Catalog ALB 2014.pdf

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Transcript of Catalog ALB 2014.pdf

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ISSN: 2067 – 5232

The Non-Banking Financial Institutions’ Market in RomaniaPiata Institutiilor Financiare Nebancare din Romania

2014

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Piata Institutiilor Financiare Nebancare din Romania – 2014

The Non-Banking Financial Institutions’ Market in Romania – 2014

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Coordonator al editiei: Drd Adriana AHCIARLIU – Secretar General, Asociatia Societatilor Financiare – ALB Romania Traducere:

Diplomat Consult, Parte a Invigors EMEA Euroverba Verificare traducere: Adriana AHCIARLIU Dana LEPADATU Tehnoredactare si grafica: Bogdan PICIU - Director Adjunct, Diplomat Consult, Parte a Invigors EMEA Raluca CATANA - Referent Economist, Diplomat Consult, Parte a Invigors EMEA Coperta: SC Copertex SRL Publicatie realizata de DIPLOMAT CONSULT SRL Pentru ASOCIATIA SOCIETATILOR FINANCIARE - ALB ROMANIA Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10, Bucuresti, sector 2, cod postal 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: [email protected] Web: www.alb-leasing.ro ISSN: 2067 – 5232 ISSN-L: 2067 – 5232 Distributie gratuita prin: SC Diplomat Consult SRL www.diplomatconsult.com

Reproducerea continutului acestei publicatii, integrala sau partiala, in forma originala sau modificata, precum si stocarea intr-un sistem de regasire sau transmitere sub orice forma si prin orice mijloace sunt interzise fara autorizarea scrisa a SC. Diplomat Consult SRL. Utilizarea continutului acestei publicatii, cu titlu explicativ sau justificativ, in articole, studii, carti este autorizata numai cu indicarea clara si precisa a sursei.

Coordinator of edition: Drd Adriana AHCIARLIU - Secretary General, Financial Companies Association – ALB Romania Translation:

Diplomat Consult, Part of Invigors EMEA Euroverba Proofreading: Adriana AHCIARLIU Dana LEPADATU Making-up and graph: Bogdan PICIU - Deputy Director, Diplomat Consult, Part of Invigors EMEA Raluca CATANA - Referent Economist, Diplomat Consult, Part of Invigors EMEA Cover: SC Copertex SRL Made by DIPLOMAT CONSULT SRL For FINANCIAL COMPANIES ASSOCIATION – ALB ROMANIA Address: 3, Gaetano Donizetti Street, 4-th floor, appart. 10, Bucharest, district 2, postal code 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: [email protected] Web: www.alb-leasing.ro ISSN: 2067 – 5232 ISSN-L: 2067 – 5232 Free of charge by: SC Diplomat Consult Ltd www.diplomatconsult.com

Reproducing the content of this publication, completely or partly, in original or modified, as well as its storage in a retrieval system, or transmitted, in any form and by any means are forbidden without written permission of the SC. Diplomat Consult Ltd. Using the content of this publication with explanatory or justifying title, in articles, studies, books is allowed only clearly and precisely indicating the source.

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Coordonator al editiei: Drd Adriana AHCIARLIU – Secretar General, Asociatia Societatilor Financiare – ALB Romania Traducere:

Diplomat Consult, Parte a Invigors EMEA Euroverba Verificare traducere: Adriana AHCIARLIU Dana LEPADATU Tehnoredactare si grafica: Bogdan PICIU - Director Adjunct, Diplomat Consult, Parte a Invigors EMEA Raluca CATANA - Referent Economist, Diplomat Consult, Parte a Invigors EMEA Coperta: SC Copertex SRL Publicatie realizata de DIPLOMAT CONSULT SRL Pentru ASOCIATIA SOCIETATILOR FINANCIARE - ALB ROMANIA Adresa: Str. Gaetano Donizetti nr. 3, et. 4, apart. 10, Bucuresti, sector 2, cod postal 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: [email protected] Web: www.alb-leasing.ro ISSN: 2067 – 5232 ISSN-L: 2067 – 5232 Distributie gratuita prin: SC Diplomat Consult SRL www.diplomatconsult.com

Reproducerea continutului acestei publicatii, integrala sau partiala, in forma originala sau modificata, precum si stocarea intr-un sistem de regasire sau transmitere sub orice forma si prin orice mijloace sunt interzise fara autorizarea scrisa a SC. Diplomat Consult SRL. Utilizarea continutului acestei publicatii, cu titlu explicativ sau justificativ, in articole, studii, carti este autorizata numai cu indicarea clara si precisa a sursei.

Coordinator of edition: Drd Adriana AHCIARLIU - Secretary General, Financial Companies Association – ALB Romania Translation:

Diplomat Consult, Part of Invigors EMEA Euroverba Proofreading: Adriana AHCIARLIU Dana LEPADATU Making-up and graph: Bogdan PICIU - Deputy Director, Diplomat Consult, Part of Invigors EMEA Raluca CATANA - Referent Economist, Diplomat Consult, Part of Invigors EMEA Cover: SC Copertex SRL Made by DIPLOMAT CONSULT SRL For FINANCIAL COMPANIES ASSOCIATION – ALB ROMANIA Address: 3, Gaetano Donizetti Street, 4-th floor, appart. 10, Bucharest, district 2, postal code 020182, Romania Tel: 021/ 230.61.52; 021 230.03.50 Fax: 021/230.61.32 E-mail: [email protected] Web: www.alb-leasing.ro ISSN: 2067 – 5232 ISSN-L: 2067 – 5232 Free of charge by: SC Diplomat Consult Ltd www.diplomatconsult.com

Reproducing the content of this publication, completely or partly, in original or modified, as well as its storage in a retrieval system, or transmitted, in any form and by any means are forbidden without written permission of the SC. Diplomat Consult Ltd. Using the content of this publication with explanatory or justifying title, in articles, studies, books is allowed only clearly and precisely indicating the source.

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Cuprins I. Cuvant inainte Adriana Ahciarliu, Secretar General ALB

II. Interviurile editiei 2014

II.1. Perspectivele pietei de leasing in anul 2015, Interviu cu Felix Daniliuc, CEO Raiffeisen Leasing, Presedinte ALB II.2. Evolutia creditului de consum din perspectiva Cetelem in 2014, Interviu cu Olivier Floris, CEO Cetelem, Vice Presedinte ALB III. Actualitati ale creditului de consum IFN III.1. Dinamica pietei creditelor de consum acordate de IFN-uri sub umbrela concluziilor studiului CE/DGSACNO privind “Supraindatorarea gospodariilor europene” III.2. Piata Creditului de consum IFN in Romania Septembrie 2013 – Septembrie 2014 (prezentare grafica) IV. Actualitati ale leasingului financiar IFN IV.1. Industria de Leasing – Sprijin pentru crestere in Romania Studiu realizat de Deloitte Romania IV.2. Piata Leasingului Financiar in Romania Septembrie 2013 – Septembrie 2014 (prezentare grafica) V. Texte legislative pentru IFN-uri publicate in perioada iunie 2013 – iunie 2014 (doar versiunea in limba Engleza) Prefata – Valeriu Popescu, CEO, Diplomat Consult, parte a Invigors EMEA Legea nr. 193 din 6 noiembrie 2000 privind clauzele abuzive din contractele incheiate intre profesionisti si consumatori – Republicare

Table of contents pag/page

I. Foreword Adriana Ahciarliu, ALB Secretary General II. Interviews of 2014 edition

II.1. Leasing market prospects for 2015, Interview with Felix Daniliuc, CEO Raiffeisen Leasing, President of ALB II.2. The evolution of consumer credit in 2014 from the perspective of Cetelem, Interview with Olivier Floris, CEO Cetelem, Vice President of ALB III. Updates of NBFI’s Consumer Credit III.1. The Dynamics of NBFI Consumer Credit Market in Romania Under the Umbrella of the DGSANCO/ EC Study on “The over-indebtedness of European households” III.2. NBFIs Consumer Credit in Romania September 2013 – September 2014 (graphic presentation)

IV. Updates of Financial Leasing NBFI’s

IV.1. Leasing Industry - Support for Growth in Romania A study by Deloitte Romania IV.2. Financial Leasing Market in Romania September 2012 – September 2013 (graphic presentation) V. Legislation for NBFI issued between June 2013 to June 2014 (only the English version) Forward – Valeriu Popescu, CEO, Diplomat Consult, part of Invigors EMEA Law No. 193 of 6 November 2000 on the abusive clauses in the contracts concluded between professionals and consumers – republished

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Legea nr. 85/2014 privind procedurile de prevenire a insolventei si de insolventa. Articole cu referire la IFN-uri. Hotararea nr. 421 din 20 mai 2014 pentru modificarea si completarea Normelor metodologice de aplicare a Legii nr. 571/2003 privind Codul Fiscal Ordonanta de Urgenta nr. 66 din 15 octombrie 2014 privind aprobarea Programului de stimulare a cumpararii de autoturisme noi

Law no. 85/2014 on procedures to prevent insolvency and of insolvency. Articles referring to NBFIs. Decision No. 421 of 20 May 2014 to amend and complement the Guidelines governing the enforcement of Tax Code Law No. 571/2003 Emergency Ordinance no. 66 of October 15th, 2014 regarding the approval of the Stimulus program to purchase new cars

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Adriana AHCIARLIU Secretar General ALB

Adriana AHCIARLIUALB Secretary General

CUVANT INAINTE Incerc sa scriu aceste randuri cat mai putin personalizat si cat mai mult din perspectiva institutionala. Anul acesta, Asociatia Societatilor Financiare Nebancare – ALB Romania implineste 10 ani de activitate. Voi incerca sa folosesc acest prilej, pentru a dedica aceasta scurta introducere deceniului care s-a implinit de la nasterea si renasterea IFN-urilor, din perspectiva celor trei dimensiuni: institutionala, profesionala, umana. Imi amintesc cu nostalgie de primavara anului 2004 cand, un grup de initiativa m-a invitat la o discutie informala si mi-a prezentat proiectul ALB. Era vorba de directorii generali ai Alpha Leasing, BRD Sogelease, Finans Leasing (astazi Credit Europe Leasing) si UniCredit Leasing care, prin leadership si viziune profesionala, si-au asumat paternitatea si start-up-ul acestei asociatii. Scopul anuntat era unul de constructie a cadrului de reglementare pentru desfasurarea activitatii de leasing in Romania si de promovare a celor mai bune practici in domeniu. Acesta a fost motivul pentru care asociatia a fost “botezata” cu numele de “Asociatia de Leasing Bancar – ALB Romania”. Membrii fondatori – subsidiare de leasing ale bancilor comerciale, nu si-au propus nicio clipa sa construiasca un instrument pentru acapararea intregii activitati definite ulterior cu abrevierea “IFN”. S-a intamplat insa ca, in procesul de promovare a proiectului legii speciale a leasingului si a legislatiei privind autorizarea si functionarea societatilor de leasing, legiuitorul sa decida includerea unei liste intregi de obiecte de activitate pe care le-a definit ca “activitate de tip creditare” iar institutiile cu astfel de

FOREWORD

I am trying to write these lines as little personalized and as much of the institutional perspective. This year, the Association of Non-Banking Financial Companies - ALB Romania is celebrating 10 years of activity. So I will try to take this opportunity to dedicate this brief introduction to this decade reached from birth and rebirth of NBFIs (non-banking financial institutions) from the perspective of following three dimensions: institutional, professional and human. I wistfully remember the spring of 2004, when an initiative group invited me to an informal meeting and introduced me the ALB’s project. It was about the managing directors of Alpha Leasing, BRD Sogelease, Finans Leasing (presently Credit Europe Leasing IFN SA) and UniCredit Leasing who, through their leadership and professional vision, assumed the paternity and the start-up of this association. The announced goal was to set up the regulatory framework for the leasing activity in Romania and to promote best practices in the field. That was why the association was "christened" with the name "Banking Leasing Association - ALB Romania". The founding members - leasing subsidiaries of the commercial banks, have not proposed any moment to build a tool for dominating all activities further defined by the abbreviation "NBFI". It happened, however, that in the promotion of the leasing special law draft and legislation regarding the authorization and operation of leasing companies, the legislator decided to include a full list of business activities defining as a "lending activity" while the institutions with such activity were required to bear the abbreviation NBFI. I can not help but remember that ALB’s members of

