarea drepturilor de administrare
a portofoliului nu împiedică derecunoașterea,
cu condiția ca IFN-ul să nu-și asume obligația
de a face plăţi, cu excepția cazului în care acesta
încasează sume echivalente de la debitori.
Unul dintre cei mai complicați pași în
evaluarea derecunoșterii este analiza riscurilor
și beneficiilor. IFN-ul trebuie să țină cont în
efectuarea acestei analize de diferitele riscuri
care pot afecta expunerea la variabilitatea
fluxurilor de trezorerie: riscul de credit, riscul
fer qualifies for derecognition.
Usually, the expiration of contractual rights is
not relevant in a portfolio transfer. The attention
is focused on whether the transfer qualifies
for derecognition, in accordance with relevant
accounting criteria,
The analysis that needs to be performed usually
takes places in successive steps, following the
structure of a decision tree. The main steps include:
consolidation of all subsidiaries and associates
involved in the process, identification
of cash flows subject to the transfer, evaluation
of pass through arrangements, risk and reward
analysis and control evaluation.
Form a legal perspective, a portfolio transfer can
take many forms. Transfer of contractual rights
to receive cash flows can be achieved through
a novation agreement, a contract of assignment
of receivables or a risk participation agreement.
Regardless of the legal form of the transfer, the
accounting result might be the same.
Even if the receivables are transferred from
a legal point of view, a NBFI may choose
to maintain the business relations with the
clients and continue to collect amounts on the
transferred portfolio. Generally, maintaining
servicing rights over the portfolio does not
preclude derecognition, provided that the NBFI
does not assume an obligation to make payment
unless it collects similar amounts from the
debtors.
One of the most complex steps in the
derecognition assessment is the risk and
rewards analysis. The NBFI should consider in
this analysis the different types of risk that can
affect its exposure to variability in cash flows:
credit risk, late payment risk, interest rate risk,
75
60184_file_interior_lucian_v9.indd 75
11/5/2012 9:22:02 AM

întârzierii la plată, riscul de rată a dobânzii,
riscul valutar.
De exemplu, creanțele vândute cu recurs (cazul
în care IFN-ul se angajează să compenseze
cumpărătorul pentru pierderile rezultate din
imposibilitatea de a recupera creanțele) sau
creanțele vândute prin contracte de cesiune
prin care IFN-ul își asumă obligația să cumpere
înapoi la un preț prestabilit activele vândute,
în general nu îndeplinesc condițiile pentru
derecunoștere.
Chiar dacă din punct de vedere juridic
drepturile și obligațiile asociate fluxurilor
viitoare de trezorerie sunt transferate, aceste
tipuri de tranzacții nu îndeplinesc condițiile
pentru derecunoaștere deoarece vânzătorul
păstrează majoritatea riscurilor, iar tranzacția
va fi recunoscută de vânzător ca un împrumut
garantat.
În cadrul RAS nu există cerințe specifice
cu privire la condițiile de derecunoaștere a
activelor financiare. În acest context, aplicarea
principiilor IFRS privind derecunoașterea
în scopul contabilizării conform RAS este o
practică acceptată pe piață. Totuși, ca urmare
a diferențelor de tratament contabil între IFRS
și RAS, valorile contabile nete ale creanțelor
transferate determinate conform celor două
cadre de reglementare vor fi diferite, în principal
din cauza valorilor diferite ale ajustărilor pentru
depreciere constituite (de obicei mai mici
potrivit IFRS).
Transferul portofoliilor de creanțe către
terțe părți este de natură să afecteze calitatea
activelor și profitabilitatea IFN-urilor. Dacă
transferul este fi stabilit la un preț egal cu
valoarea justă a creanțelor, profitabilitatea
IFN-ului se va îmbunătăți dacă valoarea justă a
împrumuturilor transferate este mai mare decât
valoarea lor contabilă netă.
foreign exchange risk.
For example, receivables sold with recourse
(in which the NBFI commits to compensate
the buyer for losses resulting from inability to
recover the receivables), or receivables sold
through assignment contracts that require the
NBFI to buy back the assets disposed of at a
predetermined price, generally do not qualify
for derecognition.
Even if from a legal point of view the rights and
obligations associated to the future cash flows
are transferred, this type of transaction does not
meet the criteria for derecognition because the
seller retains substantially all of the risks and
will be accounted for by the seller as a secured
loan.
There are no specific requirements regarding
the criteria for derecognition of financial assets
under RAS. In this context, it is an acceptable
market practice to apply the derecognition principles
under IFRS for RAS purposes as well.
However, due to differences in accounting
treatment between IFRS and RAS, the net carrying
amounts of receivables transferred under
the two regulatory frameworks will be different,
primarily due to different levels of impairment
loss allowances (usually lower for IFRS
purposes).
Transfer of loans to a third party is likely to impact
the asset quality and profitability of NBFIs.
Provided that the transfer will be established at
a price equal to the fair value of the receivables
the NBFI’s profitability will improve if the fair
value of the loans transferred is greater than
their net book value.
76
60184_file_interior_lucian_v9.indd 76
11/5/2012 9:22:02 AM

Achiziția unui portofoliu de creanțe de la o
terță parte
Achiziţia de portofolii de creanţe este mai
puțin frecventă în cazul IFN-urilor, dar este o
tranzacție ce merită adusă în discuție deoarece
tratamentele contabile diferă semnificativ între
RAS şi IFRS.
Potrivit Legii 93/2009 privind instituțiile
financiare nebancare, portofoliile de credite
pot fi achiziționate doar de instituțiile de credit,
instituțiile financiare și instituțiile financiare
nebancare, cu excepția cazului în care:
• creditele respective sunt încadrate în
categoria pierdere, conform reglementărilor
privind clasificarea creditelor; sau
• portofoliile achiziţionate sunt folosite
drept garanții reale pentru emisiunea de
instrumente financiare securitizate.
Conform RAS, creanțele achiziționate sunt
recunoscute inițial la o valoare egală cu valoarea
creanței preluate (i.e. valoarea nominală),
diferenţa dintre valoarea creanţelor transferate
şi suma de achitat cedentului reprezentând venit
la data transferului drepturilor şi obligaţiilor,
potrivit clauzelor contractuale.
În conformitate cu reglementările în vigoare,
IFN-urile sunt obligate să evalueze și să
recunoască în contul de profit sau pierdere orice
pierdere din depreciere aferentă portofoliului
achiziţionat. Această pierdere din depreciere
se determină ca diferenţă între costul amortizat
al creanțelor şi valoarea actualizată a fluxurilor
de numerar viitoare preconizate a fi încasate.
Conform RAS, IFN-urile trebuie să respecte
nivelul minim al pierderilor din depreciere
aferente creditelor și creanțelor calculat în
conformitate cu reglementările prudențiale
emise de Banca Națională a României 1 . Având
în vedere cerinţa privind recunoaşterea iniţială a
creanţelor achiziţionate la valoare nominală, în
cazul creditelor neperformante se va înregistra
1 Regulament BNR nr. 5/2012 privind
clasificarea creditelor şi constituirea, regularizarea
şi utilizarea provizioanelor specifice de
risc de credit aplicabil entităţilor supravegheate
de Banca Naţională a României, altele decât instituţiile
de credit
Acquisition of a receivables portfolio from a
third party
Acquisition of receivables portfolios is less
relevant to NBFIs, however they are worth
discussing as the accounting treatment between
RAS and IFRS differs significantly for such
transactions.
According to Law 93/2009 regarding nonbanking
financial institutions the acquisition
of loan portfolios is permitted only to credit
institutions, financial institutions and nonbanking
financial institutions, except when:
• loans are classified in loss category
according to the regulations regarding
classification of loans; or
• the purchased portfolios are used as
collateral for the issuance of securitised
financial instruments.
Under RAS, acquired receivables are initially
recognised at the face value of the transferred
receivables (i.e. the nominal value), the
difference between the value of the receivables
transferred and the amount to be paid to the
assignor representing revenue at the date of
transfer of all rights and obligations, according
to the contractual terms and conditions.
In accordance with applicable regulations, NBFI
are required to assess and recognize in profit
or loss any impairment losses on the acquired
portfolio. The amount of the loss is measured
as the difference between the amortized cost
of the receivables in the portfolio and the
present value of future cash flows expected
to flow from them. Under RAS, NBFIs have
to comply with the minimum level of loan
loss allowances calculated in accordance with
the prudential regulations issued by National
Bank of Romania 1 . Given the requirement
to record the receivables acquired at their
nominal value at initial recognition, in case
of non-performing receivables an impairment
loss would be booked immediately in profit or
1 Regulation no. 5/2012 regarding the
classification of loans as well as their recording,
regularization and use of credit risk
provisions applicable to entities supervised by
National Bank of Romania, other than credit
institutions
77
60184_file_interior_lucian_v9.indd 77
11/5/2012 9:22:02 AM

la data achiziţiei o pierdere din depreciere în
contul de profit sau pierdere.
Conform IFRS, un activ financiar se recunoaşte
iniţial la valoarea justă plus costurile tranzacţiei
direct atribuibile achiziţiei acelui activ financiar
(dacă este cazul). În general, în cazul tranzacţiilor
care au loc între părţi independente şi în condiţii
obiective de piaţă, valoarea justă este egală cu
preţul de tranzacţionare. Recunoaşterea unei
pierderi din depreciere la momentul achiziției
nu este permisă de IFRS.
La momentul recunoaşterii iniţiale, IFNurile
pot opta pentru clasificarea creditelor
achiziţionate în una din următoarele categorii
definite în IAS 39:
• credite şi creanţe; sau
• active financiare disponibile pentru vânzare.
În funcţie de opţiunea IFN-ului, evaluarea
ulterioară a creanţelor achiziţionate va
fi diferită pentru fiecare dintre cele două
categorii: evaluarea la valoare justă în cazul
clasificării ca active financiare disponibile
pentru vânzare şi respectiv evaluarea la cost
amortizat în cazul clasificării în categoria
credite şi creanţe.
Ajustările pentru pierderi din depreciere
sunt calculate pe baza fluxurilor de numerar
viitoare preconizate asociate creanţelor, fără a
lua în considerare cerinţele prudenţiale, ceea
ce în general determină un nivel mai redus al
ajustărilor pentru depreciere conform IFRS
în comparaţie cu RAS. După recunoaşterea
deprecierii, veniturile din dobânzi sunt
recunoscute în continuare prin aplicarea ratei
efective a dobânzii la valoarea contabilă netă
a creanţelor, după deducerea ajustărilor pentru
pierderi din depreciere.
Având în vedere tratamentele contabile
diferite conform RAS şi IFRS așa cum au fost
prezentate mai sus, un IFN care raportează și
în conformitate cu IFRS s-ar putea confrunta
loss at the acquisition date.
Under IFRS, a financial asset is initially
recognized at fair value plus directly attributable
transaction costs (if applicable). Generally, in
transactions taking place between unrelated
parties at arm’s length, fair value is given by
the transaction price. Recognition of day 1
impairment is not allowed under IFRS.
At initial recognition, NBFIs have a free choice
of classifying the acquired loan portfolio in one
of the following categories defined in IAS 39:
• Loans and receivables; or
• Available for sale financial assets.
According to the NBF’s choice, the
subsequent measurement of the acquired
portfolio would be different under the two
categories; fair value for available for sale
classification and amortised cost for loans
and receivables classification.
Impairment loss allowances are determined
based on expected future cash flows associated
with the receivables, without consideration to
prudential requirements, which generally leads
to lower levels of provisions than under RAS.
After impairment, interest income is recognised
by applying the effective interest rate of the
loans to their net book value, after deducting
the impairment loss allowance.
Given the differences between RAS and IFRS
accounting treatments as outlined above, a
NBFI which reports also under IFRS would
face operational difficulties arising from
78
60184_file_interior_lucian_v9.indd 78
11/5/2012 9:22:02 AM

cu dificultăți operaționale care decurg din
ţinerea unei evidenţe contabile paralele pentru
portofoliile de creanţe achiziţionate în ceea ce
priveşte ajustările pentru pierderi din depreciere,
recunoaştere venitului din dobânzi etc.
parallel accounting for portfolios acquired, in
terms of, impairment loss allowances, interest
income recognition etc.
Sumar al evoluțiilor IFRS relevante pentru
IFN-uri
Summary of IFRS developments relevant
for NBFIs
Asemenea oricărui cadru de raportare,
Standardele Internaționale de Raportare
Financiară sunt în continuă schimbare. Există
numeroase informații detaliate disponibile
cu privire la amendamentele și modificările
preconizate ale standardelor, provocarea fiind
în a înțelege care sunt schimbările relevante
pentru compania dumneavoastră și de la ce
dată vă sunt acestea aplicabile, precum și de a
vă asigura că resursele de care dispuneţi sunt
aliniate cu noile cerințe. Modificările propuse
relevante pentru IFN-uri se referă la contractele
de leasing și la instrumentele financiare,
conform celor prezentate mai jos.
• Contractele de leasing
În 2010, Consiliul pentru Standarde Internaţionale
de Contabilitate (IASB) precum și Consiliul
pentru Standarde Financiar-Contabile (FASB)
(”Consiliile”) au emis un proiect de expunere
privind înlocuirea IAS 17 Contracte de leasing.
Proiectul de expunere propune o abordare consecventă
pentru toate tipurile de leasing, atât pentru
locatari cât și pentru locatori, bazată pe «dreptul
de utilizare» (right of use - ROU) a activului, care
va rezulta în recunoașterea unei obligații de plată
aferentă contractului de leasing și a unui drept
de utilizare a activului ce face obiectul contractului
de leasing în situațiile financiare ale locatarului.
După o perioadă de discuţii și investigaţii
cu privire la acest proiect, Consiliile au ajuns la
un consens în urma întâlnirii din luna iunie 2012,
şi o variantă revizuită a proiectului de expunere
privind contractele de leasing este aşteptată în a
doua jumătate a anului 2012.
Like any other reporting framework, IFRSs are
continually subject to amendments. There is
plenty of detailed information available on the
amendments and expected changes to IFRS, the
challenge is to understand which changes are
relevant to your company and when they become
applicable and to ensure that your resources
are up to date with the new requirements. For
non-banking financial institutions, the relevant
proposed amendments refer to leases and
financial instruments, as detailed below.
• Leases
In 2010, International Accounting Standard
Boards (IASB) and the Financial Accounting
Standard Boards (FASB) (the Boards) issued
an exposure draft that would result in a replacement
of IAS 17 Leases. The exposure draft
proposes a consistent approach for all types of
leases for both lessees and lessors, based on the
„right of use” (ROU) of the asset, resulting in
the recognition of a payment obligation related
to the lease and the right of use of the asset that
is subject to the lease in the lessee’s financial
statements. Following a period of outreach
and research on the leases project, at their meeting
held in June 2012 the Boards returned to
a decision-making mode and a revised leases
exposure draft is expected in the second half of
2012.
79
60184_file_interior_lucian_v9.indd 79
11/5/2012 9:22:02 AM