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activitate au fost obligate sa poarte abrevierea IFN. Nu pot sa nu amintesc faptul ca membrii de atunci ai ALB au reactionat impotriva unei definiri prin negatie si prin comparatie cu o alta categorie de institutii de credit! Primul proiect concret al ALB a fost de a amenda OG 51/1997 iar grupul de lucru dedicat proiectului a inceput munca in toamna anului 2004. Tot atunci, personal am initiat discutiile cu factorul decident, politic, cu referire la oportunitatea instituirii unei reglementari a activitatii de leasing. Au existat opinii pro si contra, s-au descris modele de reglementare comparative in diferite tari din Uniunea Europeana si s-a concluzionat ca, in contextul anului 2004, al pre-aderarii Romaniei la Uniunea Europeana, este mai sanatos sa incepem sa “desenam” o structura de autorizare si monitorizare a societatilor de leasing. Trebuie sa amintesc, pentru respectul fata de opinia exprimata la acel moment, faptul ca au fost membri ai Parlamentului doritori sa construiasca o structura similara CSA-ului, pentru tot ceea ce se regasea activ in piata financiara romaneasca si nu functiona sub umbrela BNR. Cu toate acestea, tocmai pentru ca ALB a actionat de la inceput ca o asociatie patronala, a promovat instituirea unui model de autorizare si monitorizare neutru, nepolitizat. Asa s-a nascut OG 28/2006 aprobata ulterior sub denumirea generica “legea IFN”. Sub “palaria” acestei noi legi s-au regasit si alte categorii de societati care insa, desi poarta in titulatura abrevierea IFN, sunt departe de domeniul de activitate al initiatorilor de facto a legii, respectiv membrii fondatori ai ALB. Evident, ma refer aici la societatile inscrise in Registrul de Evidenta al BNR. Pornind de la aceste proiecte de inceput, proiecte care au construit “Constitutia” societatilor de leasing, am continuat constructia institutionala a ALB prin convingerea unei majoritati semnificative a jucatorilor din piata sa adere la asociatie. In acest context, in 2005 ponderea de reprezentare a ALB, din punctul de vedere al volumului nou finantat dar si al portofoliilor existente, depasea cu mult 50% din totalul pietei.Au urmat apoi perioade in care am invatat impreuna cum sa standardizam munca noastra in ALB, in cadrul comitetelor tehnice, cum sa organizam mai bine metoda de oglindire a domeniului de activitate pe care il reprezentam si cum sa transparentizam rezultatele muncii noastre asociative.

that time reacted against a definition by negation and by comparison with another category of credit institutions! The first effective project of ALB was to amend the Government Ordinance no. 51/1997 and the project dedicated team started to work in the fall of 2004. At the same time I have personally initiated discussions with the political decision makers, on the opportunity of establishing a regulation for the leasing activity. There were pros and cons, regulatory models were described in comparison with different EU countries and they concluded that, in the context of 2004, the period preceding Romania’s accession to the European Union, it is healthier to begin to "draw" a structure for authorizing and monitoring the leasing companies. I have to mention, with respect for the opinion expressed at that time, that members of Parliament wanted to build a structure similar to ISC (Insurance Supervisory Commission) for all that was actively found on the Romanian financial market and did not work under the umbrella of NBR. However, as ALB acted from the beginning as an employers’ association, ALB has promoted the establishment of a non-politicized neutral authorizing and monitoring model. This is how the Government Ordinance no. 28/2006 was born, subsequently approved under the generic name "NBFI law". Under the "hat" of this new law, other categories of companies were found and although NBFI abbreviation is included in their name, they are far from the field of activity of de facto initiators of the law, namely the founding members of ALB. Here I am obviously referring to the companies recorded in NBR’s Evidence Register. Based on these early projects that have set up the "Constitution" of the leasing companies, we continued ALB’s institution building by convincing a significant majority of the market players to join the association. In this context, in 2005 the rate of ALB’s representation in terms of new financed volume and existing portfolios exceeded 50% from the market total. There were further periods when we have learned together how to standardize our work in ALB within technical committees, how to organize better method of reflecting the activity field that we represent and how to make our associative work results more transparent.

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Start up-ul ALB a reprezentat un proiect de pionierat de sistem pe care incercam sa il promovam in contextul in care in Romania, ne-membra UE la acea data, nu exista si prin urmare, nu functiona legea dialogului social. Cu toate acestea, in anul 2005 Guvernul Romaniei recunoaste ALB, printr-o scrisoare oficiala semnata de primul ministru de la acea data, ca partener de dialog in procesul de armonizare a legislatiei Romaniei in contextul pre-aderarii la Uniunea Europeana. Astfel, agenda ALB pentru perioada 2005-2007 s-a concentrat pe identificarea acelor texte de legislatie care urmau sa fie amendate si promovate in perioada de pre-aderare. Dincolo de acest aspect, consider oportun sa amintesc faptul ca “to do list” a cuprins si obligatiile pe care le-am asumat in cadrul Asociatiei fata de membrii sai dar si fata de autoritatile cu care eram in dialog permanent (Ministerul Finantelor Publice, Banca Nationala a Romaniei, Parlamentul Romaniei) sa propunem, pornind de la exemplele si practicile europene, o agenda legislativa care sa fie amendata, cu scopul armonizarii cu legislatia si practica europeana. In acest context, in anul 2006 a fost aprobata legea speciala a leasingului, legea IFN, a fost definit concret leasingul financiar si operational in Codul fiscal ca activitate de tip creditare. A urmat apoi pachetul de norme emise de BNR pentru a caror intelegere si aplicare pot spune ca era necesar sa construim un adevarat spirit de echipa in ALB. Cu acea echipa am reusit sa identificam la maximum felul in care putem sa construim un standard al profesiei si al produsului pe care il reprezentam. Trecerea de la statutul de SRL la cel de SA, auditarea externa, un nou standard contabil, impunerea unui sistem IT adecvat si a unei organigrame minimale prin text de lege in scopul autorizarii, toate acestea au constituit un moment de renastere a leasingului in Romania, care de aceasta data a fost urmat de “certificatul de nastere” mentionat in Registrul IFN al BNR. Am constatat in timpul acestor 10 ani ca este mai usor sa amendezi o lege decat sa impui un standard corect, din zona bunelor practici, de aplicare a legii. Acest deziderat a ramas pe lista actiunilor planificate in Asociatie ca un subiect de neinlaturat pana la momentul punerii lui in practica. Am reusit din acest punct de vedere sa promovam Codul de bune practici, insa caracterul permanent a ramas, intrucat aplicarea si imbunatarirea standardelor in industria

ALB’s start-up represented a project of pioneering system that we are trying to promote in the context in which Romania, a non-EU member state at that time, did not exist and therefore the law of social dialogue was not functioning. However, in 2005 the Romanian Government recognizes ALB, through an official letter signed by the Prime Minister at that time, as a dialogue partner in the process of harmonizing Romanian legislation in the context of Romania’s pre-accession to the European Union. Thus, ALB’s agenda for the period 2005 -2007 focused on identifying those texts of legislation that were to be amended, promoted during the pre-accession period. Beyond this, I consider it is appropriate to remind you that "to do list" also included the obligations that we have assumed within the Association to its members but also to the authorities we were in constant dialogue with (Ministry of Public Finance, National Bank of Romania, the Romanian Parliament) to propose, based on the examples and European practices, a legislative agenda to be amended in order to harmonize with European legislation and practice. In this context, the leasing special law, NBFI law, was approved in 2006, the financial and operational leasing was effectively defined in the Fiscal Code as lending activity. Afterwards, NBR issued the package of rules for whose understanding and application I can say that it was necessary for us to build a real team spirit within ALB. Together with that team, we have succeeded to identify the maximum way we can establish a standard regarding the profession and the area of activity that we represent. The transformation from a limited liability company into a joint-stock company, the external audit, a new accounting standard, the demand by law of a suitable IT system and of a minimal organization chart for purpose of authorization, all of the above-mentioned represented the rebirth of the leasing in Romania, that, this time, was followed by the "birth certificate" mentioned in NBR’s NBFI Register. During these 10 years we have found out that it is easier to amend a law than to set a correct standard for the law application in the area of good practices. This goal has remained on the list of planned actions within the Association as an unavoidable subject by the time of its implementation. In this regard we have succeeded to promote the Code of Best Practice, but the permanent character has remained, as the application and improvement of standards in the

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financiara trebuie sa fie un proces, o preocupare continua. Desi a aderat mai tarziu la ALB, creditul de consum a reusit sa recupereze viata asociativa si rezultatele aferente ei, in doar 6 ani de istorie in ALB, fiind astfel prima industrie reprezentativa care si-a asumat Codul de bune practici in creditul de consum in anul 2012. Consiliul creditului de consum a simtit necesitatea asumarii cat mai rapide a acestui Cod mai ales in contextul creat in practica prin armonizarea Directivei Creditului de Consum in Romania. Un an mai tarziu, leasingul financiar semneaza un Cod de bune practici asumat nu doar in relatia comerciala cu persoanele fizice dar si cu cele juridice. Dincolo de o lista intreaga de texte de legislatie promovate de la zero sau amendate in contextul enuntat mai sus, asumarea cu toata responsabilitatea profesionala a Codului de bune practici reprezinta un succes al oricarei organizatii patronale, o dovada a unei tendinte de autocontrol si autosupraveghere a unui standard autodefinit ca fiind cea mai buna practica in domeniu. Chiar daca primul proiect al ALB a fost sa promoveze un sistem de reglementare legislativa a domeniului de activitate pe care il reprezinta, faptul ca la 10 de ani de activitate, reprezentand acum mai mult de 90%din totalul afacerilor de leasing financiar si creditelor de consum acordate de IFN-uri din punct de vedere al volumelor finantate, poate puncta asumarea unui sistem impus de autocontrol al bunelor practici in domeniu, reprezinta atat o recunoastere a maturizarii actorilor din acest domeniu dar si un succes in identificarea acelui nucleu al industriei avand puterea sa uneasca jucatori care, zi de zi, se confrunta cu respect si loialitate la masa competitionala. 10 ani de istorie ai ALB reprezinta si o decada de experienta in coordonarea zilnica nu doar a secretariatului Asociatiei ci si a membrilor sai…e vorba nu de o coordonare in scop de impunere, ci cu scopul de a comunica zilnic cu ei pentru a le intelege problemele si prioritatile individuale si a-i aduce la acel numitor comun–liant, care construieste increderea, singura fundatie si singurul motor generator de crestere sustenabila.

financial industry should be a process, an ongoing concern. Although later joined ALB, the consumer credit companies have succeeded to recover the associative life and related results in only six years of history within ALB becoming the first representative industry assuming the Code of Best Practice on consumer credit in 2012. The Consumer Credit Council has perceived the need of assuming this Code as fast as possible in the context created in practice by the harmonization of the Consumer Credit Directive in Romania. One year later, the financial leasing signs The Code of Best Practice undertaken not only in the commercial relationship with the natural persons but also with the legal entities. Beyond a full list of legislation texts promoted from scratch or amended in the above-mentioned context, the undertaking with full professional responsibility of the Code of Best Practice represents a success of any employers’ organization, proving a self-control and self-monitoring tendency of a standard self-defined as being the best practice in the field. Although ALB’s first project was to promote a regulatory system for the field of activity represented, the fact that after 10-year activity ALB, representing now more than 90% out of the total business in financial leasing and NBFI consumer credit in terms of financed volumes, may point out the undertaking of a system demanded by self-controlling the best practices in the field represents both a recognition of the maturity of the actors in this field, but also a success in identifying that core of the industry having the power to put together players who are respectfully and fairly facing up at the competition table every day. 10 years of history of ALB represent a decade of experience in the daily coordination not only of the Association’s Secretary office but also of its members ... it is not about a coordination for purpose of command but for daily communication with them in order to understand their problems and individual priorities and bring them to that common ground that should build confidence, which is the only foundation and the only engine for generating a sustainable growth.