Încă de la inițierea proiectului cu privire la leasing,
IASB și-a exprimat dorinţa de a menţine
un singur model bazat pe dreptul de utilizare
(ROU) pentru locatari, aşa cum este prevăzut
în primul proiect de expunere. Una dintre dificultăţile
întâmpinate în elaborarea propunerilor
de către Consilii încă de la începutul proiectului,
care a determinat o stagnare a deliberărilor
în anul 2012, a fost legată de încărcarea
cheltuielilor în perioada inițială a contractelor
de leasing care ar rezulta din aplicarea unui
model unic model bazat pe dreptul de utilizare.
Cu toate acestea, la întâlnirea din luna iunie,
membrii IASB în cele din urmă au optat pentru
convergența conceptelor și au fost de acord cu
utilizarea modelului «dual» pentru contabilitatea
locatarului, care este preferat de către membrii
FASB.
Modelul dual presupune un nou test de
clasificare a contractelor de leasing în funcţie
de gradul de utilizare a activului suport pe
durata contractului de leasing. Pe de o parte,
contractele de leasing ar putea fi contabilizate
ca tranzacții de finanțare cu recunoaşterea
veniturilor/ cheltuielilor într-o manieră
accelerată; acesta ar fi cazul multor contracte
de leasing de echipamente. Pe de cealaltă parte,
veniturile și cheltuielile aferente leasing-ului ar
putea fi recunoscute pe bază liniară; acesta ar fi
cazul multor contracte de leasing imobiliar.
Toate contractele de leasing care intră în sfera
de aplicare a noilor propuneri vor fi prezentate
în bilanţ de către locatari, cu un model liniar nou
pentru contractele de leasing care se consideră
că nu au o componentă financiară.
Consiliile au în vedere să emiterea unui standard
final cu privire la leasing în cursul anului 2013.
• Instrumente financiare
IAS 39 va fi înlocuit de un nou standard – IFRS
9 Instrumente financiare în cadrul unui proiect
structurat în patru faze. În prima fază a proiectului
au fost adoptate regulile privind clasificarea
și evaluarea instrumentelor financiare, acestea
Since the start of the leases project, the IASB
expressed their preference to retain the single
right-of-use (ROU) model on conceptual
grounds for lessees as set out in the first exposure
draft. A cornerstone of the Boards’ proposals
since the project began that has stalled the
re-deliberations in 2012 was the front-loaded
pattern of expense for leases that results from
the single ROU model. However, at the meeting
in June, IASB members ultimately chose
convergence over concepts and agreed to accept
the “dual” model for lessee accounting favoured
by FASB members.
The dual model would feature a new lease
classification test based on the extent of
consumption of the underlying asset over the
lease term. On one side of this drawn line, leases
would be accounted for as financing transactions
with an accelerated pattern of income/ expense
recognition; this would be the case for many
equipment leases. On the other side of this line,
lease income and expense would be recognized
on a straight-line basis; this would be the case
for many real estate leases.
All leases within the scope of the proposal
would be on-balance sheet for lessees, with a
new straight-line model for leases that are not
considered to have a financing component.
The Boards hope to issue a final lease standard
during 2013.
• Financial instruments
IAS 39 will be replaced by IFRS 9 Financial
Instruments within a project divided into four
phases. In the first phase the rules on classification
and measurement of financial instruments
have been adopted, providing the classification
80
60184_file_interior_lucian_v9.indd 80
11/5/2012 9:22:02 AM

prevăzând clasificarea în două categorii: instrumente
financiare evaluate la cost amortizat si
instrumente financiare evaluate la valoarea justă,
în funcție de termenii contractuali aferenţi
instrumentului și de modelul de afaceri.
În cadrul celei de-a doua faze, referitoare la
deprecierea activelor financiare, a fost emis un
nou proiect de expunere care propune înlocuirea
actualului model bazat pe pierderi întâmplate
cu un model bazat pe pierderi așteptate, care va
conduce la o recunoaștere accelerată a pierderilor
aferente riscului de credit.
IASB a împărțit faza referitoare la contabilitatea
de acoperire în două părți: abordarea generală
privind contabilitatea de acoperire și contabilitatea
de acoperire la nivel de portofoliu
(macrohedging).
Un proiect de expunere pentru abordarea generală
privind contabilitatea de acoperire a fost
publicat în 2010 și o variantă revizuită a modelului
general de contabilitate de acoperire a
fost publicată în luna septembrie a anului 2012.
IASB are, de asemenea, în vedere emiterea unui
document de discuție privind contabilitatea de
acoperire la nivel de portofoliu în cursul anului
2012.
into two categories: financial instruments measured
at amortized cost and financial instruments
measured at fair value, based on the contractual
terms of the instrument and on business
model.
During the second phase, related to the impairment
of financial assets, an exposure draft was
issued which proposes the replacement of the
current model based on materialized losses
with a model based on expected losses that will
result in an accelerated recognition of credit
losses.
The IASB has split the hedge accounting phase
into two parts: general hedging and macro
hedging.
An exposure draft on general hedging was issued
in 2010 and a review draft of the general
hedging model was issued in September 2012.
The IASB is also working towards issuing a discussion
paper on macro hedging during 2013.
***
***
Pentru a fi la curent cu ultimele evoluţii, fiecare
IFN care raportează conform IFRS trebuie să
monitorizeze modificările anticipate în IFRS şi
să planifice resursele adecvate pentru a le implementa.
În plus, luând în considerare tendinţa actuală
a autorităţilor de reglementare din România,
IFN-urile trebuie să fie pregătite pentru situația
în care vor fi obligate să adopte sau vor avea
opţiunea de a adopta IFRS ca bază a contabilităţii
în următorii ani.
In order to be up to date with the latest developments,
each NBFI which reports under IFRS
should monitor the expected changes in IFRS
and plan appropriate resources to accommodate
them.
Moreover, considering the current focus of
regulatory bodies in Romania, NBFIs should
be prepared to be required or given the option
adopt IFRS as basis of accounting in the following
years.
La elaborarea acestui articol au contribuit:
Cătălin Cadaru, Senior Manager
Andreea Vlădescu, Manager – Risk Consulting, KPMG România
81
60184_file_interior_lucian_v9.indd 81
11/5/2012 9:22:02 AM

R6 - AGER Leasing
Thursday, October 25, 2012 4:50:52 PM
60184_file_interior_lucian_v9.indd 82
11/5/2012 9:22:03 AM

VI. Texte legislative pentru IFN-uri
publicate în perioada iunie 2011 – iunie 2012
VI. Legislation for NBFI
issued between June 2011 to June 2012
83
60184_file_interior_lucian_v9.indd 83
11/5/2012 9:22:03 AM

THE NATIONAL BANK OF ROMANIA
Regulation No. 24/2011 of the NBR on loans extended to individuals
Having regard to the provisions of Article 4, paragraph (1), Article 45, paragraph (1) and Article
61 of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy,
approved as subsequently amended and supplemented, to the provisions of Article 1 paragraph (1)
and Article 44 of Law 93/2009 on non-bank financial institutions, as subsequently amended and
supplemented, to the provisions of Article 62 paragraph (1) of Government Emergency Ordinance
No. 113/2009 on payment services, approved as amended by Law 197/2010, as subsequently
amended and supplemented, and to the provisions of Article 61, paragraph (1) of Law 127/2011 on
the emission of electronic money,
Based on the provisions of Article 420, paragraph (1) of Government Emergency Ordinance No.
99/2006, approved as subsequently amended and supplemented by Law 227/2007, as subsequently
amended and supplemented, of Law 93/2009, as subsequently amended and supplemented, of Article
186 paragraph (1) of Government Emergency Ordinance No. 113/2009, approved as subsequently
amended by Law 197/2010, as subsequently amended and supplemented, of Law 127/2011 and of
Article 48 of Law 312/2004 on the Statutes of the National Bank of Romania,
The National Bank of Romania hereby issues this Regulation.
CHAPTER I - ENFORCEABILITY
Article 1
(1) This Regulation shall apply to credit institutions, Romanian legal entities and to the branches
of credit institutions, foreign legal entities, to non-bank financial institutions, Romanian legal
entities, and to the branches of foreign financial institutions, recorded in the Special Registry, to the
payment institutions, Romanian legal entities, having a significant level of lending activity under the
Regulation of the National Bank of Romania No. 21/2009 on payment institutions, as subsequently
amended and supplemented, and to institutions issuing electronic money, Romanian legal entities,
having a significant level of lending activity according to the Regulation of the National Bank of
Romania No. 8/2011 on institutions issuing electronic money, hereinafter referred to as lenders,
and regulates the minimum requirements for granting and conducting loans to individuals, in order
to maintain financial stability.
(2) The financial institutions governed by the provisions of Section 2, Chapter IV of Title I of Part
I of Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy,
approved as amended and supplemented by Law No. 227/2007, as amended and supplemented, are
exempt from the enforcement of the provisions of this regulation.
Article 2
For the purposes of this Regulation, the terms and expressions below are defined as follows:
a) loans for real estate investment: any loan that meets, cumulatively, the following requirements:
(i) is secured by a real estate mortgage, and (ii) is extended in order to acquire or maintain property
rights over a plot land and/or a building, executed or that is to be executed, or for the rehabilitation,
84
60184_file_interior_lucian_v9.indd 84
11/5/2012 9:22:03 AM

modernisation, consolidation or expansion of a building, or for site preparation purposes - in case
of a plot of land; this category also includes loans extended exclusively to repay a loan granted for
real estate investments;
b) consumer loans: loans, other than those provided under letter a).
Article 3
(1) Loans that are extended for medical purposes, in case of death, or the student loans may be
exempted from the provisions of this regulation.
(2) Lenders shall establish based on their own lending standards the rules governing the way in
which loans are extended and secured, as provided under paragraph (1).
(3) This Regulation shall not apply to the amounts secured, for the entire duration of the loan, by
means of collateral deposits established with the lending institution, not even for loans granted for
the sole purpose of restructuring the same lender, due to financial difficulties experienced by the
borrower, to the loan/loans that exist as a balance at the time of the restructuring operation, in order
to adapt the new repayment conditions to the borrower’s possibilities.
CHAPTER II - PROVISIONS GOVERNING THE FINANCING EXTENDED TO
INDIVIDUALS
Article 4
Loans shall be extended to individuals, secured and performed based on a contract, in accordance
with the internal regulations of the lenders, as approved by the competent authorities.
Article 5
(1) Lenders extend loans to individuals based on their own regulations, which are validated by the
National Bank of Romania - Supervision Department.
(2) Any subsequent amendment of their own regulations must be notified to the National Bank of
Romania and becomes effective only after the Supervision Department has validated them.
Article 6
(1) Lenders shall establish, through their internal regulations, in accordance with their risk profile
and risk strategy, at least the following:
a) the way in which the lending activity is organised and conducted, more specifically the loans
extended to individuals and, when appropriate, the securing requirements for each type of loan,
including the maximum limit allowed for the financing value, in relation to the value of the collateral;
b) the categories of customers eligible for financing;
c) the classification procedure of the target customers, according to the categories of payment
default risk, based on the overall risk profile of the lender;
d) the categories of income deemed eligible by the lender, differentiated according to categories of
customers, as well as the related adjustment coefficients, depending on the degree of certainty and
their permanence character;
e) the categories of expenses that are deducted from the eligible income in order to determine the
total level of indebtedness, including at least the subsistence expenses and the payment obligations,
85
60184_file_interior_lucian_v9.indd 85
11/5/2012 9:22:03 AM

other than the credit-related ones;
f) the maximum levels allowed for total indebtedness, including the substantiation thereof,
differentiated by categories of customers, by loan destination (e.g. consumer loan, loans for real
estate investments), by type of loan (broken down by currency denomination or, as appropriate, by
indexing, by the type of interest, i.e. fixed or variable interest, by the term of the loan and by the
customer behaviour related to debt servicing, as determined by the quality of the collateral); in the
case of consumer loans, the maximum levels for the total indebtedness are established taking into
account the foreign-exchange risk, the interest rate risk and the risk of decrease of the available
income for the term of the loan;
g) the periodic reassessment methodology of the income adjustment coefficients and of the
maximum allowed levels for indebtedness, in order to ensure the accuracy thereof on an ongoing
basis.
(2) When substantiating the maximum allowed levels for total indebtedness, in case of consumer
loans, the following values shall be used:
a) for the exchange rate shock: 35.5% EUR, 52.6% CHF, and 40.9% USD. For the other currencies,
the CHF value shall be used. If the applicant’s income and the requested credit are denominated in
two different foreign currencies, the highest of the two foreign currency exchange rate shocks vs.
the national currency shall be used to determine the exchange rate shock;
b) for the interest rate shock: 0.6 percentage points for all currencies;
c) for the income shock, in case of income from wages: 6%.
(3) The provisions of this Article in relationship to the foreign-exchange risk shall only apply to the
financing part, for which the customer has not proven that they have income available in the loan
currency or indexed according to the loan currency. The provisions related to the interest rate risk
do not apply to fixed interest rate loans.
Article 7
The total level of indebtedness is determined as the weighted ratio of the total payment obligations
arising from loans or other reimbursable financing of the eligible income from which the expenses
referred to in Article 6 paragraph (1), e) were deducted.
CHAPTER III - PROVISIONS ON SOUND LENDING PRACTICES
Article 8
Lenders must conduct their lending activity in such a way as to ensure the clear and effective
separation of the loan products promotion and sale from the credit risk analysis and exposure
monitoring activities.
Article 9
(1) Lenders analyse their customers’ repayment ability based on the level of the income deemed
eligible by the lenders, which cannot exceed by more than 20% the income level of the previous
year.
(2) Lenders establish the income for the previous year based on documents certifying the revenue
declared to the tax authorities.
86
60184_file_interior_lucian_v9.indd 86
11/5/2012 9:22:03 AM