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II.1. Perspectivele pietei de leasing in anul 2015, Interviu cu Felix Daniliuc, CEO Raiffeisen Leasing IFN SA, Presedinte ALB

II.1. Leasing market prospects for 2015, Interview with Felix Daniliuc, CEO Raiffeisen

Leasing IFN SA, President of ALB

Perspectivele pietei de leasing in anul 2015

Estimarile ALB privind volumele pietei de leasing financiar, inregistrate in primele 9 luni ale anului 2014, indica o crestere de 19% fata de aceeasi perioada a anului trecut, rezultate menite sa intareasca optimismul jucatorilor din piata pentru finalul anului. Cum comentati aceasta evolutie a pietei? Dupa o perioada de stagnari si scaderi, incepand cu primul trimestru al acestui an si continuand cu luna septembrie, piata de leasing resimte intr-adevar, o consolidare fata de aceleasi intervale ale anului trecut. Asa cum am mai declarat anterior, industria de leasing este un barometru foarte specific al mersului economiei in ansamblu. Prin urmare, daca previziunile de crestere economica se vor confirma pentru finalul acestui an, vom asista, cel mai probabil, la cea mai buna dinamica a pietei de leasing din ultimii patru ani. Semnalele economice confirma afirmatia de mai sus, cresterea pietei de leasing fiind sustinuta in principal de finantarile auto, cu preponderenta vehicule comerciale grele, camioane si semiremorci, cererea mai mare pentru acestea indicand, la nivel economic, nevoia de dezvoltare existenta in piata transportatorilor. Camioanele grele, de peste 18 tone, utilizate cu precadere in transporturile internationale au fost cel mai dinamic segment al pietei autovehiculelor in primele noua luni din acest an, cu o crestere de 33%, potrivit datelor Asociatiei Producatorilor si Importatorilor de Automobile (APIA). In ceea ce priveste tipul clientilor de leasing financiar, din ce segmente a venit cea mai mare

Leasing market prospects for year 2015

ALB’s estimations regarding the volumes on the financial leasing market recorded in the first 9 months of 2014, indicate a 19% increase compared to the same period last year, results intended to strengthen the optimism of the market players at the end of the year. How do you comment this evolution of the market? After a period of stagnation and decline, the leasing market really experiences a consolidation over the same periods last year, beginning with the first quarter of this year and continuing with September. As I have previously stated, the leasing industry is a very specific barometer of the economy development as a whole. Therefore, if economic growth forecasts will be confirmed at the end of this year, we shall probably see the best dynamics of the leasing market over the last four years. The economic signals confirm the above statement, the leasing market growth being mainly supported by car purchase financing, predominantly heavy commercial vehicles, trucks and semi-trailers, the higher demand for these vehicles indicating, at economic level, the current market need to develop the transporters’ market. Heavy trucks heavier than 18 tons, notably used in international transport were the most dynamic segment of the automotive market in the first nine months of this year, with a 33% increase, according to Automotive Manufacturers and Importers Association data (APIA). Regarding the type of financial leasing clients, what are the market segments the most of the

II.1. Perspectivele pietei de leasing in anul 2015, Interviu cu Felix Daniliuc, CEO Raiffeisen Leasing IFN SA, Presedinte ALB

II.1. Leasing market prospects for 2015, Interview with Felix Daniliuc, CEO Raiffeisen

Leasing IFN SA, President of ALB

Perspectivele pietei de leasing in anul 2015

Estimarile ALB privind volumele pietei de leasing financiar, inregistrate in primele 9 luni ale anului 2014, indica o crestere de 19% fata de aceeasi perioada a anului trecut, rezultate menite sa intareasca optimismul jucatorilor din piata pentru finalul anului. Cum comentati aceasta evolutie a pietei? Dupa o perioada de stagnari si scaderi, incepand cu primul trimestru al acestui an si continuand cu luna septembrie, piata de leasing resimte intr-adevar, o consolidare fata de aceleasi intervale ale anului trecut. Asa cum am mai declarat anterior, industria de leasing este un barometru foarte specific al mersului economiei in ansamblu. Prin urmare, daca previziunile de crestere economica se vor confirma pentru finalul acestui an, vom asista, cel mai probabil, la cea mai buna dinamica a pietei de leasing din ultimii patru ani. Semnalele economice confirma afirmatia de mai sus, cresterea pietei de leasing fiind sustinuta in principal de finantarile auto, cu preponderenta vehicule comerciale grele, camioane si semiremorci, cererea mai mare pentru acestea indicand, la nivel economic, nevoia de dezvoltare existenta in piata transportatorilor. Camioanele grele, de peste 18 tone, utilizate cu precadere in transporturile internationale au fost cel mai dinamic segment al pietei autovehiculelor in primele noua luni din acest an, cu o crestere de 33%, potrivit datelor Asociatiei Producatorilor si Importatorilor de Automobile (APIA). In ceea ce priveste tipul clientilor de leasing financiar, din ce segmente a venit cea mai mare

Leasing market prospects for year 2015

ALB’s estimations regarding the volumes on the financial leasing market recorded in the first 9 months of 2014, indicate a 19% increase compared to the same period last year, results intended to strengthen the optimism of the market players at the end of the year. How do you comment this evolution of the market? After a period of stagnation and decline, the leasing market really experiences a consolidation over the same periods last year, beginning with the first quarter of this year and continuing with September. As I have previously stated, the leasing industry is a very specific barometer of the economy development as a whole. Therefore, if economic growth forecasts will be confirmed at the end of this year, we shall probably see the best dynamics of the leasing market over the last four years. The economic signals confirm the above statement, the leasing market growth being mainly supported by car purchase financing, predominantly heavy commercial vehicles, trucks and semi-trailers, the higher demand for these vehicles indicating, at economic level, the current market need to develop the transporters’ market. Heavy trucks heavier than 18 tons, notably used in international transport were the most dynamic segment of the automotive market in the first nine months of this year, with a 33% increase, according to Automotive Manufacturers and Importers Association data (APIA). Regarding the type of financial leasing clients, what are the market segments the most of the

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parte a solicitarilor anul acesta? Cum s-a conturat in 2014 profilul clientului de leasing financiar? Principalii clienti ai serviciilor de leasing financiar sunt persoane juridice sectorul reprezentand aprox. 88% din total, iar cel de retail 12%. In 2014, in continuare, IMM-urile au ramas cele mai active, pe acest segment concencentrandu-se majoritatea finantarilor. In ceea ce priveste profilul clientilor, am remarcat si in 2014 tendinta de maturizare in piata si as face referire, in primul rand, la piata transportatorilor. Pe acest segment, clientii au dat dovada de gandire de perspective si planificare pentru afacerile lor si au inteles faptul ca, pentru a-si pastra competitivitatea in piata, trebuie sa investeasca in tehnologii mai noi. Prin urmare, daca in prima parte a anului s-au mai achizitionat vehicule EURO 5, foarte multi transportatori au optat pentru mijloacele de transport EURO 6, chiar daca la un cost mai ridicat, care le asigura accesul pe toate pietele europene, deci nu le limiteaza afacerea. O parte din costuri si le reduc oricum, anumite tari percepand taxe de drum mult mai mari pentru vehiculele cu motorizare EURO 5, fata de cele cu motorizare EURO 6. Care sunt principalele directii pe care se va concentra industria leasingului financiar in anul 2015? Care sunt principalele initiative la care lucrati la nivelul ALB? Daca ar fi sa ne referim la principalele initiative ale asociatiei pentru anul 2015, putem spune ca inca din acest an se lucreaza la un plan de actiune pentru perioada urmatoare, si care vizeaza trei mari directii: Schimbarea perceptiei clientilor cu privire la leasing, pozitionarea leasingului ca solutie de finantare cu multiple beneficii si implicarea comunitatii de leasing in actiuni de CSR. Schimbarea perceptiei clientilor cu privire la leasing. In sensul schimbarii perceptiei clientilor cu privire la produsul de leasing, la nivelul asociatiei, am lansatanul acesta un „Cod de bune practici”, proiect care implica asumarea unor responsabilitati pe termen lung, atat intre membrii, cat si fata de clienti . Principalele directii cuprinse in cod vizeaza calitatea serviciilor, transparentizarea procesului de finantare si un tratament corect fata de client. Codul va fi

requirements came from this year? How was the profile of the financial leasing client outlined in 2014? The main clients of financial leasing services are legal persons, this sector representing approximately 88% of the total and the retail sector representing 12%. In 2014, SMEs still remained the most active sector, most of the financing being focused on this segment. With regard to the clients’ profile, I also noticed a tendency of the market maturity in 2014 and I would first refer to the transporters’ market. In this segment, the clients have shown a perspective thinking and planning for their business and understood that they must invest in newer technologies in order to maintain competitiveness on the market. Therefore, if EURO 5 vehicles were still purchased in the first half of the year, many transporters have opted for EURO 6 transport means, even if at a higher cost, enabling their access to all European markets, without limiting their business. A part of the costs are reduced anyway, some countries charging higher road tolls for Euro 5 vehicles, as compared to EURO 6 vehicles. What are the main directions the financial leasing industry in 2015 will focus on? What are the main initiatives at ALB level? If we would refer to the main initiatives of the association for 2015, we can say that we are working on an action plan for the next period, aiming at three main directions: Changing the clients’ perception on leasing, leasing positioning as many benefits financing solution and leasing community involvement in CSR activities. Changing the clients’ perception on leasing. For changing the clients' perception on the leasing product, at the association’s level, we issued a "Code of Practice" this year, a project which involves assuming certain long-term responsibilities, both between members, and also towards clients. The main directions included in the code aim at the quality of services, the financing process transparency and a fair treatment of the client. The

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aplicat efectiv incepand cu anul 2015. Pozitionarea leasingului ca solutie de finantare cu multiple beneficii. Printre principalele preocupari ale membrilor asociatiei, se numara si pozitionarea leasingului in piata, ca solutie de finantare cu beneficii multiple, cu accent pe cele fiscale si de adresabilitate. Pentru o comunicare cat mai obiectiva din partea asociatiei pe aceasta tema, se lucreaza in prezent in colaborare cu o companie de consultanta la un studiu care sa evidentieze efectul direct pe care leasingul il are in formarea PIB-ului, in finantarea de diverselor tipuri de active. Perioada analizata este 2008-2013 si vizeaza si tarile din regiune. Astfel de comparatii ne vor ajuta sa comunicam cu mai mult continut si relevanta cu principalele institutii din sfera guvernamentala si de reglementare.

Code will be actually applied since 2015. Leasing positioning as many benefits financing solution. One of the main concerns of the association’s members is the leasing positioning on the market, as many benefits financing solution, focusing on fiscal issues and addressability. For a more objective communication of the association on this subject, we are permanently working in collaboration with a consulting company on a study that should point out the direct effect the leasing has on GDP (Gross Domestic Product), for the financing of various types of assets. The analysed period is 2008-2013 and also covers the countries in the region. Such comparisons will help us to have a high-content and relevant communication with the main government and regulatory institutions.