(3) In case there is no legal obligation to declare revenue to the tax authorities, lenders shall establish
the income for the previous year based on other supporting documents.
(4) Notwithstanding the provisions of paragraph (1), lenders may take into account the income
exceeding the established level, but only after obtaining, from the customer, the supporting
documents demonstrating its continuity in the future.
The supporting documents must prove the changes occurring in the situation of the customer’s
income, such as a different position, a different job or changes having a significant impact on the
increase of the business volume of individuals obtaining self-employed income.
Article 10
When extending a credit to a borrower, lenders must ensure that the documents and information
presented by the latter indicate that, for the entire duration of the loan, the total level of indebtedness
of the applicant is within the maximum allowed level applicable to it.
Article 11
(1) When extending consumer loans denominated in a foreign currency or indexed to the exchange
rate of a currency, the applicant must have at its disposal immovable property and/or personal
property amounting to a minimum of 133% of the loan amount.
(2) For the purposes of this regulation, the insurance policies involving the coverage of the default
risk shall be treated as personal property.
(3) The credit facilities extended by means of withdrawals from overdraft accounts and loans
granted via credit cards, the value of which does not exceed three times the monthly net income,
may be exempt from the obligation to establish a security, provided that they should not exceed a
limit set by the internal regulations of the lender.
Article 12
(1) The consumer loans are granted for a maximum period of five years.
(2) The provisions of paragraph (1) shall not apply to consumer loans extended to cover real estate
projects, for the purposes of Article 2, letter a), (ii), granted in RON and for which the borrower has
demonstrated holding an amount equal to at least 40%. of the loan amount, as advance payment.
Article 13
(1) The value of a loan extended for real estate investments cannot exceed 85% of the value of the
mortgage collateral, for loans granted in RON.
(2) When extending loans denominated in a foreign currency or indexed against the exchange rate
of a currency, the value of the loan extended to cover a real estate investment cannot exceed 80% of
the mortgage collateral, if the borrower secures the eligible income denominated or indexed against
the loan currency.
(3) The value of the loan for real estate investments extended to a borrower who does not secure
the eligible income denominated or indexed to the loan currency cannot exceed 75% of the value
of the mortgage collateral, for loans denominated in euros or indexed to the EUR exchange rate,
and 60% for loans denominated in other currencies or indexed to the exchange rate of other foreign
currencies.
(4) The provisions of paragraph (1) to (3) do not apply to loans extended to cover real estate
investments, which are wholly or partially secured by the State.
87
60184_file_interior_lucian_v9.indd 87
11/5/2012 9:22:03 AM

Article 14
Lenders must make available to individuals who apply for a loan in a foreign currency or indexed
against the exchange rate of a currency a printed booklet containing warnings about the possibility
and consequences of the loan cost increase if the foreign-exchange risk materialises, as well as
recommendations regarding the indebtedness rate which is acceptable to different categories of
customers.
Article 15
Lenders are required to inform their customers, by mentioning the repayment schedules related to
the loan agreements or, if no repayment schedules are drawn up, by distinctly mentioning, in the
loan agreements, the possibility of changing, understood as an increase, of the amounts due, should
the foreign-exchange risk and the interest rate risk materialise.
Article 16
(1) Lenders must ensure that third parties involved in a previous analysis of the customer’s
repayment capacity, such as loan brokers intermediaries, apply the same procedures as the lenders.
(2) Lenders shall monitor the quality of the loan portfolio of the customers attracted by each third
party provided in paragraph (1), compared to the quality of the corresponding loan portfolio of the
customers attracted directly by the lenders.
(3) The analysis performed under paragraph (2) shall represent the basis for the lender’s decision to
continue the business relationship established with each of the third parties referred to in paragraph
(1).
CHAPTER IV - SANCTIONS, TRANSITIONAL AND FINAL PROVISIONS
Article 17
The failure to observe the provisions of this Regulations shall trigger off the enforcement of
the measures and/or sanctions provided under Article 226 and 229 of Government Emergency
Ordinance No. 99/2006, as approved as subsequently amended and supplemented, or, as appropriate,
under Articles 58 and 59 of Law 93/2009 on non-bank financial institutions, as subsequently
amended and supplemented, or under Article 66 and 68 of Government Emergency Ordinance No.
113/2009 on payment services, approved as amended by Law 197/2010, as subsequently amended
and supplemented, and under Articles 69 and 71, respectively, of Law 127/2011 on the issue of
electronic money.
Article 18
(1) Lenders the regulations of which are validated by the National Bank of Romania according to
the Regulation No. 3/2007of the National Bank of Romania on limiting the credit risk associated
to loans extended to individuals, as subsequently amended and supplemented, shall notify any
amendments made for the purpose of enforcing the provisions of this Regulation, approved by the
88
60184_file_interior_lucian_v9.indd 88
11/5/2012 9:22:03 AM

elevant competent authorities, within not more than 90 days since the regulation is published in
Part I of the Official Gazette of Romania, for validation purposes, according to the provisions of
Article 5.
(2) Lenders that do not have their own regulations validated by the National Bank of Romania
according to the Regulations of the National Bank of Romania No. 3/2007, as subsequently
amended and supplemented, shall take the necessary measures to fulfil the obligations incumbent
upon them in accordance with this Regulation and shall send to the Supervision Department of
the National Bank of Romania, no later than 90 days after the publication of this Regulation in the
Official Gazette of Romania, Part I, the lending rules, amended accordingly and approved by the
competent authorities, for validation or, as appropriate, in order to observe the provisions of Article
19.
(3) Before the conditions stipulated in Article 5 or, if applicable, the requirements applicable under
paragraph (2) are complied with, the lenders shall use their own regulations, applicable on the
effective date of this Regulation.
(4) For the purposes of the enforcement of the provisions of paragraph (3), the branches of the credit
institutions that are foreign legal entities shall starting using the maximum levels of indebtedness
referred to in Article 19 within not more than 30 days since the time when this Regulation becomes
enforceable.
Article 19
(1) Until the condition set out in Article 5, paragraph (1) is satisfied, the lenders that, on the effective
date of this Regulation, provide loans to individuals based on internal lending rules which have
not been validated by the National Bank of Romania, the maximum level of indebtedness shall be
limited to 35%.
(2) In the situation provided in paragraph (1), the highest level of indebtedness related to consumer
credit denominated in the respective currency or indexed against a currency, other than the one in
which the borrower’s eligible income is denominated, may not exceed 10%.
Article 20
The provisions of Articles 11, 12, and 13 are not applicable to loans granted exclusively for the
purposes of repaying debts related to loans obtained prior to the entry into force of this Regulation.
Article 21
The central offices shall supervise the compliance, by the affiliated credit cooperatives, of the
requirements of this Regulation.
Article 22
As of the date when this Regulation takes effect, the Regulation of the National Bank of Romania
No. 3/2007 on limiting credit risk for loans to individuals, published in Part I of Official Gazette
of Romania No. 177 of 14 March 2007, as subsequently amended and supplemented, shall be
repealed.
89
60184_file_interior_lucian_v9.indd 89
11/5/2012 9:22:03 AM

Regulation No. 24/2011 of the National Bank of Romania governing loans extended to
individuals - amendments
Regulation No. 27/2011 published in Official Gazette No. 842/2011 hereby amends the
provisions of Article 18 of Regulation No. 24/2011 governing loans extended to individuals
Article 18
(1) Lenders that do have their own regulations which the National Bank of Romania has validated,
according to the Regulations of the National Bank of Romania No. 3/2007 on limiting the credit risk
applicable to loans granted to individuals, as subsequently amended and supplemented, shall notify
any amendments made for the purpose of enforcing the provisions of this Regulation, approved by
the relevant competent authorities, within not more than 90 days since its publication in Part I of
the Official Gazette of Romania, for validation purposes, according to the provisions of Article 5.
(2) Lenders that do not have their own regulations validated by the National Bank of Romania
according to the Regulations of the National Bank of Romania No. 3/2007, as subsequently
amended and supplemented, shall take the necessary measures to fulfil the obligations incumbent
upon them in accordance with this Regulation and shall send to the Supervision Department of the
National Bank of Romania, no later than 90 days after the publication of this Regulation in Part I
of the Official Gazette of Romania, the lending rules, amended accordingly and approved by the
competent authorities, for validation or, as appropriate, in order to document the compliance with
the applicable provisions of this Regulation.
(3) Until the conditions stipulated in Article 5 or, if applicable, the requirements applicable under
paragraph (2) are met, the lenders shall use their own regulations, applicable on the effective date
of this Regulation.
(4) Within 60 days after the entry into force of this Regulation, the lenders that do not have their
own regulations validated by the National Bank of Romania and that according to paragraph (3),
conduct their lending activity based on their internal rules, shall use the maximum indebtedness
levels referred to in Article 19.
Amended by:
Regulation No. 27/2011 that amended Article 18 of the Regulation No. 24/2011 of the National
Bank of Romania governing loans extended to individuals, passed on 24 November 2011, Official
Gazette No. 842/2011.
90
60184_file_interior_lucian_v9.indd 90
11/5/2012 9:22:03 AM

ORDER No. 25/2011 of the National Bank of Romania governing the status reports
on the enforcement of Regulation No. 11/2011 of the National Bank of
Romania governing the classification of credits and placements
and establishing and using prudential value adjustments,
applicable over 1 May to 31 December 2012
Order No. 25/2011 of the National Bank of Romania regarding the status reports on the
enforcement of Regulation No. 11/2011 of the National Bank of Romania regarding the
classification of credits and placements, as well as the establishment and use of prudential value
adjustments, over 01 January - 31 December 2012 was published in Official Gazette No. 903 of
20 December 2011.
Considering the provisions of Article 101, paragraph (1) of Government Emergency Ordinance No.
99/2006 on credit institutions and capital adequacy, approved as amended and complemented as
per Law No. 227/2007, as subsequently amended and completed, and Point 202 of Annex No. 1 to
Order No. nr. 27/2010 of the National Bank of Romania that approves the accounting regulations
that are compliant with IFRS, applicable to credit institutions, according to the provisions of
Law No. 48 of Law No. 312/2004governing the Statute of the National Bank of Romania, Article
420, paragraph (1) of Government Emergency Ordinance No. 99/2006, approved as amended and
completed as per Law No. 227/2007, as subsequently amended and completed, and of Article 5,
paragraph (6) of Order No. 26/2011 of the National Bank of Romania on certain provisions to
enforce the prudent banking requirements against the background of the legal changes that are
associated to the implementation at individual level of the IFRS, that are to become effective as of
1 January 2012,
The National Bank of Romania hereby issues the following Order:
Article 1 - This Order hereby establishes the form, content, frequency and methods according
to which the lenders, as they are defined under Article 2, letter b) of Regulation No. 11/2011of the
National Bank of Romania regarding the classification of credits and placements, as well as the
establishment and use of the prudential value adjustments are supposed to send the status reports
on a regular basis to the National Bank of Romania in compliance with the provisions of Article
5, paragraph (5) of Order No. 26/2011 of the National Bank of Romania on certain provisions to
enforce the prudent banking requirements against the background of the legal changes that are
associated to the implementation at individual level of the IFRS that are to take effect as of 01
January 2012.
Article 2 - The templates of the reporting forms are presented in the Annex.
Article 3 - The reporting forms are to be filled out by lenders based on data processed according
to the provisions of Regulation No. 11/2011 of the National Bank of Romania that are applicable
over 1 January - 31 December 2012, which refer to the following:
a) the national territory in its entirety and all of the sub-units that exist abroad - at the global level of the lender;
91
60184_file_interior_lucian_v9.indd 91
11/5/2012 9:22:03 AM

) the operations, representing credits and placements, as they are defined under Article 2, letter
n) of Regulation No. 11/2011 of the National Bank of Romania, in all currencies, evaluated against
the lei.
Article 4 - (1) The reporting forms shall be transmitted to the lenders of the National Bank of
Romania as follows:
a) through the computerised system that supports reporting to the National Bank of Romania,
hereinafter referred to as SIRBNR, in accordance with the provisions of Norm No. 15/2006 of the
National Bank of Romania regarding the transmission of the primary indicators by means of the
NBR Reporting Computerised System, as amended;
b) on paper, signed by the authorised persons, and the forms should be addressed to the Surveillance
Directorate.
(2) Lenders shall send the report forms on a monthly basis, within 17 days from the time when
the reported month ends.
Article 5 - (1) In the case of the networks of co-operative credit organisation, the main offices
of the credit co-operatives shall prepare and report on two sets of forms, more specifically one
covering the central office of the credit co-operatives and the other one covering the whole network.
(2) In order to prepare network reports, the central offices of the credit co-operatives shall
aggregate the data regarding the credit co-operative organisations that work throughout the entire
network. For that purpose, the credit/placement operations that take place between co-operative
organisations within the same network shall not be taken into consideration.
Article 6 - The failure to comply with the provisions of this Order shall trigger off the enforcement
of the measures and/or penalties that are specified in Government Emergency Ordinance No.
99/2006 on credit institutions and capital adequacy, as subsequently amended and completed by
Law No. 227/2007, as subsequently amended and completed.
Article 7 - For the January 2012 reporting, lenders shall prepare and transmit to the National
Bank of Romania, from all of the reports described in the Annex, just Status Report (1) and Status
Report (2.2).
Article 8 - Before the date when the electronic reports are submitted exclusively via SIRBNR,
according to the Provisions of Norm No. 15/2006 of the National Bank of Romania, as amended,
the reporting institutions shall transmit to the National Bank of Romania the respective reports
through the inter-bank communication network (RCI), by means of Excel files.
Article 9 - The Annex is an integral part of this Order.
Article 10 - This Order shall be published in Part I of the Romanian Official Gazette and shall
become effective as of 01 January 2012.
President of the Board of Directors of the National Bank of Romania,
Mugur Constantin Isãrescu
92
60184_file_interior_lucian_v9.indd 92
11/5/2012 9:22:04 AM

ANNEX OF NBR ORDER NO. 25/2011
STATUS REPORT (1)
regarding the classification of exposures associated to credits/placements, and the adjustment of their value as at [.../.../...]
Name of the credit institution/central authority/network: ..................
Item
No.
Classification
categories
Gross exposures Net exposures( 1 )
principal
associated
outstanding
debts and
amounts to
amortise
principal
associated
outstanding
debts and
amounts to
amortise
A B 1 2 3 4
total
5 =
3 +
4
Coefficient
I - exposures to credit institutions
1. Standard 0
2. Loss - total,
of which:
3. - category
1*)
Prudential
adjustment of the
value of financial
assets that consist
of
credits/placements.
- RON -
Depreciation adjustments allocated to the
financial assets that consist of
credits/placements.
adjustments
specific to
amortisation,
identified on
an individual
basis
out of which:
adjustments
specific to
depreciation,
identified in
financial
asset groups
collective
adjustments
for losses
that have
been
generated,
but not yet
identified.
6 7 = 5*6 8 9 10
1
1
Total
11 =
8 + 9
+ 10
93
60184_file_interior_lucian_v9.indd 93
11/5/2012 9:22:04 AM

4. - category
2**)
5. Total (lines 1
to 2)
II - exposures to debtors outside the credit institutions' sector out of which:
1
X
A. debtors, legal entities
6. Standard 0
7. Under
surveillance
0.05
8. Substandard 0.2
9. Doubtful 0.5
10. Loss - total,
of which:
11. - category
1*)
12. - category
2**)
13. Total (lines 6
to 10)
B1. debtors, natural persons, other than those exposed to the foreign-exchange risk
14. Standard 0
15. Under
surveillance
1
1
1
X
0.05
16. Substandard 0.2
17. Doubtful 0.5
18. Loss - total,
of which:
1
94
60184_file_interior_lucian_v9.indd 94
11/5/2012 9:22:04 AM

19. - category
1*)
20. - category
2**)
21. Total (lines
14 to 18)
B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed against
the foreign exchange of a foreign currency)
22. Standard 0.07
23. Under
surveillance
1
1
X
0.08
24. Substandard 0.23
25. Doubtful 0.53
26. Loss - total,
of which:
27. - category
1*)
28. - category
2**)
29. Total (lines
22 to 26)
30. Total (lines
5+13+21+29)
1
1
1
X
X
STATUS REPORT (2.1)
regarding the classification of the exposures to debtors outside the credit institutions sector, at the end of the previous month, more
specifically on [mm/dd/yyyy], representing credits from the problem-assets' category that were subject to replacement operations during the
running month, as well as the level of the adjustment values that are related to them.
95
60184_file_interior_lucian_v9.indd 95
11/5/2012 9:22:04 AM

Name of the credit institution/central authority/network: ..................................
Item
No.
Classification
categories
Gross exposures Net exposures( 1 )
principal
associated
outstanding
debts and
amounts to
amortise
principal
associated
outstanding
debts and
amounts to
amortise
A B 1 2 3 4
total
5 =
3 +
4
Coefficient
A. debtors, legal entities
1. Standard 0
2. Under
surveillance
Prudential
adjustment
of the
value of
the
financial
assets that
consist of
credits.
- RON -
Depreciation adjustments allocated
to the financial assets that consist of credits.
adjustments
specific to
amortisation,
identified on
an individual
basis
out of which:
adjustments
specific to
depreciation,
identified in
financial
asset groups
collective
adjustments
for losses
that have
been
generated,
but not yet
identified.
6 7 = 5*6 8 9 10
0.05
3. Substandard 0.2
4. Doubtful 0.5
5. Loss - total,
of which:
6. - category
1*)
1
1
Total
11 =
8 + 9
+ 10
96
60184_file_interior_lucian_v9.indd 96
11/5/2012 9:22:04 AM

7. - category
2**)
8. Total (lines 1
to 5)
B1. debtors, natural persons, other than those exposed to the foreign-exchange risk
9. Standard 0
10. Under
surveillance
1
X
0.05
11. Substandard 0.2
12. Doubtful 0.5
13. Loss - total,
of which:
14. - category
1*)
15. - category
2**)
16. Total (lines 9
to 13)
B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed
against the foreign exchange of a foreign currency)
17. Standard 0.07
18. Under
surveillance
1
1
1
X
0.08
19. Substandard 0.23
20. Doubtful 0.53
21. Loss - total,
of which:
1
97
60184_file_interior_lucian_v9.indd 97
11/5/2012 9:22:04 AM

22. - category
1*)
23. - category
2**)
24. Total (lines
17 to 21)
25. Total (lines
8+16+24)
1
1
X
X
STATUS REPORT (2.2)
regarding the classification at the end of the running month, more specifically [mm/dd/yyyy], of the exposures to debtors outside the credit
institutions' sector, representing credits from the problem assets' category which during the running month were subject to the application of
the requirements specified in Article 6, paragraph (7) of the Regulation No. 11/2011 of the National regarding the classification of the credits
and/or placements, and the establishment and use of the prudential value adjustments, as well as the level of the value adjustments related to
them.
Name of the credit institution/central authority/network: ..................................
98
60184_file_interior_lucian_v9.indd 98
11/5/2012 9:22:05 AM

Item
No.
Classification
categories
Gross exposures Net exposures( 1 )
principal
associated
outstanding
debts and
amounts to
amortise
principal
associated
outstanding
debts and
amounts to
amortise
A B 1 2 3 4
total
5 =
3 +
4
Coefficient
A. debtors, legal entities
1. Standard 0
2. Under
surveillance
Prudential
adjustment
of the
value of
the
financial
assets that
consist of
credits.
- RON -
Depreciation adjustments allocated
to the financial assets that consist of credits.
adjustments
specific to
amortisation,
identified on
an individual
basis
out of which:
adjustments
specific to
depreciation,
identified in
financial
asset groups
collective
adjustments
for losses
that have
been
generated,
but not yet
identified.
6 7 = 5*6 8 9 10
0.05
3. Substandard 0.2
4. Doubtful 0.5
5. Loss - total,
of which:
6. - category
1
1*)
7. - category 1
1
Total
11 =
8 + 9
+ 10
99
60184_file_interior_lucian_v9.indd 99
11/5/2012 9:22:05 AM

2*)
8. Total (lines 1
to 5)
B1. debtors, natural persons, other than those exposed to the foreign-exchange risk
9. Standard 0
10. Under
surveillance
X
0.05
11. Substandard 0.2
12. Doubtful 0.5
13. Loss - total,
of which:
14. - category
1*)
15. - category
2*)
16. Total (lines 9
to 13)
B2. debtors, natural persons, exposed to the foreign-exchange risk (exposures that are associated to the foreign currency or are indexed
against the foreign exchange of a foreign currency)
17. Standard 0.07
18. Under
surveillance
1
1
1
X
0.08
19. Substandard 0.23
20. Doubtful 0.53
21. Loss - total,
of which:
22. - category 1
1
100
60184_file_interior_lucian_v9.indd 100
11/5/2012 9:22:05 AM

1*)
23. - category
2*)
24. Total (lines
17 to 21)
25. Total (lines
8+16+24)
1
X
X
STATUS REPORT (2.3)
regarding the dynamics inside the categories of financial performance of the exposures to the debtors existing outside the credit institutions'
sector, representing credits from the problem assets' category included in the Status Report (2.1) and the Status Report (2.2), related to the
period [.../.../...]. - [.../.../...] (end of the month that preceded the month when the replacement operations took place - end of the month when
the replacement operations took place)
Name of the credit institution/central house/network: ..................
The share of the volume of credit-related exposures [volume]
associated to the category of final financial performance in the
overall volume of credit-related exposures associated to the initial
category of financial performance.
(%)
101
60184_file_interior_lucian_v9.indd 101
11/5/2012 9:22:05 AM

Initial
category of
financial
performance
A
B
C
D
E
A B C D E Total Description
( 2 )
Contact person
...................................................
(name, first name, telephone)
Authorised person***)
...................................................
(name, first name, signature)
Authorised person***)
...................................................
(name, first name, signature)
___________
( 1 ) The net exposures are gross exposures diminished according to the related guarantees.
*) Category 1: exposures representing credits/placements classified as "losses", in the case of which the debt service is of not more than 90
days and in the case of which no judicial procedures have been started.
**) Category 2: exposures representing credits/placements classified as "losses", in the case of which the debt service exceeds 90 days
and/or in the case of which judicial procedures have been started.
( 2 ) If the total is not 100%, the operations that led to this situation shall be described briefly.
***) Authorised person - this is a person who is mandated to commit the legal accountability of the institution or another person whom the
authorised person has mandated.
102
60184_file_interior_lucian_v9.indd 102
11/5/2012 9:22:05 AM

ORDER No. 27/ 27 December 2010
Official Gazette, Part I, No. 930 of 28 December 2011
effective as of 28 December 2011,
to approve the accounting regulations harmonised with the European directives
Having regard to the provisions of Articles 22 and 54 of Law No. 93/2009 on non-bank financial
institutions, as subsequently amended and completed, to the provisions of Article 36 of the
Government Ordinance No. 39/1996 on the establishment and operation of the Deposit-guarantee
Fund in the Banking System, republished, as subsequently amended and completed, of Article
34 of the Government Emergency Ordinance No. 113/2009 on payment services, approved as
amended by Law No. 197/2010, as subsequently amended and completed, and to the provisions of
Article 37 of Law No. 127/2011 governing the issuance of electronic money,
According to Article 4, paragraph 3, letter a) of the Accounting Law 82/1991, republished, as
subsequently amended and completed, of Article 48 of Law 312/2004 on the Statutes governing the
National Bank of Romania, of Article 48 of the Government Ordinance No. 39/1996, republished,
as subsequently amended and completed, of Article 36 of the Government Emergency Ordinance
No. 113/2009, approved as amended by Law 197/2010, as subsequently amended and completed,
and of Article 40 of Law 127/2011,
The National Bank of Romania hereby issues the following Order:
Article 1 The Accounting Regulations, harmonised with the European directives indicated in the
Annex*) are hereby approved.
___________
*) The Annex was published in Part I of the Official Gazette of Romania No. 930 bis which can
be purchased from the Public Relations Centre of the “Official Gazette” public corporation, located
in Bucharest at 1, Panduri Street.
Article 2 The provisions of this Regulation shall apply to:
a) non-bank financial institutions placed registered with the General Registry according to the
provisions of Law 93/2009 on non-bank financial institutions, as subsequently amended and
completed;
b) payment institutions that extend loans related to the payment services and whose activity
is limited to the provision of payment services, according to the provisions of Article 22 of the
Government Emergency Ordinance No. 113/2009 on payment services, approved as amended by
Law 197/2010, as amended and completed;
c) institutions emitting electronic money, that grant loans related to the payment services and
whose activity is limited to the emission of electronic money and the provision of payment services,
according to the provisions of Article 22 of Law 127/2011 governing the issuance of electronic
money;
d) Romanian branches of the foreign institutions referred to at letters a) through c);
103
60184_file_interior_lucian_v9.indd 103
11/5/2012 9:22:05 AM

d) foreign branches of the institutions referred to under letters a) through c), that are Romanian
legal entities;
e) Deposit Guarantee Fund in the Banking System, established pursuant to the Government
Ordinance No. 39/1996 governing the creation and operation of the Deposit Guarantee Fund in the
banking system, republished, as subsequently amended and completed.
Article 3 The annual financial statements must be accompanied by a written statement whereby
the management undertakes its responsibility about the preparation thereof, in accordance with the
accounting regulations harmonised with the European Directives.
Article 4 (1) The annual financial statements prepared by the institutions listed in Article 2 shall
be subject to a statutory audit.
(2) The consolidated annual financial statements prepared by the institutions listed in Article 2, as
parent companies, shall also be subject to a statutory audit.
Article 5 The National Bank of Romania shall monitor the enforcement of the provisions of this
Order.
Article 6 This Order shall come into force on the 1 st of January 2012.
Article 7 Upon entry into force of this Order, the Order of the National Bank of Romania No.
13/2008 for the approval of the accounting Regulations harmonised with the European Directives,
applicable to credit institutions, to non-bank financial institutions and to the Deposit Guarantee
Fund in the banking system, published in Part I of the Official Gazettes of Romania Nos. 879
and 879 bis of 24 December 2008, as subsequently amended and completed, as well as any other
contrary provisions, are hereby repealed.
Article 8 This Order shall be published in Part I of the Official Gazette of Romania.
Pp.
The Chairman of the Board of Directors of the National Bank of Romania,
Florin Georgescu
Bucharest, 27 December 2011.
No. 27
104
60184_file_interior_lucian_v9.indd 104
11/5/2012 9:22:05 AM

Order No. 4 din 8 March 2012
Published in Part I of Official Gazette No. 179 of 20 March 2009
to become effective as of 20 March 2012. This Order governs the status reports on the
classification of credit-related exposures associated to the payment services and the related
need of credit-risk provisions that are applicable to the entities monitored by the National Bank
of Romania, others than the credit institutions
Considering the provisions of Article 23, paragraph (1) of Law No. 93/2009 on non-bank financial
institutions, as subsequently amended and completed, Article 331, paragraph (1) of Government
Emergency Ordinance No. 113/2009 on payment services, as approved and amended under Law
No. 197/2010, as subsequently amended and completed, Article 36, paragraph (1) of Law No.
127/2011 governing the issuance of electronic money and the Chart of Accounts specified in Order
No. 27/2011 of the National Bank of Romania that approved the Accounting Regulations that are
compliant with EU Directives and that apply to institutions that use NBR’s Accounting Rules, other
than the credit institutions,
According to Article 48 of Law No. 312/2004 governing the Statute of the National Bank of
Romania, Law No. 93/2009, as subsequently amended and completed, Article 186, paragraph (1)
of Government Emergency Ordinance No. 113/2009, as approved and amended as per Law No.
197/2010, as subsequently amended and completed, Law No. 127/2011 and Article 25, paragraph
(2) of Regulation No. 5/2012 of the National Bank of Romania governing the classification of
credits and the creation, regularisation and use of the specific credit-risk provisions, applicable to
the entities that operate under the surveillance of the National Bank of Romania, other than the
credit institutions,
The National Bank of Romania hereby issues the following Order:
CHAPTER I
General provisions
Article 1 - (1) This Order hereby establishes the form and content of the status report form
regarding the classification of the credit-related exposures and exposures associated to the payment
services and their related necessary specific credit-risk provisions, that is sent on a quarterly basis
to the National Bank of Romania, as per Article 25, paragraph (1) of Regulation No. 5/2012 of the
National Bank of Romania governing the classification of credits and the creation, regularisation
and use of specific credit risk provisions applicable to the entities that operate under the surveillance
of the National Bank of Romania, other than the credit institutions, by lenders, as they are defined
under Article 2, letter d) of the same Regulation.
(2) On the other hand, this Order also establishes the ways in which the form specified under
paragraph (1) should be sent to the National Bank of Romania.
Article 2 - Each category of lenders shall fill out the reporting form based on the data posted in
105
60184_file_interior_lucian_v9.indd 105
11/5/2012 9:22:05 AM

the accounting books, [data] that should be processed according to Regulation No. 5/2012 of the
National Bank of Romania, while considering the following:
a) the national territory in its entirety and all of the sub-units that exist abroad - at the global level
of the lender;
b) all of the operations related to credits and to the payment services that are delivered in all
currencies, assessed against the Romanian leu;
c) the category of lender.
Article 3 - (1) The reporting forms shall be transmitted to the lenders of the National Bank of
Romania as follows:
a) electronically, to ifn@bnro.ro;
b) in hardcopy, signed by the authorised persons, and the forms should be addressed to the
Surveillance Directorate.
Article 4 (2) Lenders shall send in their report form on a quarterly basis, within 25 calendar days
from the time when the reported quarter ends.
Article 5 - The failure to comply with the provisions of this Order shall trigger off the enforcement
of the measures and/or the penalties that are specified in Articles 58 and 59 of Law No. 93/2009
governing the non-bank financial institutions, as subsequently amended and completed, under
Articles 66 and 68 of Government Emergency Ordinance No. 113/2009 on payment services,
as approved and amended by Law No. 197/2010, as subsequently amended and completed, and
Articles 69 and 71 of Law No. 127/2011 governing the issuance of electronic money.
CHAPTER II
Final provisions
Article 6 - This Order shall apply as of the date when Regulation No. 5/2012 of the National Bank
of Romania starts to be applied.
Article 7 - The template of the reporting form is specified in the Annex that is an integral part of
this Order.
Article 8 - The present order is published in Part I of the Romanian Official Gazette.
President of the Board of Directors of the National Bank of Romania,
Mugur Constantin Isãrescu
Bucharest, 08 March 2012.
No. 4
106
ANNEX
STATUS REPORT regarding the classification of credit-related exposures and exposures
associated to the payment services and their related necessary specific credit-risk provisions as at
[.../.../...]
Name of the non-bank financial institutions/payment institution/institution that issues the
electronic currency: ........ ........ ............. RON.
60184_file_interior_lucian_v9.indd 106
11/5/2012 9:22:06 AM