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II.2. Interviu cu Olivier Floris CEO al Cetelem IFN SA Vicepresedinte ALB

II.2. Interview with Olivier FlorisCEO of Cetelem IFN SA

Vicepresident of ALB Evolutia creditului de consum din perspectiva

Cetelem in 2014 Cetelem IFN - cea mai mare companie de credite de consum de pe piata din Romania, membra a grupului francez BNP Paribas - ofera credite de consum in magazinele partenere, carduri de credit sub sigla Mastercard, credite auto si credite de nevoi personale cu acordare prin telefon sau Internet. Domnul Olivier Floris, Director General al companiei, a prezentat intr-un scurt interviu evolutia companiei in primele 9 luni din 2014 : 1. Cum considerati evolutia companiei Cetelem in primele noua luni din 2014, comparativ cu aceeasi perioada din 2013 si care au fost principalele coordonate ale strategiei sale de dezvoltare in perioada analizata? Primele 9 luni ale anului 2014 au marcat o crestere de aproape 20 % a creditelor acordate, fata de aceeasi perioada a anului trecut, ceea ce confirma dinamica din ultimii 3 ani. Factorii de crestere sunt bazati, pe de o parte, pe cresterea consumului la nivel national, si, pe de alta parte pe dezvoltarea parteneriatelor strategice cu piata de retail, pe accesul la domenii noi pentru compania noastra, cum ar fi comertul electronic si finantarea autoturismelor second hand. Strategia noastra este construita in jurul consumatorilor, iar gradul de satisfactie al clientilor nostri reprezinta un obiectiv comercial important, ca si dezvoltarea intregii noastre activitati. 2. In materie de produse si servicii noi, care sunt noutatile? Cetelem are in vedere un plan de dezvoltare pe termen mediu si lung cu focus pe digital, plasand

The evolution of consumer credit in 2014 from the perspective of Cetelem

Cetelem IFN – the biggest consumer credit company on Romanian market, a member of the BNP Paribas Group – is offering consumer loans in the partner stores, credit cards MasterCard branded, car loans and personal loans with granting via phone or Internet. Mr. Olivier Floris, General Manager of the company, presented the company evolution in the first 9 months of 2014 in a short interview: 1. How do you see the evolution of Cetelem in the first 9 months of 2014, in comparison with the same period of 2013 and what were the main criteria of its development strategy during the analyzed period? The first 9 months of 2014 recorded a growth of nearly 20% of granted loans, compared to the same period of the previous year, which confirms the dynamics over the past 3 years. The growth factors are based, on one hand, on the growth of consumption at national level, and, on the other hand, on the development of strategic partnerships in retail, on accessing new sectors for our company, such as e-commerce and second hand car financing. Our strategy is built around consumers, and the satisfaction degree of our clients represents an important commercial objective, as well as the development of our entire activity. 2. In terms of new products and services, what are the novelties? Cetelem is considering a medium and long term development plan focusing on digital, placing

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tehnologia moderna in inima companiei, la dispozitia clientilor nostri. Investim in tehnologiile digitale pentru a armoniza toate interfetele cu clientii, optimizandu-le in timp real.In acest context, vom anticipa obiceiurile clientilor nostri, pentru a fi prezenti cu oferta potrivita, la momentul potrivit, pe canalul potrivit. In acest sens, in 2014 am relansat site-ul cetelem.ro utilizand tehnologia „Responsive Web Design” care asigura utilizatorilor finali o experienta unitara pe platformele mobile. In plus, tot din 2014, Cetelem, este prima Institutie Financiara Nebancara din tara care pune gratuit la dispozitia clientilor o platforma de e-banking. Prin intermediul acestui serviciu, Cetelem vizeaza simplificarea accesului clientilor la informatii legate de contractele de credit sau de card, asigurand totodata sporirea confortului si mentinerea securitatii in efectuarea tranzactiilor. 3. Cum a evoluat portofoliul de carduri pentru primele noua luni ale anului in curs, comparativ cu aceeasi perioada a anului trecut? Portofoliul de carduri a ajuns la sfarsitul lunii septembrie la 396.500 unitati, in crestere cu peste 11% fata de aceeasi perioada a anului trecut. Cetelem este unul dintre primii trei emitenti de carduri de credit de pe piata locala; de asemenea am lansat cel mai mare numar de programe co-branded cu partenerii din retail de pe piata locala (8). Desfasuram in permanenta campanii de promovare, impreuna cu partenerii nostri, pe care le consideram a fi atractive pentru clientii nostri, si reprezinta un punct de plecare pentru o colaborare pe termen lung, bazata pe incredere reciproca. Performanta deosebita pe care o are Cetelem pe piata cardurilor de credit a fost premiata in luna mai a acestui an, Cetelem remarcandu-se printre cele mai prestigioase banci din Romania cu un premiu important: Cel mai vandut card de credit – MasterCard standard. 4. Care a fost trasatura definitorie a creditelor destinate consumului personal, sub raportul cererii in primele noua luni din 2014, comparativ cu 2013? Lucrarile de amenajare raman prima destinatie a creditelor de nevoi personale, cererea fiind in crestere atat ca numar, cat si in valoare. Sunt semnele unei evolutii pozitive a increderii consumatorilor in

modern technology in the heart of the company, at our clients’ disposal. We invest in digital technologies to harmonize all interfaces with clients, optimizing them in real time. In this context we anticipate our clients’ habits, to be present with the right offer at the right time on the right channel. In this regard, in 2014 we relaunched the site www.cetelem.ro using the "Responsive Web Design" technology which provides unified end-user experience on mobile platforms. In addition, throughout 2014, Cetelem is the first non-banking financial institution in the country which offers its clients a free e-banking platform. Through this service, Cetelem aims to simplify the clients’ access to information related to credit card contracts, while enhancing comfort and maintaining security in the transactions. 3. How did the card portfolio evolve during the first 9 months of the current year, compared to the same period of the previous year? The cards portfolio reached 396,500 units at the end of September, up by over 11% compared to the same period of the last year. Cetelem is one of the first 3 credit card issuers on the local market; at the same time, we launched the biggest number of co-branded programs with retail partners on the local market (8). We are permanently holding promotional campaigns together with our partners, which we believe to be attractive for our clients, and it represents a starting point to a long-term relationship, based on mutual trust. The outstanding performance of Cetelem in terms of credit cards was awarded in May this year. Among all the banks in Romania, Cetelem received the award for “the best selling credit card - MasterCard standard”. 4. What was the defining feature of personal consumption loans, given the demand ratio in the first 9 months of 2014, compared to 2013? Renovation and redecoration remain the primary destination of the personal loans, as the demand is increasing both in number and in value. These are the signs of a positive evolution in the consumers’ trust

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potentialul propriu de dezvoltare. Tot in acest an, am lansat si doua campanii publicitare TV care au vizat informarea publicului despre beneficiile creditului nostru de nevoi personale atragand atentia in mod special asupra DAE competitiv si a accesibilitatii prin telefon sau internet. 5. Ce ne puteti spune despre activitatea companiei in relatia cu clientul pana la finele acestui an? Cetelem este in permanenta preocupat de cresterea gradului de satisfactie al clientilor din portofoliu, acorda o atentie deosebita relatiilor cu fiecare client, isi adapteaza ofertele si produsele in functie de asteptarile si nevoilor acestora. Masuram semestrial nivelul de satisfactie al clientilor din portofoliu. Am demarat acest proiect in 2008, si il derulam prin intermediul companiei de cercetare IPSOS Loyalty. Conform ultimul raport din acest an, 96% dintre clienti se decalara multumiti de serviciile si produsele de creditare de la Cetelem. Pentru atingerea acestor parametri de calitate am implementat un plan de actiune permanent. Clientii nostri apreciaza in primul rand calitatea informatiilor primite, abilitatile de comunicare ale echipelor, precum si accesibilitatea serviciilor noastre. In 2015 Cetelem va continua sa investeasca in optimizarea si eficientizarea ofertelor sale, pentru a asigura clientilor sai servicii la standarde inalte, adaptate la cerintele acestora si tendintele actuale ale pietei de profil.

in their own development potential. Also this year, we launched two TV advertising campaigns that aimed at informing the public about the benefits of our credit personal loans attracting attention especially on competitive APR and accessibility by phone or internet. 5. What can you tell us about the activity of your company in the relation with the client till the end of this year? Cetelem is permanently focused on increasing the satisfaction degree of the clients in our portfolio, grants special attention to the relationship with each client, and adapts its offers and products according to their needs and expectations. We do a bi-yearly measurement of the satisfaction degree of the clients in our portfolio. We started this project in 2008, and we carry it out through the IPSOS Loyalty research company. According to the last report of this year, 96% of the clients are satisfied with Cetelem credit services and products. We have implemented a permanent action plan to reach these quality parameters. Our clients appreciate, first of all, the quality of information received, the staff communication skills, as well as the convenience of our services. In 2015 Cetelem will continue to invest in optimizing and streamlining its offerings to provide its clients high standard services tailored to their requirements and current market trends in the field.

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III. Actualitati ale creditului de consum IFN

III.1. Dinamica pietei creditelor de consum acordate de IFN-uri sub umbrela concluziilor studiului CE/DGSACNO privind

“Supraindatorarea gospodariilor europene”

III.2. Piata Creditului de Consum IFN in Romania Septembrie 2013 – Septembrie 2014

III. Updates of NBFI’s Consumer Credit

III.1. The Dynamics of NBFI Consumer Credit Market in Romania under the Umbrella of the DGSANCO/

EC Study on “The over-indebtedness of European households”

III.2. NBFIs Consumer Credit in Romania September 2013 – September 2014

Leasing de înaltă performanţăwww.bcr-leasing.ro

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III. Actualitati ale creditului de consum IFN

III.1. Dinamica pietei creditelor de consum acordate de IFN-uri sub umbrela concluziilor studiului CE/DGSACNO privind

“Supraindatorarea gospodariilor europene”

III.2. Piata Creditului de Consum IFN in Romania Septembrie 2013 – Septembrie 2014

III. Updates of NBFI’s Consumer Credit

III.1. The Dynamics of NBFI Consumer Credit Market in Romania under the Umbrella of the DGSANCO/

EC Study on “The over-indebtedness of European households”

III.2. NBFIs Consumer Credit in Romania September 2013 – September 2014

Leasing de înaltă performanţăwww.bcr-leasing.ro

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Adriana AHCIARLIU Secretar General ALB

Adriana AHCIARLIUALB Secretary General

Dinamica pietei creditelor de consum acordate de IFN-uri sub umbrela concluziilor studiului CE/DGSACNO privind “Supraindatorarea

gospodariilor europene”

1. Introducere

Asa cum am mentionat deja in "Cuvantul inainte" din acest anuar, Asociatia a inceput sa reprezinte creditul de consum acordat de IFN-urile din Romania ca o recunoastere directa a calitatii serviciilor pe care le ofera membrilor sai, precum si ca urmare a faptului ca Legea 93 (Legea IFN-urilor) reglementeaza piata pe baza unei definitii unice a societatilor financiare nebancare.

"Apogeul" creditului de consum in ALB a fost realizat in 2010, cand legiuitorul roman a "importat" local Directiva privind creditul de consum (D.C.C.). Fiind activa la nivelul dialogului social, ALB direct si indirect, prin agentia sa de lobby desemnata (Diplomat Consult - parte a INVIGORS EMEA) a lucrat intens in scopul armonizarii corecte a Directivei D.C.C. in România, iar rezultatul a fost unul pozitiv. Ca urmare a armonizarii depline, in conditiile unui calendar obligatoriu la nivelul tuturor Statelor membre UE, directia responsabila la nivelul Comisiei Europene, a efectuat un studiu cu privire la supraindatorarea gospodariilor din Europa. Sunt mandra ca suntem unul dintre detinatorii de expertiza locali intervievati in scopul realizarii acestui studiu. Inainte de a va invita sa analizati reprezentarea grafica a evolutiei creditului de consum acordat de IFN-urile din Romania in perioada analizata, va invit sa acordati 5 minute pentru a citi o scurta prezentare

The Dynamics of NBFI Consumer Credit Market in Romania Under the Umbrella of the DGSANCO/ EC Study on “The over-indebtedness of European households”

1. Introduction

As I have already mentioned in the “Forward” to this annual book, the Association has started to represent the NBFI consumer credit in Romania as a direct recognition of the quality of the services it offers to its members as well as a result of the fact that the Law 93 ( NBFI’s Law) is regulating the market under one single definition of the non - banking financial companies.