Item Classification Gross exposures Net exposures( 1 ) Necessary specific
No. categories
from from Coefficient credit-risk provisions
principal Interest principal Interest principal Interest
A B 1 2 3 4 5 6 = 3*5 7 = 4*5
I - credits extended to debtors, other than the natural person debtors, for which specific credit risk
provisions are created.
1 Standard 0
2 Under surveillance 0.05
3 Substandard 0.2
4 Doubtful 0.5
5 Loss 1
6 Total (lines 1 to 5) X
I - credits extended to debtors, other than the natural person debtors, for which no specific credit
risk provisions are created.
7 Standard
8 Under surveillance
9 Substandard
10 Doubtful
11 Loss
12 Total (lines 7 to 11)
III - credits extended to natural person debtors, for which specific credit risk provisions are
created (others than the credits extended to the natural person debtors that are exposed to the
foreign-exchange risk, and that are recorded in a currency or are indexed against a currency).
13 Standard 0
14 Under surveillance 0.05
15 Substandard 0.2
16 Doubtful 0.5
17 Loss 1
18 Total (lines 13 to 17) X
III - credits extended to natural person debtors, for which no specific credit risk provisions are
created (others than the credits extended to the natural person debtors that are exposed to the
foreign-exchange risk, and that are recorded in a currency or are indexed against a currency).
19 Standard
20 Under surveillance
21 Substandard
22 Doubtful
23 Loss
24 Total (lines 19 to 23)
V - credits that are extended to natural person debtors who are exposed to the foreign-exchange
risk and that are indexed based on the exchange rate of a currency or indexed against a currency,
and for which specific credit risk provisions are created.
25 Standard 0.07
26 Under surveillance 0.08
27 Substandard 0.23
28 Doubtful 0.53
29 Loss 1
30 Total (lines 25 to 29) X
V - credits that are extended to natural person debtors who are exposed to the foreign-exchange
risk and that are indexed based on the exchange rate of a currency or indexed against a currency,
and for which specific credit risk provisions are not created.
31 Standard
32 Under surveillance
33 Substandard
34 Doubtful
35 Loss
36 Total (lines 31 to 35)
37 Total (lines 6+12+18+24+30+36) X
1) The net exposures are gross exposures diminished according to the related guarantees.
107
60184_file_interior_lucian_v9.indd 107
11/5/2012 9:22:06 AM

REGULATION No. 5/8 MARCH 2012
Part I of Official Gazette No. 179 of 20 March 2012
effective as of 20 March 2012
on credit classification and the establishment, adjustment and use of specific credit risk
provisions, applicable to the entities supervised by the National Bank of Romania, other
than credit institutions
Having regard to the provisions of Article 23 of Law No. 93/2009 on non-bank financial
institutions, as subsequently amended and completed, to Article 331 paragraph (1) of Government
Emergency Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010,
as subsequently amended and completed, to Article 36, paragraph (1) of Law 127/2011 governing
the issuance of electronic money and to the Chart of Accounts included in the Order No. 27/2011of
the NBR that approves the Accounting Regulations harmonised with the European Directives,
under Article 48 of Law 312/2004 on the Statutes governing the National Bank of Romania, Law
93/2009, as subsequently amended and completed, to Article 186 paragraph (1) of Government
Emergency Ordinance No. 113/2009, approved as amended by Law 197/2010, as subsequently
amended and completed, and to Law 127/2011.
The National Bank of Romania hereby issues this Regulation.
CHAPTER I
General Provisions
Article 1 - This Regulation applies to non-bank financial institutions, Romanian legal entities, and
to Romanian branches of foreign financial institutions, except for those included in Title I, chapter
IV, Section 2 of “Financial institutions from other Member States” of Government Emergency
Ordinance No. 99/2006 on credit institutions and capital adequacy, approved as amended and
completed by Law No. 227/2007, as subsequently amended and completed, entered in the General
Registry of the National Bank of Romania, on payment institutions, Romanian legal entities
granting credits related to payment services, institutions issuing electronic money, Romanian legal
entities, granting credits related to the payment services, and regulates:
a) the classification of credits granted to borrowers;
b) the determination of the required credit risk provisions, for the classified credits;
c) the establishment, adjustment, and use of the specific provisions for credit risk.
Article 2 The following expressions shall have the meanings assigned below:
a) non-bank financial institutions - entities defined according to the provisions of Law No. 93/2009
on non-bank financial institutions, as subsequently amended and completed;
b) payment institutions - entities defined according to the provisions of Government Emergency
Ordinance No. 113/2009 on payment services, approved as amended by Law 197/2010, as
subsequently amended and completed;
c) institutions emitting electronic money - entities defined according to the provisions of Law No.
127/2011 governing the issuance of electronic money,
d) lenders - non-bank financial institutions, payment institutions, and institutions emitting electronic
money, governed by this Regulation;
e) lender’s group - group consisting of the parent company, the other subsidiaries of the parent
company and the subsidiaries of the lender;
108
60184_file_interior_lucian_v9.indd 108
11/5/2012 9:22:06 AM

f) A Category countries - Member States of the European Union 1 and countries which are full
members of the Organization for Economic Cooperation and Development (OECD), and countries
that have concluded special lending arrangements with the International Monetary Fund (IMF) in
the general arrangements to borrow (GAB); if one country in this category reschedules its external
debt, the country in question is excluded from the “A” category for a period of 5 years;
g) multilateral development banks - the International Bank for Reconstruction and Development,
the International Finance Corporation , the Inter-American Development Bank, the Asian
Development Bank, the African Development Bank, the Council of Europe Development Bank, the
Nordic Investment Bank, the Caribbean Development Bank, the European Bank for Reconstruction
and Development, the European Investment Bank, the European Investment Fund, the Multilateral
Investment Guarantee Agency, the International Finance Facility for Immunization, the Islamic
Development Bank and any other entity that falls into this category according to qualifications
made in the European Union;
h) debtor - an entity in relation to which the lender incurs exposures resulting from credits, including
the entity towards which the lender only has exposures which represent potential debts, such as,
for example, financing and guaranteeing commitments. For purposes of this Regulation, credit
institutions and the National Bank of Romania are not included in the lender’s debtor’s category;
i) debtor, natural person, exposed to foreign exchange risk - the debtor, natural person, who does
not generate positive net cash flows denominated in the credit currency, allowing for the repayment,
on due date, of each credit instalment (principal and interest). Cash flows are adjusted according to
the degree of certainty and the permanent character thereof;
j) debt service - the number of days of delay from the debt maturity date;
k) initiation of debt recovery proceedings - one of the following:
k1) the courts issue a bankruptcy resolution against the debtor;
k2) enforcement proceedings are brought against natural persons or legal entities, to recovery debts
resulting from credits subject to classification;
l) principal - amounts paid in advance by lenders to the borrowers, as borrowed capital, including
those that might be included in this category if the obligations of the lenders, resulting from the
financing and guarantee entered into by the latter, become due;
m) credits - categories of credits that are classified by the lenders in accordance with the provisions
of this Regulation, being systematised in terms of specific credit risk provisioning requirements, of
the structuring, where applicable, in principal and interest, as well as of the accounts in which they
are recorded. These are presented in Section I “credits” of the Annex No. 1;
n) guarantees - received guarantees that lenders may take into account to reduce the exposure to
the debtor, in accordance with the provisions hereof, which are systematised in terms of guarantee
category, and of accounts in which they are recorded. These are presented in Section II “Guarantees”
of Annex No. 1. The guarantees are divided into the following categories:
(i) personal guarantees - guarantees provided by third parties (e.g. bail, surety etc.), which can be
classified, according to their respective features, as follows:
(i1) express guarantee - the protection provided by the guarantee is clearly linked to exposures that
can be accurately identified or via a clearly defined exposure portfolio, so that the coverage degree
of the protection can be clearly defined and cannot be questioned;
(i2) irrevocable guarantee - apart from the failure of the buyer of protection to observe the obligation
to pay the protection price on the maturity date, the agreement whereby the protection is provided
contains no provision that would allow the protection provider to unilaterally cancel the guarantee
or which could result in an increase of the actual guarantee price;
(i3) unconditional guarantee - the contract whereby protection is provided contains no provision
1 For purposes of this Regulation, Romania is considered separately from other EU member states.
109
60184_file_interior_lucian_v9.indd 109
11/5/2012 9:22:06 AM

in relationship to which the buyer of protection has no control, a clause which may exempt the
guarantor of the obligation to pay in a timely manner, but no later than 90 calendar days from the
date when requested, if the main obligee fails to pay, in due time, the overdue amount(s);
(ii) real property - refers to tangible or intangible assets received as collaterals in exchange of operations
carried out (e.g. mortgages on real/personal property, pledges etc.).
(iii) intrinsic real property – refers to the guarantees included in the characteristics of the operation itself
(e.g. values received under a repurchase agreement, securities received under a repurchase agreement
with specific delivery, goods covered by financial leasing contracts, etc.); the lenders record the intrinsic
real guarantees in the off-balance account 9981 – Other values received;
o) specific credit risk provisions - the provisions created by lenders in order to cover potential creditrelated
losses, systematised in terms of structuring in principal amount and interest, as well as of the
accounts in which they are recorded. These are presented in Section III “Provisions” of the Annex No. 1.
p) fair value - the amount for which an asset can be exchanged freely and knowingly between two
parties, in an arm’s length transaction.
Article 3 - Institutions issuing electronic money and payment institutions that extend credits related to
payment services and that do not conduct their accounting activity in accordance with the accounting
regulations issued by the National Bank of Romania shall consider the appropriate accounts listed in
the chart of accounts provided by accounting regulations applicable to such entities, in which they have
recorded amounts whose economic nature is similar to those of the accounts referred to in Annex No. 1.
Article 4 - (1) The internal rules of lenders, to which this regulation refers, shall represent one single
legislative instrument.
(2) The internal rules referred to in paragraph (1) are approved by the statutory bodies of the non-bank
financial institutions, of the payment institutions whose main object of business consists of the provision
of payment services of the institutions issuing electronic money, whose main object of business consists
of the emission of electronic money. In the case of payment institutions and institutions issuing electronic
money whose main object of business does not consist of payment services and issuance of electronic
money, the internal rules referred to in paragraph (1) shall be acknowledged by the people who are
responsible for managing and heading the payment services activity, as per Article 15, paragraph (2)
of Government Emergency Ordinance No. 113/2009, approved as amended by Law No. 197/2010, as
subsequently amended and completed, and by the persons who are in charge of managing and heading the
electronic money emission and payment services, as per Article 11, paragraph (2) taken in conjunction
with Article 14 of Law No. 127/2011.
(3) The internal rules of the non-bank financial institutions recorded in the Special Registry, of the
payment institutions and of the institutions issuing electronic money whose lending activity has reached
a significant level, within the meaning of Regulation No. 21/2009 of the NBR on payment institutions,
as subsequently amended and completed, and of Regulation No. 8/2011 of the NBR on institutions
issuing electronic money, respectively, shall be submitted to the Supervision Directorate of the NBR.
(4) The internal rules referred to in paragraph (3) and any amendments thereto shall be submitted within
5 days since the time when approved.
CHAPTER 2
Guarantee-based reduction of exposure
Article 5 For the enforcement of the provisions of this chapter, lenders must ensure the fulfilment of
110
60184_file_interior_lucian_v9.indd 110
11/5/2012 9:22:06 AM

the requirements provided for under Chapter V - “Information requirements” regarding the guarantees.
Article 6 - In order to establish the value whereby the amounts representing the credit exposures are
actually reduced, the amounts registered in the accounting records, related to the guarantees, shall
be adjusted through the application of coefficients ranging between 0 and 1, and the result shall be
limited to the level of the guaranteed amounts.
Article 7 The guarantees which can be taken into account by lenders to reduce the exposure against
the debtor are listed in the table of Annex No. 2, as well as other real property, according to the
internal rules of the lenders.
Article 8 - (1) The coefficients used for the adjustment of the amounts registered in the accounting
records, related to the guarantees listed in the table of Annex No. 2, shall be established by the
lender, for each category/case. The value of these coefficients cannot exceed the maximum value
that is specified in the table.
(2) The lender must have the supporting documentation that is needed to establish the value of the
coefficients provided under paragraph(1).
Article 9 - (1) Any real property guarantee, except for the general pledge, of the guarantees created
over future goods 2 and the real property provided in the table in Appendix No. 2, may be taken into
account to reduce the value of the lender’s exposure against the debtor, to a value which cannot
exceed the fair value thereof. For this purpose, lenders may only consider those real guarantees
for which they can establish the fair value based on their own methodology 3 as provided by their
internal regulations. In order to adjust the fair value, the lender shall establish the coefficients for
each category/case.
(2) The guarantee policies the object of which consists of debt receivables may be taken into
account for exposure reduction purposes only if the legal requirements in force on security interests
are met.
(3) The lender must have the supporting documentation that is needed to establish the value of the
coefficients provided under paragraph (1).
Article 10 - The insurance policies whose object is to guarantee/take over the risk of default shall
be assimilated to letters of guarantee issued by credit institutions and, consequently, lenders may
consider them as credit risk “mitigators”, if all of the following conditions are observed:
a) have characteristics that are similar to those imposed on the letters of guarantee issued by credit
institutions (express, irrevocable, and unconditional);
b) the credit risk was transferred outside the lender’s group through insurance/reinsurance
transactions conducted with insurance/reinsurance companies, and the insurance/reinsurance
companies from outside the group, which have taken over the risk, comply with the requirements of
the applicable community standards (or the standards that apply to insurance/reinsurance companies
2 The guarantees on future goods only produce effects as of the moment when the debtor
obtains the ownership of the goods and, as a consequence, they cannot be taken into account for
exposure reduction. E.g.: guarantees represented by the assignment of compensations given under
credit risk insurance policies, life insurance policies; guarantees represented by the assignment of
collections from future debts.
3 As the fair value is a category defined and regulated under the International Financial
Reporting Standards (IFRS), lenders shall prepare the methodologies used to establish the fair
value of the received real property, taking into account the aforesaid accounting standards.
111
60184_file_interior_lucian_v9.indd 111
11/5/2012 9:22:06 AM

and that the lender, following the analyses made, deems equivalent to community standards). If the
credit risk has been partially transferred, the credit risk mitigating quality of the insurance policy
can only be taken into account for the transferred portion;
c) the internal rules of the lenders refer to a coefficient not exceeding 0.8 for the deduction of the
exposure thereof to the debtor, as well as the assessment methodology of the position of the issuing
insurance/reinsurance companies and the coefficient level for every such issuer/category of issuers
can be determined.
Article 11 - (1) The express, irrevocable and unconditional guarantees that are granted by the credit
guarantee funds (CGF) in Romania by brokering the resources allocated for this purpose by central
authorities and for which central authorities undertake responsibility, can be considered express,
irrevocable and unconditional guarantees issued by the government 4 if:
a) the allocated funds are effectively transferred by the central authorities to the CGF; and
b) the CGF can prove to the lender that they have a proper management system that can distinctly
indicate such funds, and they are only used for guaranteeing the related risks.
(2) The provisions of paragraph (1) shall only apply if the lender has the documentation certifying
that the requirements are met.
Article 12 (1) The guarantees related to the exposures representing the principal of the credits
classified as “loss” are adjusted by applying coefficients established by the lender, for every separate
category/case. The value of these coefficients cannot exceed 0.25.
(2) The lender must have the supporting documentation that is needed to establish the value of the
coefficients provided under paragraph(1).
(3) The guarantees related to the exposures that represent current/outstanding interest, attached to
the credits specified under paragraph (1) shall not be taken into account, and the coefficient applied
to the amounts of these guarantees is zero.
Article 13 - Notwithstanding the provisions of Article 12, the guarantees provided for under
headings Nos. 1-6 of the table in Annex No. 2 are adjusted by coefficients whose value cannot
exceed 0.5.
CHAPTER III
Classification of credits and calculation of the necessary specific credit risk provisions
Article 14 For the enforcement of the provisions of this chapter, lenders must ensure the fulfilment
of the requirements provided for under Chapter V - “Information requirements”.
Article 15 - Lenders classify exposures in the following categories:
a) standard;
b) under supervision;
c) substandard;
d) doubtful;
e) loss.
4 The express, irrevocable, and unconditional guarantees that are issued by the state have,
according to the Table in Annex No. 2, a deduction coefficient of 1 at the most.
112
60184_file_interior_lucian_v9.indd 112
11/5/2012 9:22:06 AM

Article 16 - The exposure incurred by a lender to a certain debtor shall fall into a single classification
category based on the principle of the “declassification by contamination”, by taking into account
the weakest of the individual classification categories, respectively.
Article 17 - For purposes of credit classification and in order to establish the specific credit risk
provisions required, the following stages have to be completed:
1. credit classification
1.1. identify, from amongst the amounts registered in the credit accounts, all the statements that
represent exposures deriving from operations conducted with a certain debtor and identify, for each
of these exposures, the other attributes that are necessary to perform the classification/provisioning
operation;
1.2. classify these exposures by simultaneously applying the following criteria:
a) debt service;
b) initiation of debt recovery proceedings.
The correspondence between criteria and classification categories is described in Table No. 1 of
Annex No. 3;
1.3. reclassify these exposures into a single category, based on the principle of declassification by
contamination.
NOTE:
For optimisation purposes, the last two stages can be integrated into a single stage that should
ensure directly the global classification of the exposures in question, without establishing individual
classification categories;
2. Calculation of the necessary specific credit risk provisions:
(2.1) diminishing the exposures, from the previous stage, which are guaranteed under the provisions
of Chapter II “Guarantee-based reduction of exposures”;
2.2. applying the provisioning coefficient to the exposures that were processed previously and
which are subject to the creation of specific credit risk provisions; the correspondence between the
classification categories and the provisioning coefficients is described in Table No. 2 of Annex No. 3;
3. resuming stage 1 and 2 for all other debtors in relation to which the lender is incurring exposure
to credits.
CHAPTER IV
The establishment, adjustment, and use of the specific provisions for credit risk.
Article 18 - Establishing the specific credit risk provisions concerns their creation and is made by
registering the amount of the necessary specific credit risk provisions under expenses.
Article 19 - The adjustment of the specific credit risk provisions refers to changing their existing level
in order to restore the equal proportion of the existing level vs the required level, and is performed by
posting as an expense the difference between the balance level of the specific credit risk provisions
and the necessary level, or by re-posting the difference between the existing balance of the specific
credit-risk provisions and the needs as income.
Article 20 - Using the specific credit risk provisions refers to writing off the specific credit risk
provisions and is performed by carrying forward, as income, the amount the represents the balance
113
60184_file_interior_lucian_v9.indd 113
11/5/2012 9:22:06 AM

of the specific credit risk provisions related to the credits, for which one of the following conditions
is met:
a) the legal avenues to recover have been exhausted or the time limit of the statutes of limitation has
been exceeded;
b) the contractual rights related to the credit have been transferred.
Article 21 - Lenders shall establish and/or adjust on a monthly basis the specific credit risk
provisions related to the credits that have been included in the balance at the end of the respective
month, by registering them as expense and/or by carrying them forward as income, regardless of
the results of that specific period.
Article 22 - Lenders shall establish, adjust, and use the specific credit risk provisions based on the
currency in which the credits to be corrected are denominated.
CHAPTER V
Information requirements
Article 23 - For purposes of this Regulation, lenders must have available proper information
management methods and procedures ensuring the compliance with the requirements related to
the classification of credits and to the establishment of the necessary specific credit risk provisions,
as well as to the establishment/adjustment/use thereof. Specifically, there are some requirements 5
whose compliance must be ensured by lenders, based on the above-mentioned methods and
procedures:
a) establish and preserve the correspondence between the eligible real /personal guarantees and
the operations representing the credits that they guarantee;
b) identify, amongst the amounts registered in the credit and guarantee accounts, both in- and
off-balance, all the statements related to a certain operation and, for each of these statements,
establishing/associating all the required attributes to perform the classification/provisioning
operation;
c) adjust the amounts that are posted in the accounting books for the guarantees, in order to
calculate the value whereby the amounts that represent exposures are reduced, as extracted from
the credit accounts;
d) identify all of the operations that represent credits and related guarantees, and that are performed
with a certain debtor;
e) identify all the debtors in relation to which the lender has credit-related exposures;
f) establish and preserve the correspondence between the statements related to the specific credit
risk provision accounts and the statements describing the credit operations for which they were
created.
Article 24 - Lenders must have proper information management and storage methods, as well as
procedures enabling them to check primary data and the way in which data has been processed in
order to classify credits and to establish the necessary specific credit risk provisions, as well as in
order to establish/adjust/use them, for every closing of the accounting period.
5 The requirements related to guarantees are only mandatory if the guarantees are used to
mitigate exposure.
114
60184_file_interior_lucian_v9.indd 114
11/5/2012 9:22:06 AM

CHAPTER VI
Reporting requirements
Article 25 - (1) Notwithstanding the provisions of paragraph (4), each category of lenders shall
report to the National Bank of Romania, on a quarterly basis, on the classification of credit-related
exposures and exposures associated to the payment services and their related necessary specific
credit-risk provisions.
(2) The form and content of the reporting forms, as well as the transmission methods described
under paragraph (1) shall be established under an order issued by the National Bank of Romania.
(3) Lenders granting exclusively credits related to payment services must report separately on
the classification of exposures of the credit category in question, and the related specific credit risk
provisions.
(4) Further to the request of the National Bank of Romania, lenders must report on any other
situation related to the enforcement of this regulation.
CHAPTER VII
Transitional and final provisions
Article 26 - (1) Lenders shall enforce this Regulation starting on the first day of the month following
the month when the 90 calendar day period elapsed from the time of publication expired.
(2) As of the date when lenders start to enforce this Regulation, Regulation No. 5/2002
of the National Bank of Romania on the classification of credits and placements, as well as on
the establishment, adjustment and use of specific credit-risk provisions, as published in Part I of
Official Gazette No. 200 of 30 March 2009, as subsequently amended and completed, and Order
No. 5/2009 of the National Bank of Romania on reporting on the classification of credits/placements
exposures and the related specific credit risk provisions, as published in Part I of Official Gazette
No. 284 of 30 April 2009, will be repealed.
Article 27 - The failure to comply with the provisions of this Regulation shall result in the
enforcement of the penalties and/or measures, as appropriate, that are described under Articles 58
and 59 of Law 93/2009, as subsequently amended and completed, Articles 66 and 68 of Government
Emergency Ordinance No. 113/2009, approved as amended by Law 197/2012, as subsequently
amended and completed, and under Article 69 and 71 of Law 127/2011, respectively.
Article 28 - Annexes 1 through 3 are an integral part of this Regulation.
Article 29 - This Regulation shall be published in the Official Gazette of Romania, Part I.
The Chairman of the Board of Directors of the National Bank of Romania,
Mugur Constantin Isărescu
Bucharest, 08 March 2012
No. 5
115
60184_file_interior_lucian_v9.indd 115
11/5/2012 9:22:06 AM

116
60184_file_interior_lucian_v9.indd 116
11/5/2012 9:22:07 AM

117
60184_file_interior_lucian_v9.indd 117
11/5/2012 9:22:08 AM

118
60184_file_interior_lucian_v9.indd 118
11/5/2012 9:22:09 AM

119
60184_file_interior_lucian_v9.indd 119
11/5/2012 9:22:10 AM

Law 9/2012 on the motor vehicle emission tax
.
Part I of Official Gazette No. 17, 10 January 2012
THE ROMANIAN PARLIAMENT HEREBY PASSES THE FOLLOWING LAW
Article 1 - (1) This law establishes the legal framework governing the motor-vehicle pollution tax,
hereinafter referred to as “the tax”.
- (2) The revenues collected based on this tax shall be deposited in the budget of the
Environment Fund and shall be managed by the Environment Fund Administration, in order to
finance programmes and projects for environmental protection.
Article 2 - For purposes of this Regulation, the terms and expressions below have the following
meanings:
a) new vehicle - any vehicle that was not registered previously;
b) RNTR 2 - Regulations for type approval and issue of the motor vehicle identity card, as
well as type approval of products used - RNTR 2, approved by Order No. 211/2003 of the Minister
of Public Works, Transportation and Housing, as subsequently amended and completed;
c) RNTR 7 - Regulations on individual homologation, issue of the identity card and the
authenticity certification of vehicles - RNTR 7, approved by Order of the Ministry of Public Works,
Transportation and Housing No. 2132/2005, as subsequently amended and completed;
d) removal from the national fleet - any action that results in writing off the registered
vehicle, except for decommissioning (scrapping) and dismantling;
e) competent tax authority - the territorial tax authority in whose records the taxpayer is
registered;
f) taxpayer - any natural person or legal entity that finds itself in one of the situations
indicated under Article 4;
g) used vehicle - any vehicle that was registered previously;
h) registration - the administrative operation consisting of recording in the books of the
competent authorities, according to the laws in force, the title to property of a vehicle, by its first
owner in Romania, and granting the registration certificate and the registration number;
i) first transcription of the title to property - the first transfer of the title to property on
the used vehicle, made after the time when this Law took effect, in accordance with Article 11
paragraph (2), letter b) of Government Emergency Ordinance No. 195/2002 on the traffic on public
roads, republished, as subsequently amended and completed;
j) special tax for passenger cars and motor vehicles - the tax provided for in Article 214
of Law 571/2003 on the Tax Code, as subsequently amended and completed, in force until 1 July
2008;
k) motor-vehicle pollution tax - the tax, as stipulated by Government Emergency Ordinance
No. 50/2008 for the establishment of the motor-vehicle pollution tax, approved by Law 140/2011;
l) tax - represents the amount owed by the taxpayer for pollutant emissions from vehicles
included in the M1, M2, M3, and N1, N2, N3 categories.
Article 3 - (1) The tax is applicable to vehicles included in the M1, M2, M3 and N1, N2, N3
120
60184_file_interior_lucian_v9.indd 120
11/5/2012 9:22:10 AM