The “apogee” of the consumer credit dimension in ALB was realized in 2010 when the Romanian legislator has “imported” in a very local manner the Consumer Credit Directive (C.C.D.). Being active at the level of the social dialogue, ALB directly and indirectly through its commissioned lobby agency ( Diplomat Consult – part of INVIGORS EMEA) has worked deeply and fully committed to the purpose of a correct harmonization in Romania of the C.C.D. Directive and the result was a positive one. Following the full harmonization in term of compulsory calendar at the level of all E.U. Member States the responsible directorate at the level of European Commission has conducted a study on the over-indebtness of households all over Europe. I am proud to be one of the local stakeholders interviewed for the purpose of this study. Before inviting you to analyze the graphic representation of the Romanian NBFI consumer credit evolution during the last analyzed period I am kindly inviting you offer 5 minutes for reading a brief

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a concluziilor si invataturilor ce reies din studiul mentionat mai sus.

2. Rezumat al studiului privind "Supraindatorarea gospodariilor europene: prezentarea actualizata a situatiei, natura si cauzele, efectele si initiativele pentru atenuarea impactului acestora", realizat pentru Directia Generala pentru Sanatate si Consumatori (DG SANCO) si elaborat de Directia de Consultanta civica a Consortiului de Evaluare a Politicii Consumatorului (CPEC)

Scopul acestui studiu a fost de a oferi o imagine sistematizata, standardizata si comparativa a situatiei supraindatorarii populatiei din toate statele membre UE. Studiul acopera masurile luate in intreaga Uniune Europeana pentru a atenua efectele supraindatorarii precum si organizatiile care activeaza in acest domeniu. O prima concluzie a Studiului este ca nu exista o definitie operationala comuna a supraindatorarii gospodariilor europene. In consecinta, a fost conceputa o definitie, special pentru prezentul studiu, care a fost adusa la cunostinta persoanelor intervievate, pentru a folosi ca punct de referinta pentru discutiile privind propriile definitii ale termenului de „ supraindatorare”. Conform acestei definitii, "gospodăriile sunt considerate supraindatorate, dacă acestea au – permanent – dificultati in a-si indeplini angajamentele (sau si le indeplinesc cu intarziere), indiferent daca acestea se refera la plata obligatiilor ce tin de credite garantate sau negarantate sau la plata chiriei, a utilitatilor sau a altor cheltuieli casnice. Supraindatorarea poate fi reprezentata, de exemplu, prin intarzieri la plata ratelor de credit, incapacitate totala de plata a creditelor, datorii la utilitati/chirie sau inceperea unor proceduri administrative, precum procedura insolventei consumatorilor. Dificultatea de a integra in mod fiabil o gama larga de indicatori, precum si lipsa generala de interes exprimata de cei vizati, intr-o mai buna definire a termenului de supraindatorare, sugereaza ca ar putea fi momentul sa se renunte la incercarea de a defini cu precizie un termen pe care multi oameni par sa-l gaseasca inutil, urmand sa se tina cont de faptul ca elementul comun al definitiilor existente ale "supraindatorarii", este faptul ca gospodariile au

of the conclusions and lessons to learn coming out of the above mentioned study.

2. Brief of the Study on “The over-indebtedness of European households: updated mapping of the situation, nature and causes, effects and initiatives for alleviating its impact” conducted for Directorate General Health and Consumers (DG SANCO) and prepared by Civic Consulting of the Consumer Policy Evaluation Consortium (CPEC)

The aim of this study was to provide a systematic and comparable snapshot of the situation of households' over-indebtedness in all EU Member States. It covers the measures in place across the European Union to alleviate the effects of over-indebtedness and the organizations that are active in this field. A first conclusion of the Study is that there is no common European operational definition of household over-indebtedness does not exist. As a consequence, a specific definition was composed for the present study, which was provided to interviewees in advance as a reference for the discussion about their own specific definitions of over-indebtedness. According to this definition,” households are considered over-indebted if they are having – on an on-going basis – difficulties meeting (or falling behind with) their commitments, whether these relate to servicing secured or unsecured borrowing or to payment of rent, utility or other household bills. This may be indicated by, for example, credit arrears, credit defaults, utility/rent arrears or the use of administrative procedures such as consumer insolvency proceedings. The difficulty of reliably integrating a wide array of indicators, and the general lack of interest expressed by stakeholders in a better definition of the term over-indebtedness, suggests that the time may have come to abandon the attempt to precisely define a term that many people seem to find unhelpful, while bearing in mind that the common element of the existing definitions of "over-indebtedness" is that households suffer on-going difficulties to meet

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dificultati permanente in a-si respecta angajamentele financiare de orice natura. In schimb, accentul ar putea fi pus pe identificarea problemelor cheie care conduc la dezvoltarea unor indicatori relevanti care ajuta la urmarirea acestora. Pentru a putea face asta, este util sa se imparta "supraindatorarea", in doua dimensiuni:

1. tipul de angajament financiar 2. natura problemei (nivelul angajamentelor sau

incapacitatea de a le indeplini, atunci cand acestea devin scadente).

Cele mai importante subiecte pe care se concentreaza studiul vizau nivelul de supraindatorare, tipurile si cauzele dificultatilor financiare ale gospodariilor, consecintele supraindatorarii si masurile care trebuie luate in considerare si apoi aplicate. Cele mai importante mesaje si lectii invatate sunt structurate in studiu, de catre autori, in cinci mesaje si lectii-cheie pentru factorii de decizie politica, acestea fiind prezentate mai jos. Aceste concluzii cheie sunt bazate pe ipotezele: (rezumat al concluziilor)

1. supraindatorarea este un fenomen complex, social, cu multiple fatete, cauzat si agravat de o combinatie de factori;

2. sunt necesare date solide si in timp util pentru a facilita informarea factorilor politici din statele membre;

3. exista beneficii sociale si economice reale pentru statele membre, asociate cu prevenirea si combaterea supraindatorarii;

4. este nevoie de un raspuns multi-dimensional si integrat al politicilor guvernamentale;

5. obiectivul politicii de dezvoltare ar trebui sa fie prevenirea si rezolvarea supraindatorarii, nu doar atenuarea sau gestionarea acesteia.

Analiza statistica efectuata pentru acest studiu este in concordanta cu punctul de vedere al noua din zece dintre partile interesate intervievate, care consta in faptul ca factorii macro-economici se numara printre cele mai importante cauze ale dificultatilor financiare. Dovezile din analiza legăturilor de corelaţie dintre fenomene si cercetarile anterioare sprijina ipoteza ca un nivel mai ridicatal valorii creditelor de consum pune gospodariile intr-o situatie financiara mai riscanta, acestea fiind susceptibile de a inregistra

financial commitments of any nature. Instead, the focus could be on identifying the key policy concerns that exist and developing reliable indicators to help to track them. In doing this, it is useful to deconstruct 'over-indebtedness' in two dimensions:

1. the type of financial commitment 2. the nature of the concern (level of

commitments or inability to meet them when they fall due).”

The most important topics that the study was focusing on were targeting the level of over-indebtedness, the types and causes of the households in financial difficulties, the consequences of over-indebtness and the measures to be further considered and applied. The main messages and lessons learnt are concluded by the authors in five key messages and lessons for policymakers emerging from the study, and these are summarized below. “These key conclusions are based on the assumptions: (resume of the findings)

1. over-indebtedness is a complex, multi-faceted, social phenomenon, caused and compounded by a combination of factors.

2. there is a need for more timely and robust data to facilitate informed policymaking within Member States;

3. there are real social and economic benefits to Member States associated with preventing and addressing over-indebtedness;

4. there is a need for a multi-dimensional and integrated government policy response;

5. the aim of policy development should be to prevent and resolve over-indebtedness, and not just to alleviate or manage it.

Statistical analysis conducted for this study is consistent with the view of nine in ten of the stakeholders interviewed that macro-economic factors are among the most important causes of financial difficulties. Evidence from correlational analysis and previous research supports the hypothesis that higher levels of consumer credit outstanding put households in a riskier financial position, that is, that they are more likely to have arrears on hire-purchase or other loans,

Page 25: Catalog ALB 2014.pdf

21

datorii la alte tipuri de credite (leasing, ipotecare), precum si intarzieri la plata facturilor de utilitati. Astfel, acesta poate fi cazul in care consumatorii cu venituri mai mici, cel mai probabil, vor contracta credite pentru a plati datoriile la plata facturilor de utilitati sau alte costuri cu locuinta, dar nu au existat suficiente date pentru a verifica ipotezele din acest studiu. Majoritatea celor avizati cred ca exista o relatie, o dependenta intre atitudinea culturala, perceptia fata de dobandirea datoriilor personale si nivelul efectiv al supraindatorarii gospodariei. Cei avizati, care au observat o schimbare in atitudinile culturale, au remarcat faptul ca s-a atribuit o importanta semnificativa cazurilor fara datorii. Aceasta atitudine s-a schimbat recent, ca urmare a unui mix al evolutiilor din sectorul financiar, inclusiv introducerea (urmare a marketingului agresiv) unei varietati de noi produse financiare insotite de vehicularea teoriilor si a modelului cultural privind beneficiile consumului. Masurile de prevenire si combatere a supraindatorarii consumatorilor trebuie sa aiba in primul rand in vedere seria de factori ce o cauzeaza si rezolvarea acesteia la nivel de gospodarie. Prezentul studiu a identificat urmatorii factori:

- Economici (ex: deficientele pietei si somaj); - Sociali (ex: inegalitatea de sanse, lipsa

accesului la finantare, si saracia); - Institutionali (ex: imprumuturi iresponsabile

si criza creditelor); - Individuali (ex: proasta gestionare a banilor si

evenimente neasteptate); - Culturali (ex: predominand atitudinile fata de

standardul de viata si contractarea de imprumuturi).

Desi nu sunt disponibile date cuantificabile relevante pentru perioadele premergatoare crizei si post criza, cauzele exogene de supraindatorare, cum ar fi factorii macroeconomici negativi pot avea un impact mai mare asupra gospodariilor in timpul crizei decat in perioada premergatoare acesteia. Cateva din cauzele posibile de supraindatorare analizate in acest studiu, cum ar fi somajul, au crescut, uneori substantial, in majoritatea tarilor. Masurile de austeritate ca raspuns la criza datoriilor publice in statele membre, nu au inclus doar reduceri ale beneficiilor sociale si ale nivelurilor salariului minim, dar si cresteri de taxe si reduceri ale salariilor angajatilor din sectorul public. Combinate, acestea au ca efect reducerea nivelurilor

and arrears on utility bills. Alternatively, it may be the case that consumers with lower incomes may be more likely to take out loans in order to pay arrears on utility bills or housing costs, but there was insufficient data available to verify either of these hypotheses in this study. A majority of stakeholders believe that there is a relationship between the cultural attitude towards incurring personal debt and the actual level of household over-indebtedness. Stakeholders who observed a change in cultural attitudes noted that historically a lot of significance used to be attributed to being debt-free. This attitude has changed recently as a result of a combination of developments within the financial sector including the introduction (and aggressive marketing) of a variety of new financial products accompanied by cultural valorization of consumption. Policy measures to prevent and tackle consumer over-indebtedness must first have regard to the range of factors that combine to cause and compound it at the household level. This study has identified these factors in general to be:

- Economic (e.g. market failure and unemployment);

- Social (e.g. inequality of opportunity, financial exclusion, and poverty);

- Institutional (e.g. irresponsible lending and credit crunch);

- Individual (e.g. money mismanagement and unexpected life events);

- Cultural (e.g. prevailing attitudes around standards of living and borrowing).