categories, as defined in RNTR 2, except:
a) vehicles owned by diplomatic missions, consular offices and members thereof, and other
organisations and foreign individuals having diplomatic status, which operate in Romania;
b) vehicles that are customised to accommodate the needs of disabled persons, for the
transportation of persons with severe and profound disabilities, as defined in Law 448/2006 on the
protection and promotion of the rights of persons with disabilities, republished, as subsequently
amended and completed;
c) vehicles for use by the armed forces, state security forces, police, Gendarmerie, border
police and fire fighters;
d) vehicles defined according to the RNTR 2 as vehicles for ambulance and medical services,
vehicles equipped for emergency aid and special vehicles for extrication services and fire fighting;
(2) The exception provided in paragraph (1), b) applies only to a single vehicle purchased during
a 5-year period and if the vehicle is owned by a disabled person.
(3) The special alterations to the vehicles are registered by the “Romanian Car Registry”
Autonomous Administration in the identity card of the vehicle.
(4) The list of special alteration to the vehicle list is provided in RNTR 7.
(5) Vehicles with transmission that can operate in automatic mode, owned by people with
disabilities, according to paragraph (1), letter b) fall into the category of vehicles that are exempt
from tax, provided that the provisions of paragraph (3) are observed.
(6) The category of vehicles mentioned under paragraph (1), d) includes only those vehicles
provided with special equipment required to perform ambulance and medical services, extrication
or fire fighting services, and which are entered in the records of the ambulance stations, of mobile
emergency and resuscitation services, and of the inspectorates for emergency situations . The same
category includes the vehicles provided with special equipment required to perform ambulance and
medical services, as well as fire fighting services, owned by economic operators.
Article 4 - (1) The tax shall have to be paid under the following circumstances:
a) when a vehicle’s first owner in Romania has such title to property recorded in the registry
books of the competent authorities, according to the laws in force, and when the related registration
certificate and registration number are issued;
b) when a vehicle re-enters into service, after the expiry of an exception or exemption
provided for in Article 3 and 8;
c) when the vehicle is reinsertion into the national fleet if, when removed from the national
fleet, the residual value of the tax was reimbursed to the owner, in accordance with Article 7.
(2) The tax payment obligation occurs when the title to property over a used motor vehicle
is first transcribed in Romania, and for which the passenger car and motor vehicle special tax or the
motor-vehicle pollution tax has not been paid according to Law 571/2003, as subsequently amended
and completed, and which is not included in the category of vehicles excepted or exempted from
such tax, under the legislation in force at the time of registration.
Article 5 - (1) The competent tax authority calculates the tax based on the documents that proof
of the title to property of the vehicle and using the tax computing elements of the charge, filed by
121
60184_file_interior_lucian_v9.indd 121
11/5/2012 9:22:10 AM

the taxpayer intending to carry out the registration or the first transcription of the title to property.
The list of documents is mentioned in the Methodological Rules that support the enforcement of
this Law.
(2) The amount of the tax, in RON, is calculated based on the EUR exchange rate established
on the first working day of October of the previous year, and published in the Official Journal of the
European Union
(3) The tax is paid by the taxpayer in a separate account, opened at the State Treasury, on
behalf of the Environment Fund Administration, and the proof of payment shall be submitted upon
registration or transcription of the vehicle’s title to property, in one of the situations provided for in
Article 4.
Article 6 - (1) The due tax amount is calculated on the basis of the elements provided for in
Annexes 1-5, as follows:
a) for vehicles included in the M1 category, having as corresponding emission the Euro 3,
Euro 4, Euro 5 or Euro 6 standards:
1. for vehicles having Euro 5, Euro 4, and Euro 3 as emission standards, the tax is calculated
based on the emissions of carbon dioxide (CO 2
) and the tax for polluting emissions in Euro/l gram
of CO 2
, provided in Annex No. 1, and of the emission standard and tax for pollutant emission in
Euro/1 cc, provided in Annex No. 2, and of the tax reduction rate, provided in column No. 2 of
Annex No. 4, using the formula: Due amount = [(A x B x 30%) + (C x D x 70%)] x (100 - E)%,
where: A = the combined value of the CO 2
emissions in grams/km; B = polluting emission tax,
expressed in EUR/1 gram of CO 2
, provided in column No. 3 of Annex No. 1, C = cylinder capacity
(capacity displacement); D = polluting emissions tax for cylinder capacity, provided in column No.
3 of Annex No. 2, E = tax reduction rate, provided in column No. 2 of annex No. 4;
2. for vehicles having Euro 6 as emission standards, the tax is calculated based on the
formula set out under Point 1 as soon as the Euro 6 standard for the registration, sale and entry
into service of new vehicles takes effect, according to the (EC) Regulation No. 715/2007 of the
European Parliament and of the Council of 20 June 2007 on type-approval of motor vehicles, with
respect to emissions from light passenger vehicles and light commercial vehicles (Euro 5 and Euro
6) and on the access to information on vehicle repair and maintenance operations;
b) for vehicles included in the M1 category, having non-Euro, Euro 1 or Euro 2 as
corresponding emission standards and for which the combined value of the CO2 emissions is
unspecified, according to the formula: where C = cylinder capacity (capacity displacement); D =
polluting emissions tax for cylinder capacity, provided in column No. 3 of Annex No. 2, E = tax
reduction rate, provided in column No. 2 of annex No. 4;
c) the formula set out under letter b) is also applicable to the vehicles included in the M1
category, having as corresponding emission standards Euro 3, Euro 5 or Euro 6, which do not have
a European type approval, and for which the combined value of the CO2 emissions is unspecified;
d) the formula set out under letter b) is also applicable to the vehicles included in the M2,
M3, N1, N2, and N3 categories, and for which the polluting emissions tax, related to the cylinder
capacity, is specified in column 2 of the Annex No. 3;
(2) The Euro emission standard and the value of the CO 2
emission, referred to under paragraph (1),
are those mentioned by the “Romanian Car Registry” Autonomous Administration Authority (Rom.
„Registrul Auto Roman”) in the vehicle identity card, according to the rules for the enforcement
of this law. For vehicles that do not have a European type approval for the entire vehicle, such
elements are established in accordance with the regulations in force.
122
60184_file_interior_lucian_v9.indd 122
11/5/2012 9:22:10 AM

(3) The tax reduction rate, provided in Annex No. 4, is determined according to the age of the
vehicle.
(4) When the tax is calculated, additional reductions may be made, apart from the tax reduction
provided in Annex No. 4, depending on the deviations from the norm of the element/elements
substantiating the establishment of the fixed rate, if the person requesting registration or, as
appropriate, the first transcription of the title to property of a used motor vehicle, declares that the
actual annual average use of the vehicle in question is greater than the annual average use deemed
standard for that category of vehicles, according to the guidelines that support the enforcement of
this law. In this case, the tax calculation is based on the tax rate reduction resulting from the rate
provided in Annex No. 4, increased by the additional reduction rate provided in Annex No. 5. When
the new reduction rate is higher than 90%, the 90% reduction rate shall apply.
(5) The amount of the tax to be paid, calculated according to paragraph (1), may be adjusted
when the person that requests the registration or, if applicable, the first transcription of the title to
property of a used motor vehicle is able to prove, based on the technical expertise conducted by the
“Romanian Car Registry” Autonomous Administration, that the depreciation of the used vehicle is
greater, according to the guidelines that support the enforcement of this law.
(6) The age of the vehicle is calculated based on the date when first registered.
(7) When the person who requests the registration or the first transcription of the title to property
over the vehicle is unable to prove the registration date of the vehicle, the production year shall be
taken into account for tax calculation purposes.
Article 7 - (1) The taxpayer who has paid the tax shall be reimbursed its residual value according
to paragraph (3), if a motor vehicle for which the motor-vehicle motor-vehicle pollution tax, as
defined in Article 2 letter k), or the tax under this Law have been paid in Romania, is subsequently
removed from the national fleet.
(2) The residual value of the tax is the tax that would have been paid for the vehicle in question, if
it had been registered as soon as removed from the national fleet.
(3) The tax shall be reimbursed​further to the request of the taxpayer, based on the following
documents:
a) a document proving that the applicant was the last owner of the vehicle removed from
the national fleet;
b) proof that the vehicle was written off. Due amount = C x D x (100 - E), 100.
(4) The reimbursement application is submitted to the competent tax authority.
(5) If the tax residual value, calculated as specified under this article, is higher than the tax paid
when the vehicle is registered in Romania, the residual value calculated proportionally to the paid
tax shall be refunded.
Article 8 - (1) No tax is due when vehicles:
a) are included in the historic vehicle category, as defined by the laws in force;
b) are given to educational, healthcare and cultural institutions, ministries, other public
123
60184_file_interior_lucian_v9.indd 123
11/5/2012 9:22:10 AM

administration bodies, employers’ associations and trade unions of national importance, public
utility associations and foundations, by foreign governments, international organisations and nonprofit
and charitable organisations, through donations or directly, via non-reimbursable grants, as
well as within scientific and technical cooperation programmes;
c) are seized or transferred, by law, to the property of the state and given, free of charge, in
accordance with the legal provisions in force;
d) are intended for sports competitions, as defined by the laws in force;
(2) For vehicles equipped with diesel engines and particle filters, as confirmed by the “Romanian
Car Registry” Autonomous Administration, the tax amount is reduced by 25%.
Article 9 - (1) The tax amount may be disputed when the person registering or transcribing the
title to property of a used motor vehicle can prove that the vehicle in question has depreciated to an
extent greater than the one indicated by the grid provided in annex No. 4.
(2) The assessment of the depreciation level will be conducted on the basis of the elements taken
into account when establishing the reduction rate provided in Article 6, paragraph (4).
(3) In case of dispute, the used car characteristics, provided under paragraph (2), are established,
at the request of the taxpayer, via a technical expertise conducted by the “Romanian Car Registry”
Autonomous Administration, for a fee, according to the procedure stipulated by the rules for the
enforcement of this law.
(4) The technical expertise fee is determined by the “Romanian Car Registry” Autonomous
Administration depending on the technical expertise operations required and cannot exceed the
cost thereof.
(5) The results of the technical expertise are recorded in a document issued by the “Romanian Car
Registry” Autonomous Administration, which includes the information corresponding to each of
the items mentioned in paragraph (2), as well as the resulting reduction rate.
(6) The document on the results of the technical expertise, issued by the “Romanian Car Registry”
Autonomous Administration, shall be submitted by the taxpayer to the relevant tax authorities.
(7) When the relevant tax authority gets the document mentioned in paragraph (6), it shall recalculate
the due amount representing the tax, which may result in the reimbursement of the difference, as
paid upon registration or transcription of the title to property of a used motor vehicle.
(8) If duly justified, the tax authority may request a second opinion.
Article 10 - The relevant tax authority shall ascertaining, check, collect and settle the tax-related
disputes regarding the amounts due by taxpayers, according to the provisions of the Government
Ordinance No. 92/2003 on the Code of Fiscal Procedure, as republished and as subsequently
amended and completed.
Article 11 - Any taxpayer who is dissatisfied with how a dispute is resolved may approach the
courts that handle contentious matters and that have the appropriate jurisdiction under the law.
Article 12 - (1) If the motor-vehicle pollution tax paid by taxpayers as of 1 July 2008 and up until
124
60184_file_interior_lucian_v9.indd 124
11/5/2012 9:22:10 AM

the time when this Law takes effect, according to Government Emergency Ordinance No. 50/2008,
approved by Law No. 140/2011, as subsequently amended and completed, is higher than the tax
resulting from the enforcement of these provisions on vehicle pollutant emissions tax, calculated
in RON and observing the exchange rate applicable at the time of registration in Romania, the
amounts representing the balance of paid tax may only be reimbursed to the holder of the payment
obligation, according to the procedure specified by the rules for the enforcement of this law. The
balance to be refunded shall be calculated based on the formula set out in this law, which uses
elements considered when the vehicle was first registered in Romania.
(2) The amounts set out in paragraph (1) shall be refunded upon the taxpayer’s request, duly
submitted to the relevant tax authority, in accordance with Government Ordinance No. 92/2003, as
republished, as subsequently amended and completed.
(3) The resulting tax, i.e. the difference between the amount paid by the taxpayer as special tax
and the amount resulting from the application of the pollutant emission tax are refunded observing
the statute of limitation specified in the tax law, according to the procedure established in the
guidelines that support the enforcement of this law.
Article 13 - The expenses established by courts under final and binding rulings, which should be
paid by the state, as well as any other expenses incurred following the court enforcement procedure,
shall be paid out of the tax collected in the accounts of the relevant tax authority or from the tax
transferred to the budget of the Environment Fund, as applicable.
Article 14 - Within 15 days from the date when this law is published in Part I of the Official Gazette
of Romania, the Ministry of Environment and Forests and the Ministry of Administration and
Interior, the Ministry of Finance and the Ministry of Transportation and Infrastructure shall write
the guidelines that will support the enforcement of this law and that have to be formalised under a
Government Decision.
Article 15 - Annexes 1 through 5 are an integral part of this Law.
Article 16 - When this Law becomes effective, Government Emergency Ordinance No. 50/2008
on the establishment of the motor vehicle pollution tax, published in Part I of Official Gazette of
Romania No. 327 of 25 April 2008, approved by Law 140/2011 and by Government Decision
No. 686/2008 on the approval of the Methodological Rules for the enforcement of Government
Emergency Ordinance No. 50/2008 for the establishment of the motor vehicle pollution tax,
published in Part I of Official Gazette of Romania No. 480 of 30 June 2008, as subsequently
amended and completed, is repealed. This Law has been passed by the Romanian Parliament, in
compliance with Articles 75 and 76, paragraph (2) of the Romanian Constitution, as republished.
125
60184_file_interior_lucian_v9.indd 125
11/5/2012 9:22:10 AM

Annex No. 1 - Pollution tax rates, according to CO 2
emission level
Emission standard1) CO2 emission Pollution tax
Rates
- gram CO 2
/km - - EUR/1 gram CO 2
-
Hybrid, electric - 0
Euro 6 - 0
Euro 5, Euro 4, Euro 3 < =120 0
121-150 0.5
151-180 1.0
181-210 2.0
211-240 4.0
241-270 6.0
> =271 8.0
----------------
1) The emission standard is the one established by:
- (EC) Regulation No. 715/2007 for Euro 5 and Euro 6;
- Directives 98/69/EC and 2002/80/EC for Euro 3 and Euro 4.
126
60184_file_interior_lucian_v9.indd 126
11/5/2012 9:22:10 AM

Annex No. 2 - Pollution tax rates, depending on emission standard
Emission standard1) Cylinder capacity Tax level for
Cylinder
polluting emissions
capacity - EUR/1 cc -
- cc -
Hybrid, electric 0
Euro 6 2)
Euro 5 3,000 0.390
Euro 4 3,000 2.70
Euro 3 3,000 7.02
Euro 2 3,000 16.00
Euro 1 3,000 29.70
Non-Euro

1,201-1,400 23.77
1,401-1,600 35.62
1,601-2,000 47.55
2,001-3,000 70.00
>3,000 95.10
---------------
1) The emission standard is the one established by:
- (EC) Regulation No. 715/2007 for Euro 5 and Euro 6;
- Directives 98/69/EC and 2002/80/EC for Euro 3 and Euro 4.
- Directives 94/12/EC and 96/69/EC for Euro 2.
- Directives 91/441/EEC and 93/59/EEC for Euro 1.
2) The pollution tax rates (EUR/1cc) shall be determined upon entry into force of the Euro 6
Standard for the registration, sale and entry into service of new vehicles, according to the (EC)
Regulation No. 715/2007
128
60184_file_interior_lucian_v9.indd 128
11/5/2012 9:22:11 AM

Annex No. 3 - pollution tax rates, for motor vehicles included in the N1, N2, N3, M2, and
M3 categories
Emission standard1) pollution tax rates
- Euro/1 cc -
Euro 6/VI2) 0
Euro 5/V 0,05
Euro 4/IV 0,25
Euro 3/III 0,5
Euro 2/II 2
Euro 1/I 4
Non-Euro 9
--------------
1) The emission standard is the one established by:
- Directives 1999/96/EC and 2005/55/EC for Euro III, Euro IV and Euro V;
- Directives 91/542/EEC and 96/1/EC for Euro II.
- Directive 91/542/EEC for Euro I.
2) The pollution tax rates (EUR/1cc) shall be determined upon entry into force of the Euro 6
Standard for the registration, sale and entry into service of new vehicles, according to the (EC)
Regulation No. 715/2007.
129
60184_file_interior_lucian_v9.indd 129
11/5/2012 9:22:11 AM

Annex No. 4 - Pollution tax discount rates
Vehicle age
reduction rate
- % -
New
1 month – 3 months included 5
> 3 months – 6 months included 8
> 6 months – 9 months included 10
> 9 months – 1 year included 13
> 1 year – 2 years included 21
> 2 years – 3 years included 28
> 3 years – 4 years included 33
> 4 years – 5 years included 38
> 5 years – 6 years included 43
> 6 years – 7 years included 49
> 7 years – 8 years included 55
> 8 years – 9 years included 61
> 9 years – 10 years included 66
> 10 years – 11 years included 73
> 11 years – 12 years included 79
> 12 years – 13 years included 84
> 13 years – 14 years included 89
Over 14 years 90
130
60184_file_interior_lucian_v9.indd 130
11/5/2012 9:22:11 AM

Annex No. 5 - Additional pollution tax rate discounts, according to the actual annual
average mileage
Category of vehicle Difference between average use reduction rate
actual annual use and average use additional
annual standard - % -
- Km -
M1 30,001 1.75
N1 50,001 1.5
M2 and N2 75,001 1.5
M3 and N3 200,001 1.5
Bucharest, on 6 January 2012, No. 9
PRESIDENT OF THE CHAMBER OF DEPUTIES
ROBERTA ALMA ANASTASE
PRESIDENT OF THE SENATE
VASILE BLAGA
131
60184_file_interior_lucian_v9.indd 131
11/5/2012 9:22:11 AM

Emergency Ordinance No. 1/2012 to suspend the enforcement of certain
provisions of Law No. 9/2012 governing the tax chargeable on
motor-vehicle pollution and to reimburse the tax paid according to Article 4,
paragraph (2) of Law has been published in Part I of Official Gazette No. 79 of
31 January 2012
Considering the technical difficulties that could be generated by the immediate enforcement of
Article 2, letter i), Article 4, paragraph (2) and those regarding the first transcription of the title
to property, and Article 5, paragraph (1) of Law No. 9/2012 governing the tax chargeable on
motor-vehicle pollution, and considering the need to overcome these difficulties in order to be
able to correctly charge the motor-vehicle pollution fee, and the need to remove the risk to be
late in establishing this tax exactly, in order to reassess the impact that the measures specified
in this piece of legislation could have both economically and socially, a time interval of one
year should be allocated for that purpose. Moreover, this measure is necessary in order to
streamline the enforcement of the motor-vehicle pollution tax and to clarify the legal disputes
that have been generated by the enforcement of Emergency Ordinance No. 50/2008 regarding
the motor vehicle pollution tax. Since the failure to enforce this Emergency Ordinance would
inflict negative consequences upon the way in which the motor-vehicles falling in the category
of the ones specified in Law No. 9/2012 are taxed, and considering the fact that these elements
are associated to the public interest and represent an emergency situation and an extraordinary
circumstance that has to be regulated formally without delay, as per Article 115, paragraph (4)
of the Romanian Constitution, as republished, the Government of Romania hereby adopts this
Emergency Ordinance.
Article 1 - Provisions of Article 2, letter i), Article 4, paragraph (2) and the provisions regarding
the first transcription of the title of property as per Article 5, paragraph (1) of Law No. 9/2012
governing the tax chargeable on motor-vehicle pollution, published in Part I of the Official
Gazette of Romania No. 17 of 10 January 2012, shall no longer be applied as of the date when
this Emergency Ordinance takes effect up until 1 January 2013.
Article 2 - (1) Taxpayers who have paid the motor-vehicle pollution tax upon the first
transcription of their title to property, in accordance with Article 4, paragraph (2) of Law No.
9/2012, over the span of time included between the date when this Law took effect and the date
when this Emergency Ordinance took effect may request to have this tax reimbursed.
(2) The amounts described under paragraph (1) shall be refunded further to the taxpayer’s
request, which should be lodged with the relevant tax authority, as per Government Ordinance
No. 92/2003 that governs the Code of Fiscal Procedure, as subsequently amended and
completed, which shall apply accordingly except for the provisions of Article 124 in the
respective Ordinance.
132
60184_file_interior_lucian_v9.indd 132
11/5/2012 9:22:11 AM

(3) The amounts shall be refunded before the expiry of the statutes of limitation specified
under Article 135 of Government Ordinance No. 92/2003, as republished, as subsequently
amended and completed.
PRIME MINISTER
EMIL BOC
Also endorsed by:
Minister of Environment and Forests, László Borbély
Minister of Administration and Interior, Constantin-Traian Igaş
Pp. Minister of Transportation and Infrastructure, Gheorghe Dobre, secretar general
Pp. Minister of European Affairs, Cătălin Teodor Vatafu, secretary of state
Minister of Public Finances, Gheorghe Ialomiţianu
Bucharest, 30 January 2012
No. 1
133
60184_file_interior_lucian_v9.indd 133
11/5/2012 9:22:11 AM

EMERGENCY ORDINANCE no. 24 of 6 June 2012
amending and supplementing Law No. 571/2003 governing the
Tax Code and regulating certain financial and tax measures
ISSUER: THE ROMANIAN GOVERNMENT
PUBLISHED IN: THE OFFICIAL JOURNAL No. 384 OF 7 JUNE 2012
(…)
5. Article 21, paragraph (3), letter n) is amended and shall have the following content:
“n) operating, maintenance and repair costs for company cars used by persons holding management
and administrative positions of the legal entity, are deductible, to a limited degree, under paragraph
(4) letter t) for no more than one vehicle for each person having such a position. “
6. Article 21, paragraph (4), letter t) is amended and shall have the following content:
“t) 50% of the costs of road motor vehicles which are not used exclusively for conducting business,
having a maximum authorised weight not exceeding 3,500 kg and no more than 9 passenger seats,
including the driver’s seat, owned or used by the taxpayer. These expenses are fully deductible in
situations in which such vehicles are included in any of the following categories:
1. vehicles used exclusively for emergency services, security and protection services, and courier
services;
2. vehicles used by sales and procurement personnel;
3. vehicles used for passenger transport, in exchange for payment, including taxi services;
4. vehicles used for the provision of services in exchange for payment, including for rental to other
persons or for instruction, as used by driving schools;
5. vehicles used as goods, for commercial purposes.
The expenses covered by these provisions do not include the depreciation expenses. The way these
provisions are to be enforced shall be established by means of guideline norms.
7. Under Article 22, paragraph (1), letter m) shall be inserted after the letter l) that shall have
the following content:
“m) the provisions/adjustments for doubtful debts taken over from credit institutions in order to
recover them, observing the difference limit between the amount of the receivables taken over by
assignment and the amount to be paid to the assignor, for receivables that meet, cumulatively, the
following requirements:
1. are assigned and recorded in the assignee’s accounts after the 1st of July 2012, inclusively;
2. are transferred from one person or payable by a person not affiliated to the taxpayer that has the
quality of assignee;
3. were included in the taxable income of the taxpayer that has the quality of assignee.”
8. Under Article 48, paragraph (7), letter l^1) is amended and shall have the following content:
134
60184_file_interior_lucian_v9.indd 134
11/5/2012 9:22:11 AM

“l^1) 50% of the costs of road motor vehicles which are not used exclusively for conducting business,
having a maximum authorised weight not exceeding 3,500 kg and no more than 9 passenger seats,
including the driver’s seat, owned or used.
These expenses are fully deductible in situations in which such vehicles are included in any of the
following categories:
1. vehicles used exclusively for emergency services, security and protection services, and courier
services;
2. vehicles used by sales and procurement personnel;
3. vehicles used for passenger transport, in exchange for payment, including taxi services;
4. vehicles used for the provision of services in exchange for payment, including for rental to other
persons or for instruction, as used by driving schools;
5. vehicles used as goods, for commercial purposes. The expenses covered by these provisions do
not include the depreciation expenses.
In the case of road motor vehicles, owned or used, which are not subject to the expense deduction
limit, the general deduction rules shall apply.
The way these provisions are to be enforced shall be established by means of guideline norms.
(…)
15. Article 145^1 is amended and shall have the following content:
“Special limitations of the deduction right Article 145^1
(1) Notwithstanding the provisions of Article 145, the deduction right is limited to 50% for the
taxes related to the purchase, intra-community purchase, import, rental or leasing of road motor
vehicles and the taxes for the expenses related to the vehicles owned or used by the taxpayer, if the
vehicles are not used exclusively for conducting business.
(2) The restriction referred to under paragraph (1) does not apply to road motor vehicles with a
maximum authorised weight exceeding 3500 kg or having more than 9 seats, including the driver’s
seat.
(3) The provisions of paragraph (1) do not apply to the following categories of road motor vehicles:
a) vehicles used exclusively for emergency services, security and protection services, and courier
services;
b) vehicles used by sales and procurement personnel;
c) vehicles used for passenger transport, in exchange for payment, including taxi services;
d) vehicles used for the provision of services in exchange for payment, including for instruction, as
used by driving schools;
e) vehicles used for rental or whose use is assigned by means of a financial or operating leasing
agreement;
f) vehicles used as goods, for commercial purposes.
(4) The provisions of paragraphs (1) to (3) included shall also apply if invoices were issued and/or
advances were paid, as part of the equivalent value of the goods and/or services before 1 July 2012,
if the delivery/provision occurs after such date.
(5) The general rules of deduction set out in Article 145 and Articles 146 - 147^1 shall apply to
the vehicles not subject to the limitation of the deduction right according to paragraph (1), which
135
60184_file_interior_lucian_v9.indd 135
11/5/2012 9:22:11 AM

are used exclusively to conduct business, as well as those exempt from the deduction limit under
paragraph (3).
(6) The way these provisions are to be enforced shall be established by guideline norms.”
16. Under Article 152, paragraphs (1), (2) and (5), (7) are amended and shall have the following
content:
“(1) the taxable persons established in Romania according to Article 125^1, paragraph
(2) letter a), whose annual turnover, either declared or achieved, is below the EUR 65,000 ceiling,
whose equivalent in RON is determined taking into account the exchange rate published by the
National Bank of Romania upon accession and is rounded to the next thousand, or RON 220,000,
may apply for a tax exemption, hereinafter referred to as the special tax relief conditions for the
operations described in Article 126 paragraph (1), excluding intra-Community supplies of new
means of transportation, which are exempted under Article 143, paragraph (2) letter a).
(2) The turnover serving as a reference for the application of paragraph (1) is formed of the total
value, not including the tax, in the case of taxable persons requesting the de-registration from
the VAT-payers’ records of the supplies of goods and services made by a taxable person during
a calendar year, taxable or, as appropriate, which would be taxable if they were not conducted
by a small enterprise, of operations resulting from economic activities for which the place of
supply/provision is considered to be abroad, if the tax were deductible, if these operations were
performed in Romania according to Article 145, paragraph (2), letter b), of exempt operations with
deductibility and of exempt operations without deductibility, as set out in Article 141, paragraph
(2), letters a), b), e) and f), unless they are incidental to the main activity, except for the following:
a) supplies of tangible or intangible assets, as defined in Article 125^1, paragraph (1), section 3,
made by taxable persons;
b) intra-community supplies of new means of transportation, exempted under Article 143 paragraph
(2), letter a).
(…)
(5) For the newly incorporated taxable persons, which start an economic activity during a calendar
year, the exemption ceiling is the one referred to in paragraph (1).
(6) The taxable person applying the special tax relief conditions and whose annual turnover referred
to in paragraph (2) is greater than or equal to the ceiling provided in paragraph (1) shall apply for
registration for VAT purposes according to Article 153, within 10 days from the time when the
said ceiling has been reached or exceeded. The date when the ceiling was reached or exceeded
is deemed to be the first day of the calendar month following the month in which the ceiling was
reached or exceeded.
The special tax relief conditions shall apply by the date of registration as a VAT payer, as per
Article 153. If the taxable person in question does not request or requests a late registration, the tax
authorities are entitled to set tax payment obligations and related accessories starting on the date
on which said taxable person should have been registered for taxation purposes, under Article 153.
(7) The taxable person registered as a VAT payer under Article 153 that, during the preceding
calendar year, has not exceeded the tax relief ceiling provided in paragraph (1) may request the
removal from the records of persons registered as a VAT payer under Article 153, in order to apply
for the special tax relief conditions, provided that, on the date when such application is filed, the
tax relief ceiling for the current year should not exceeded. The application may be submitted to the
tax authorities between the 1st and 10th day of each month following the tax period applied by the
taxable person, under Article 156^1.
136
60184_file_interior_lucian_v9.indd 136
11/5/2012 9:22:11 AM

The cancellation will be effective starting on the date when the decision to remove from the records
of persons registered as a VAT payer is notified. The tax authorities are required to solve the
applications for the removal from the records of persons registered as a VAT payer no later than the
end of the month in which such application is filed. Before the decision to cancel the registration
for VAT purposes is notified, the taxable person shall enjoy all of the rights and be bound by all
obligations incumbent upon VAT payers according to Article 153.
The taxable person that applies for de-registration must file the last tax return specified in Article
156^2, regardless of the taxation period applied under Article 156^1, until the 25 th day of the
month following the month in which the decision to cancel the VAT-payer’s status was notified. In
the tax return filed last, taxable persons are required to highlight the value resulting from the tax
adjustments, under this title.”
(…)
PRIME MINISTER,
VICTOR VIOREL PONTA
Also endorsed by:
Deputy Prime Minister,
The Ministry of Public Finances,
Florin Georgescu
The Minister of European Affairs,
Leonard Orban
The Minister of the Economy, Trade and
Business Environment
Daniel Chiţoiu
Bucharest, 6 June 2012
No. 24
137
60184_file_interior_lucian_v9.indd 137
11/5/2012 9:22:11 AM

60184_file_interior_lucian_v9.indd 138
11/5/2012 9:22:11 AM