While relevant quantifiable data is not available for the pre and post crisis periods, exogenous causes of over-indebtedness such as adverse macroeconomic factors may have a greater impact on households during the crisis than before. Several of the potential causes of over-indebtedness analyzed in this study, such as unemployment, have increased in most countries, sometimes substantially. Austerity measures in response to the sovereign debt crisis in Member States have not only included cuts in social benefits and levels of the minimum wage, but also tax increases and reductions in wages of public sector employees. Combined, these have the effect of reducing the

Page 26: Catalog ALB 2014.pdf

22

salariilor reale in mai multe gospodarii, care este resimtita la nivelul gospodariilor cu datorii, ca un soc cauzat de scaderea brusca a veniturilor. Acest soc poate impinge gospodariile care erau solvente catre supraindatorare sau poate exacerba dificultatile financiare ale celor care se afla deja in dificultate. Pe de alta parte, capacitatea de a indeplini obligatiile ce tin de credite sau de a rezolva problema datoriilor printr-un nou credit este redusa din cauza practicilor de creditare mai stricte si a reducerii creditarii. Intr-adevar, cei avizati au sustinut ca, in general, consumatorii sunt mai atenti in ceea ce priveste dorinta de a lua un nou credit, in plina criza financiara. Interactiunea complexa dintre acesti factori, subliniata in cadrul acestui studiu, presupune ca nu exista nicio politica rapida de rezolvare a supraindatorarii si nicio solutie universala. Concluziile studiului sugereaza ca este nevoie de un raspuns politic nuantat care sa reflecte in mod adecvat convergenta factorilor din fiecare stat membru luat in discutie. Din acest studiu reiese, de asemenea, că majoritatea statelor membre au inregistrat o crestere a nivelului datoriei private de la declansarea crizei financiare, si a existat o crestere corespunzatoare a cererii pentru servicii de consiliere financiara in aceeasi perioada. Lectia-cheie 1 Supraindatorarea este un fenomen complex, social, cu multiple fatete, cauzata si agravată de o combinatie de factori economici, sociali, institutionali, individuali si culturali. Incidenta sa a crescut in mod semnificativ in general in Europa incepand din perioada crizei financiare din 2007-2008, dar amploarea, caracteristicile si natura problemei variaza intre statele membre. Masurile la nivel national trebuie sa abordeze ambele aspecte (adica atat factorii care cauzeaza si agraveaza supraindatorarea, cat si amploarea/natura/caracteristicile problemei cu care se confrunta fiecare din statele membre). Lectia-cheie 2 Sunt necesare date solide si in timp util pentru a facilita informarea factorilor politici din statele membre. Multe state trebuie sa fie mai proactive, creative si pragmatice in adunarea unor astfel de dovezi, cu conditia ca acestea sa fie axate pe

levels of real wages for many households, which is felt by indebted households as an income shock. This shock may push previously solvent households into over-indebtedness or exacerbate the financial difficulties of those already in difficulty. On the other hand, the ability to ‘bridge’ commitments or arrears with new credit is reduced due to stricter lending practices and rationing of credit. Indeed, some stakeholders claimed that consumers are becoming more careful in terms of willingness to take on new credit in the wake of the financial crisis. The complex interplay between these factors, highlighted within this study, implies that there is no quick policy fix to over-indebtedness, nor is there a ‘one-size fits all’ solution. The findings of the study suggest that what is needed is a nuanced policy response which appropriately reflects the confluence of the factors in the particular Member State in question. This study has also found that a majority of Member States have experienced an increase in levels of arrears since the onset of the financial crisis, and there has been a corresponding increase in the demand for debt counselling services over the same period. Key Lesson 1 Over-indebtedness is a complex, multi-faceted, social phenomenon, caused and compounded by a combination of economic, social, institutional, individual and cultural factors. Its incidence has increased significantly overall across Europe since the financial crisis of 2007-2008, but the extent, characteristics and nature of the problem vary between Member States. National policy measures must address both of these aspects (i.e. the causal/compounding factors and the extent/nature/characteristics of the problem as it manifests itself within the Member State in question). Key Lesson 2 More timely data and robust evidence is needed to facilitate informed policymaking within Member States. Many need to be more proactive, creative and pragmatic in gathering such evidence, provided that it is focused on the definition of household’s over-

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23

definirea supraindatorarii gospodariilor ca avand permanent dificultati in a-si indeplini angajamentele financiare (sau le indeplinesc cu intarziere). O serie de organisme, atat publice, cat si private, ar putea avea un rol mai mare si mai coerent in colectarea de date, si există un rol deosebit al mediului academic, atat din punct de vedere al cercetarii specifice, cat si al evaluarii independente a masurilor de politica. Masurile la nivel UE privind nivelul datoriei private si problemele financiare, cum ar fi statisticile Uniunii Europene privind Venitul si Conditiile de Viata (EU-SILC) ar putea fi, de asemenea, revizuite pentru a oferi indicatori mai clari si mai detaliati. Lectia-cheie 3 Exista beneficii sociale si economice pentru statele membre, asociate cu prevenirea si rezolvarea supraindatorarii. Aceste beneficii pot reveni statului, economiei si institutiilor financiare – acestea din urma ar trebui sa fie obligate sa contribuie la masurile de prevenire si solutionare in colaborare cu statul. Lectia-cheie 4 Supraindatorarea este o problema stringenta pentru guvernele nationale. Prin urmare, este nevoie de un răspuns multi-dimensional si integrat al politicilor guvernamentale. Crearea unei politici cadru, care incorporeaza o strategie nationala, a fost propusa ca fiind cel mai bun mod de a asigura punerea in aplicare a unui raspuns eficient, coordonat la nivel de stat membru. Aceasta concluzie a fost reconfirmata de o cercetare ce s-a efectuat pentru acest studiu. Ar fi important ca astfel de politici cadru sa se bazeze pe un set de principii de baza, cum ar fi: egalitatea, responsabilizarea, integrarea, traiul decent si un nou inceput, o noua sansa. Lectia-cheie 5 Dublul obiectiv al politicii de dezvoltare ar trebui sa fie prevenirea si rezolvarea supraindatorarii, nu doar atenuarea sau gestionarea acesteia. UE are un rol important in a permite factorilor de decizie la nivel national sa aiba acces la informatii cu privire la experienta celor mai bune practici din alte tari in atingerea acestor scopuri. Consultarea partilor interesate/celor care au expertiza si evaluarea impactului este esentiala pentru dezvoltarea de politici echilibrate.” Avand in vedere mesajele-cheie ale studiului va pun in fata unei provocari de a considera faptul ca

indebtedness as having on an on-going basis difficulties meeting (or falling behind with) their financial commitments. A range of bodies, both public and private, could play a bigger and more cohesive role in data gathering, and there is a particular role for academia both in terms of specific research and independent evaluation of policy measures. EU wide measures of arrears and financial stress, such as the European Union Statistics on Income and Living Conditions (EU-SILC) could also be revised to provide more consistent and detailed indicators. Key Lesson 3 There are social and economic benefits to Member States associated with preventing and addressing over-indebtedness; these benefits can accrue to the State itself, to the economy and to financial institutions – the latter should, therefore, be required to contribute towards prevention and resolution measures in conjunction with the State. Key Lesson 4 Over-indebtedness is a crosscutting issue for national governments. A multidimensional and integrated government policy response is, therefore, required. It has been proposed that the creation of a policy framework, incorporating a national strategy, is the best way of ensuring the implementation of an effective, coordinated policy response within a Member State. This finding has been reconfirmed by research conducted for the study. It would be important that such a policy framework is grounded on a set of basic principles, such as: equality, empowerment, inclusion, dignity to live, and fresh start. Key Lesson 5 The twin aims of policy development should be to prevent and resolve over-indebtedness, and not just to alleviate or manage it. The EU has an important facilitative role in enabling national policymakers to have access to information on best practice experiences in other countries towards these ends. Stakeholder consultation and impact evaluation is key to balanced policy development.” Having in mind the key messages of the Study I am challenging you consider that the positive evolution

Page 28: Catalog ALB 2014.pdf

24

evolutia pozitiva a pietei creditului de consum din Romania nu poate fi vazuta in afara cadrului acestui studiu. Prin urmare, cele 5 mesaje-cheie de mai sus prezentate pe scurt ar trebui sa constituie o lista obligatorie pentru toate partile interesate care beneficiaza de evolutia pozitiva a pietei creditului de consum din Romania, la nivelul institutiilor financiare nebancare. Studiul privind "Supraindatorarea gospodariilor europene: prezentarea actualizata a situatiei, natura si cauzele, efectele si initiativele pentru atenuarea impactului acestora" a fost publicat pe site-ul Comisiei la: 

of the consumer credit market in Romania cannot be seen outside the framework of this study. Consequently, the 5 key messages above briefly presented should constitute a compulsory “to do list” for all the interested stakeholders benefitting out of the positive evolution of the consumer credit market in Romania at non-banking financial institutions level. The study on "The over-indebtedness of European households: updated mapping of the situation, nature and causes, effects and initiatives for alleviating its impact" has been published on the Commission Website at:

(Part 1: Synthesis of findings); http://ec.europa.eu/consumers/financial_services/reference_studies_documents/docs/part_1_synthesis_of_fin

dings_en.pdf (Part 2: Country reports).

http://ec.europa.eu/consumers/financial_services/reference_studies_documents/docs/part_2_synthesis_of_findings_en.pdf

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38

IV. Actualitati ale leasingului financiar IFN

IV.1. Industria Leasingului – Suport pentru cresterea economica in Romania

IV.2. Piata Leasingului Financiar in Romania

Septembrie 2013 – Septembrie 2014

IV. Updates of Financial Leasing NBFI’s

IV.1. Leasing Industry - Support for Growth in Romania

IV.2. Financial Leasing Market in Romania September 2012 – September 2013

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IV. Actualitati ale leasingului financiar IFN

IV.1. Industria Leasingului – Suport pentru cresterea economica in Romania

IV.2. Piata Leasingului Financiar in Romania

Septembrie 2013 – Septembrie 2014

IV. Updates of Financial Leasing NBFI’s

IV.1. Leasing Industry - Support for Growth in Romania

IV.2. Financial Leasing Market in Romania September 2012 – September 2013

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40

IV.1. Industria de Leasing – Sprijin pentru crestere

in Romania Studiu realizat de Deloitte Romania Sumar executiv

1) Analiza de impact a leasing-ului financiar asupra cresterii economice

2) Analiza comparativa a facilitatilor fiscale

3) Analiza comparativa a legislatiei

1. Piata de leasing financiar: vedere de ansamblu si analiza de impact asupra

cresterii economice din Romania 1.1. Prezentare generala si analiza comparativa

Prezentarea generala a operatiunilor de leasing

Piata de leasing din Romania s-a dezvoltat treptat, devenind o alternativa viabila pentru finantarea echipamentelor si vehiculelor, fiind insa mai rar utilizata pentru investitii imobiliare. Companiile de leasing sunt institutii financiare nebancare (IFN-uri), care desfasoara activitati de creditare, dar, spre deosebire de banci nu au depozite in portofoliu. Perioada de criza economica a transformat piata de leasing intr-un furnizor constant de lichiditate pentru sectorul privat, a carui finantare a fost limitata pe perioada crizei financiare, oferind un suport real economiei si in special intreprinderilor mici si mijlocii (IMM-uri), principalii beneficiari ai finantarilor prin leasing. Operatiunile de leasing se diferentiaza de creditarea bancara in principal datorita separarii dreptului legal de proprietate asupra unui activ de utilizarea economica a acelui activ care poate fi un echipament, vehicul si/sau proprietate imobiliara. Valoarea adaugata este creata de utilizarea acelui activ, mai degraba decat de dreptul de proprietate. Finantatorul are drept de proprietate asupra activului, astfel bunurile achizitionate pot fi reposedate relativ usor cand un client intra in incapacitate de plata sau nu isi indeplineste obligatiile de plata. In principiu, leasing-ul este o finantare de active, iar dreptul de proprietate asupra activului confera o

IV.1. Leasing Industry - Support for Growth

in Romania A study by Deloitte Romania Executive summary 1) Impact analysis of financial leasing on

economic growth

2) Comparative tax incentives

3) Comparative legal analysis

1. Financial leasing market: overview and impact analysis on economic growth in

Romania 1.1. General overview and comparative analysis

General overview of the leasing operations 

The leasing market in Romania has gradually developed to be a real alternative for financing equipment and vehicles, while for real estate investments it is less used. Leasing companies are non-bank financial institutions (NBFIs) without full banking licences, which prevents them from having customer deposits in their portfolio.The leasing market had been a constant provider of liquidity for the private sector whose financing was scarce amid the financial and economic crisis, thus offering real support to the economy and, especially the small-medium enterprises (SME) which are the main beneficiaries of financing through leasing. The main distinctive feature of leasing operations vs. alternative bank lending resides in separating the legal ownership of an asset from the economic use of the respective asset which can be equipment, vehicles and/or properties (real estate). However, the economic value added is created by the use of the considered asset rather than from its ownership. As the lessor has the property rights on the assets, the acquired goods can be repossessed relatively easier when a client defaults or lessee fails to meet the payment obligations. Basically, leasing is an asset-based financing, as the ownership of the asset provides a sufficient guaranty

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garantie suficienta pentru accesarea finantarii in majoritatea situatiilor. Leasing-ul reprezinta, in general, un instrument financiar pe termen mediu utilizat pentru achizitionarea de active noi sau second-hand.

Principalele diferente dintre leasing-ul financiar si leasing-ul operational

Principalele doua categorii de operatiuni de leasing sunt: leasing financiar si leasing operational. Clasificarea leasing-ului se bazeaza pe reguli si caracteristici complexe, iar in cazul leasing-ului operational, activul si obligatia de plata pentru acesta nu sunt inregistrate in bilantul clientului. Contractul de leasing financiar are ca scop, in general, achizitionarea activului de catre utilizator prin indeplinirea urmatoarelor conditii:

a) Finantatorul transfera utilizatorului dreptul de proprietate asupra activului la sfarsitul perioadei de contract;

b) Utilizatorul are optiunea de a achizitiona activul la un pret prezumat mai scazut decat valoarea de piata la data la care optiunea poate fi exercitata; astfel incat, la inceputul contractului de leasing este rezonabil cert ca optiunea va fi exercitata;

c) Perioada de leasing se aplica pe durata de viata economica a activului, chiar daca titlul de proprietate nu se transfera;

d) Valoarea totala a ratelor de leasing, exceptand cheltuielile aditionale, este mai mare sau egala cu valoarea contabila activului, reprezentata de valoarea activului pentru finantator;

e) Activele in cauza sunt specifice utilizatorului, putand fi utilizate numai de acesta fara modificari majore.

In cadrul unui contract de leasing financiar, utilizatorul poate prelua pe langa dreptul de utilizare al activului finantat pe perioada vietii economice a acestuia, si responsabilitatea pentru mentenanta, reparatii, taxe, asigurari si relatia directa cu furnizorul.Din perspectiva taxelor, aspectele ce

for accessing financing in most situations. Leasing is generally a medium-term financing instrument used for the procurement of new or used assets.

The main differences between financial and operational leasing

There are 2 main categories of leasing operations: financial and operational leasing. Leasing classification is based on complex rules and features; in the case of an operational leasing, neither the leased asset nor the obligation to pay for it, are recorded in the balance sheet of the client. A financial leasing agreement is aimed, in general, at purchasing the asset by the user and complies with the following conditions:

a) The lessor transfers ownership of the asset to the lessee by the end of the lease term;

b) The lessee has the option to purchase the asset at a price that is expected to be sufficiently lower than the fair value at the date the option becomes exercisable such that, at the inception of the lease, it is reasonably certain that the option will be exercised;

c) The lease term if for the major part of the

economic life of the asset, even if title is not transferred;

d) The total value of the lease payments, less

any accessory expenses, is higher or equal to the entry value of the asset, represented by the value of the asset at the level of the lessor;

e) The leased assets are of such a specialised

nature that only the lessee can use them without major modifications.

Further on, within a financial leasing agreement, the lessor could acquire the right to use the financed asset during its economic life and is responsible for the maintenance, repair, paying the due taxes, insurance and the direct relation with the supplier. However, from a tax perspective the conditions to

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trebuie observate in legatura cu leasing-ul financiar sunt diferite:

(a) Riscul si beneficiile asupra dreptului de proprietate asupra activului sunt transferate utilizatorului la sfarsitul contractului de leasing;

(b) Contractul de leasing stipuleaza clar transferul dreptului de proprietate catre utilizator la sfarsitul perioadei de leasing;

(c) Utilizatorul are optiunea de a achizitiona activul la momentul expirarii contractului, iar valoarea reziduala exprimata in procente este mai mica sau egala cu diferenta dintre durata normala de functionare maxima si durata contractului de leasing.

(d) Perioada de utilizarea a activului acopera cel putin 80% din durata de viata a activului;

(e) Valoarea totala a ratelor de leasing minime, excluzand alte cheltuieli accesorii, este mai mare sau egala cu valoarea de intrare a activului.

Un contract de leasing operational permite utilizatorului folosirea activului pentru o perioada de timp limitata, dar transfera finantatorului/ locatorului atat riscurile cat si beneficiile dreptului de proprietate asupra activului. Concomitent, un contract de leasing operational este un acord care nu intruneste niciuna din conditiile mai sus mentionate (a-e). Finantatorul preia riscul valorii reziduale a activului finantat. Cea mai importanta diferenta dintre leasing-ul financiar si operational este data de implicatiile asupra inregistrarilor contabile. In cazul leasing-ului financiar, utilizatorul este considerat proprietar, in schimb, in cazul leasing-ului operational finantatorul are calitatea de proprietar. Deprecierea/ amortizarea activului este realizata de catre utilizator pentru leasing-ul financiar, iar in cazul leasing-ului operational, de catre finantator. Pentru active imobiliare obiectul unui contract de leasing financiar, urmatoarele reguli se aplica pentru intreaga perioada contractuala:

• Taxele pentru activele imobiliare vor fi platite de utilizator;

• Valoarea luata in considerare la calculul taxelor pe proprietate reprezinta valoarea contractuala a activului imobiliar, atribuita finantatorului sau utilizatorului, asa cum prevede legislatia in vigoare;

• In cazul incetarii contractului de leasing inainte de termen, taxele aferente activului imobiliar cad in sarcina finantatorului.

be observed under a financial leasing are somehow different:

(a) Both the risks and benefits of the asset’s property right are transferred to the user at the end of the leasing contract;

(b) The lease agreement clearly stipulates the transfer of the ownership right to the user at the end of the leasing agreement;

(c) The user has the option to buy the asset at the end of the contract, and the percentage of the residual value is smaller or equal to the relative difference between the normal maximum operation duration of the asset and the duration of the leasing contract;

(d) The period for using the asset covers at least 80% of the useful life of the asset;

(e) The total value of the minimum lease payments, excluding other related expenses, is greater than or equal to the entry value of the asset.

An operational leasing contract entails the lessee the usage of the considered asset over a limited period of time, but transfers to the lessor both risks and benefits of the asset’s property right. At the same time, an operational leasing contract is an agreement which does not meet any of the conditions stated above (a-e). The lessor takes over the risk on the residual value of the financed asset. The most important difference between operational and financial leasing is the implications on the accounting records. In the case of financial leasing, the lessee is considered an owner while in the case of operational leasing the lessor is the one having this status. The depreciation of the asset is undertaken by the lessee when referring to financial leasing, and by the lessor when referring to operational leasing. With respect to a real estate asset in a financial leasing contract, the following rules apply for the whole duration of the contract:

• Real estate taxes are to be paid by the lessee;

• The value that is accounted for in the tax calculation on real estate is the contract value of the real estate asset, as it is accounted for the lessor or the lessee, according to the legislation in power;

• In the case of a termination of the leasing contract other than by reaching maturity, real estate taxes are owed by the lessor.

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Dezvoltarea pietei de leasing financiar si perspective

Sectorul de leasing poate juca un rol determinant in finantarea economiei reale in economiile emergente, care sunt caracterizate de o slaba capitalizarea a sistemului bancar si de piete financiare mai putin sofisticate. Datorita adancimii reduse a pietei financiare din Romania, finantarea prin banci si piete de capital este disponibila in special companiilor mari, iar intreprinderile mici si mijlocii intampina numeroase dificultati de finantare. Desi IMM-urile sunt considerate a fi coloana vertebrala a economiei, acestea au la dispozitie o gama limitata de instrumente financiare, datorita conditiilor restrictive de eligibilitate in contractarea creditelor de la bancile comerciale. In mod obisnuit, in pietele emergente IMM-urile nu dispun de suficiente garantii colaterale sau de istoric de creditare si astfel nu pot accesa finantare bancara clasica, in timp ce cadrul de finantare a activelor specific operatiunilor de leasing ofera posibilitatea de a achizitiona o gama larga de active necesare dezvoltarii operatiunilor companiei. Prin realizarea unui mediu stabil din punct de vedere fiscal si legal, aplicabil sectorului de leasing, autoritatile sprijina dezvoltarea economiei reale si implicit a celor mai vulnerabile sectoare ale economiei - IMM-urile. Maximul pietei de leasing din Romania a fost atins in anul 2007, cand valoarea totala a contractelor noi de leasing acordate a fost de aproximativ 5 miliarde EUR, inregistrand o crestere de 51% comparativ cu anul precedent. Din cauza impredictibilitatii cadrului legislativ coroborata cu maturitatea redusa a pietei de leasing, acest ritm de crestere nu a putut fi sustinut pe termen lung. In plus, Codul fiscal a suferit modificari importante in al doilea semestru al anului 2008, influentand dezvoltarea leasing-ului financiar. Desi economia Romaniei a inregistrat cea mai mare rata de crestere (7.3 % an de an) in 2008, valoarea contractelor noi de leasing a scazut (- 3% an de an), inregistrand prima contractie. Anul 2009 a reprezentat un moment de cotitura pentru piata de leasing, companiile de leasing fiind puternic afectate de criza economica, si astfel valoarea totala contractelor noi de leasing a scazut la 1.3 miliarde EUR, nivel comparativ cu perioada anilor 2000. De atunci, valoarea anuala totala de contracte noi de leasing nu a inregistrat variatii considerabile, reflectand stabilizarea pietei de leasing desi conditiile economice au fost dificile. Desi companiile de

The development of financial leasing market and perspectives

The leasing sector can play an important role in financing the real economy especially in emerging economies, which are characterised by a poorly capitalized banking system and less sophisticated financial markets. Given the low depth of the financial market in Romania, financing through banks and capital markets is rather available for large companies, while the small-medium size enterprises are facing numerous financing constraints. Although it is widely recognized that SMEs are the backbone of the economy, they have at their disposal a limited range of financing instruments, due to more restrictive criteria of eligibility for contracting loans from commercial banks. Usually, the SMEs in emerging markets have insufficient collaterals or credit history to access traditional bank finance, while the setup of asset-based financing which is characteristic to leasing operations, enables them to easily acquire a wide range of assets to develop their operations. Thus, enabling a stable and incentive fiscal and legal environment applicable for the leasing sector, the authorities in fact support the development of the real economy and implicitly the most vulnerable business sector of the economy – SMEs. The Romanian leasing market has reached all times high in 2007, when the value of new leasing contracts has stood at nearly EUR 5 bn, rising by 51 % as compared to the previous year. As the leasing market was still relatively young and the legislative framework unpredictable, this extensive growth pace could not be sustained on the long run, the more so as the fiscal code suffered significant changes in the second semester of 2008, tampering the development of leasing financing. Therefore, although the Romanian economy posted the highest growth rate (7.3 % y/y) in 2008, the value of new financed leasing decreased slightly (- 3% y/y), recording the first contraction. The touchstone of leasing market came in 2009, when leasing companies were hardly hit by the global financial crisis and new financed leasing contracts dropped to EUR 1.3 bn, a level that was not to be seen since early 2000. Since then, the total annual value of new financed leasing contracts was roughly unchanged, reflecting the stabilization of the Romanian leasing market, amid difficult economic conditions. Although financial leasing companies have gradually consolidated their

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Source: Diplomat Consult, NIS

leasing si-au consolidat treptat situatiile financiare, reducerea facilitatilor fiscale si contractia cererii de creditare a companiilor pentru echipamente si vehicule, au temperat revenirea leasing-ului financiar.

financial situations, the tightening of fiscal incentives and radical contraction of companies demand for investments, both in equipment and vehicles, have hampered the recovery of financial leasing.

Criza financiara a afectat piata de leasing din Romania, aceasta suferind cea mai abrupta contractie dintre toate tarile luate in considerare, iar rata de penetrare a leasing-ului financiar in PIB a fost de 4.8% din PIB in 2008 vs. 1.5% din PIB in 2013. Valoarea scazuta a contractelor noi de leasing finantate in ultimii ani poate fi atribuita cererii scazute de investitii a companiilor si dificultatilor de reposedare a activelor clientilor aflati in incapacitate de plata. Din datele prezentate se poate observa o corelatie directa intre cresterea PIB-ului si evolutia leasing-ului financiar, desi exista un decalaj de 1-2 ani. Atunci cand avem o scadere a valorii contractelor noi de leasing pentru anul precedent se observa, in anul urmator, o incetinire sau contractie a PIB-ului, corelata cu descresterea pietei de leasing. In cazul in care scaderea pietei de leasing este de ordinul a doua cifre, aceasta dinamica poate semnala o posibila recesiune in anul urmator. Astfel, piata de leasing poate fi considerata un barometru al evolutiei economiei pe termen mediu, transmitand din timp avertizari, deoarece reflecta cererea companiilor de finantare prin operatiuni de leasing,in special pentru IMM-uri, care sunt principalii clienti ai companiilor de leasing.

The financial crisis has deeply affected the Romanian leasing market which suffered the sharpest contraction from all the considered countries, as the penetration rate of financial leasing in GDP stood at 4.8 % of GDP in 2008 vs. 1.5 % of GDP in 2013. The decrease in the value of new financed leasing contracts in the past years can be attributed to companies’ poor investment demand, as well as the repossession difficulties faced by the leasing companies when dealing with the default of their clients. There can be observed that the growth dynamics of GDP is correlated with the evolution of financial leasing, however there is a lag of 1-2 years between them. Whenever there is a decrease in the total value of new financed leasing assets in the previous year, we can observe a deceleration or even a contraction of real GDP in the coming year, depending on the depth of the decrease in leasing market. When the decrease in the leasing market is in the zone of two digits, then there might even signal a recession in the following year. Therefore, we can conclude that the financial leasing market can be considered as a barometer for the evolution of the economy on the medium term, sending early warning signals, as it largely reflects companies’ demand for financing through leasing operations, especially SMEs, which are the main clients of leasing companies.

Figure 1-Romanian Financial Leasing Market (including real estate leasing operations) - New business growth dynamics vs. real GDP

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Cresterea leasing-ului pentru echipamente si vehicule este corelata cu evolutia PIB-ului pentru anul urmator, deoarece o crestere a finantarii prin leasing prognozeaza o evolutie pozitiva a economiei. Merita de asemenea mentionat faptul ca atat leasingul de echipamente cat si cel de vehicule inregistreaza dinamici similare, indiferent de evolutia crescatoare sau descrescatoare, inregistrand doar o usoara diferenta de amplitudine. Evolutia pietei de leasing este corelata in cea mai mare masura cu apetitul pentru investitii decat cu apetitul pentru consum. Analiza comparativa a structurii de finantare pentru companii a bancilor fata de cea a institutiilor financiare nebancare (IFN-uri) denota o strategie diferita de finantare, astfel IFN-urile se axeaza pe finantarea serviciilor si a agriculturii, iar bancile favorizeaza companii din industria prelucratoare si constructii. Dupa cum se poate observa din graficul de mai jos, sectorul agricol este slab finantat de bancile comerciale, in timp ce IFN-urile considera acest sector ca o nisa de dezvoltare operatiunilor, finantarea agriculturii avand un grad ridicat de multiplicare. In lipsa datelor comparative structurate pe principalele sectoare ale economiei, s-au folosit datele publicate de BNR pentru finantarea companiilor aferente institutiilor de credit si institutiilor financiare nebancare, pe care le consideram relevante pentru structura de finantare a companiilor de leasing care au o cota de 59% din piata de finantare a IFN-urilor.

The growth dynamics of both leasing of equipment and vehicles are positively correlated with the evolution of real GDP in the next year, as a rise of financed leasing assets is likely to predict a positive evolution of the economy. It is also worth noting that both leasing for equipment and vehicles mirror similar dynamics, irrespective if there is a rise or decrease, but only the amplitude differs slightly. The evolution of leasing market is more correlated with companies’ appetite for investments rather than consumption sentiment. The comparative analysis of the structure of bank’s financing the private companies as compared to the financing provided by non-banking financial institutions (NBFI) reveals a different financing strategy, as NBFI focus rather on financing the services and agriculture sectors, while banks favour companies activating in manufacturing industry and construction. As we can notice from the graphic below, agriculture sector is poorly financed by commercial banks, while NBFI regard this as a niche sector for developing their operations, the more so as the financing of the agriculture has one highest multiplier rates. In the absence of comparative data structured on the main sectors of the economy, we have used the data published by NBR for the financing of companies provided by credit institutions and non-banking financial institutions, as we consider them relevant for the financing structure of leasing companies which have a share of 59 % of overall corporate financing of NBFI.

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In perioada 2008-2013, structura finantarilor de echipamente prin leasing financiar a suferit modificari semnificative si reflecta evolutia economiei pe sectoare. Astfel, cota de finantari pentru agricultura a echipamentelor a crescut la 23% in 2013 de la 5% in 2008, reflectand focusul companiilor de leasing pentru acest sector al economiei, neglijat de bancile comerciale. Cresterea considerabila a leasing-ului pentru sectorul agricol nu este intamplatoare, astfel conform estimarilor Deloitte, efectul de multiplicare al leasing-ului in agricultura fiind printre cele mai ridicate. Consideram ca leasing-ul de echipamente pentru agricultura are perspective pozitive de crestere, agricultura din Romania fiind inca sub-dezvoltata si va continua sa beneficieze de fonduri europene nerambursabile

During 2008-2013, the structure of equipment financed through financial leasing has went through significant changes, mirroring the evolution of the economy by sectors. Therefore, agriculture has increased its share in the total leasing market for equipment to 23 % in 2013 from 5 % in 2008, signalling the focus of leasing companies towards this particular sector of the economy which is rather neglected by commercial banks. The extensive rise of leasing for agriculture sector is not circumstantial, as according to our estimations, the multiplier effect of leasing over agriculture is among the highest. We believe that leasing of equipment for agriculture has good perspectives to further increase the more so as the Romanian agriculture is still underdeveloped and it would continue to benefit from EU non-refundable funds.

Dupa cum putem observa din graficul de mai sus, structura de finantare a echipamentelor a suferit modificari importante, care sunt corelate cu evolutia diferitelor sectoare economice. Astfel, leasing-ul pentru echipamente de constructii s-a contractat substantial in perioada de criza, din cauza dificultatilor pe care le intampina sectorul constructiilor. Comparand evolutia leasing-ului pentru vehicule, nu s-au observat modificari notabile in structura de finantare.

As we can see from the above graphic, the structure of equipment financing has known significant changes which are positively correlated with the evolution of different economic sectors. Therefore, the leasing of construction equipment has contracted substantially since the economic crisis, given the difficulties faced by construction companies. When comparing the evolution of leasing for vehicles, there were no significant changes in the structure of financed assets.

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Cu toate ca nivelul leasingului financiar dinRomania a scazut substantial fata de nivelurileatinse in anii de avant economic din 2007-2008, se poate observa ca ponderea vehiculelor finantate prin leasing financiar a ramas constanta in zona 70 %.Cea mai importanta schimbare in structura generalaa pietei de leasing financiar s-a inregistrat la nivelulleasingului de active imobiliare, acesta avand o descrestere constanta in ultimii 3 ani ajungand la un procent de 3,9 %, datorita corectiilor puternice de pepiata imobiliara din Romania. Ponderea mai ridicata atinsa de leasingul de active imobiliare in portofoliul total al pietei de leasing in intervalul 2009-2010, s-a datorat termenelor lungi ale acestui tip de finantare, cu toate ca valoarea nominala a leasingului imobiliar a scazut constantde la prabusirea pietei de imobiliare din Romania

Although the scale of the Romanian financial leasing has decreased substantially, since the boom years of 2007-2008, there can be noticed that the share of vehicles leasing has remained flat in the 70 % zone. The most notable change in the structure of the overall financial leasing market was recorded by leasing of real estate assets which has constantly decreased in the last 3 years reaching a modest 3.9 %, due to the sharp corrections on the Romanian real estate market. The high share of real estate leasing in overall market reached during 2009-2010 was owed to the longer duration of this type of financing, although their nominal value has constantly dropped since the collapse of the Romanian real estate market.

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Considerăm că există oportunități de creștere în domeniul leasingului imobiliar, o dată cu stabilizarea pieței imobiliare dar și datorită faptului că în alte țări acest produs poate ocupa până la o pătrime din piața generală de leasing. Dinamica de creştere a leasingului financiar pentru echipamente reflectă evoluția formării brute de capital fix (FBCF) la nivel naţional, astfel putem admite că leasingul financiar este un instrument important în susținerea inițiativelor de investire ale companiilor.

We consider that there are plenty of opportunities of growth for real estate leasing, since the market has stabilized and in other countries, this financing instrument reaches even a quarter of the overall leasing market. The growth dynamics of financial leasing for equipment closely mirrors the evolution of gross fixed capital formation (GFCF), therefore we might conclude that financial leasing is an important instrument in supporting the investment initiatives of companies.

Când analizăm dinamica leasingului financiar pentru vehicule, putem observa că evoluţia consumului privat este mai puțin corelată decât formarea brută de capital fix

When considering the dynamics of financial leasing for vehicles, there might be noticed that private consumption is less correlated than gross fixed capital formation.

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Izbucnirea crizei financiare a determinat cresterea procentului de active second-hand in portofoliul general al companiilor de leasing, atat pentru vehicule cat si pentru echipamente, ca o consecinta a scaderii puterii de cumparare din Romania si o mai buna functionare a pietei cu active reutilizate.

Avantaje cheie pentru clienti ale leasingului financiar

Companiile, in special IMM-urile, sunt principala categorie de clienti care au accesat finantarile prin leasing financiar in perioada 2006 - 2013. In 2012, leasingul pentru companii a reprezentat aproximativ 88% din valoarea totala a pietei de leasing financiar, in timp ce retail-ul a ocupat doar 12%, iar sectorul public a avut un procent de aproape 0%. Principala caracteristica a operatiunilor de leasing este aceea de sustinere a companiilor ca acestea sa creeze fluxuri de numerar din activitatile de business prin utilizarea activelor achizitionate prin leasing. Astfel se poate explica de ce leasingul este avantajos in special pentru IMM-uri sau pentru companiile tinere care nu au posibilitatea obtinerii unui credit de la o banca comerciala, deoarece nu dispun de un istoric robust de credit necesar contractarii unui imprumut traditional. De asemenea, finantarea prin

The burst of financial crisis has increased the share of used assets in the overall portfolio of leasing companies, both for vehicles and equipment, as a consequence of the decrease of purchasing power in Romania and a better functioning of the market for repossessed assets.

Key advantages of financial leasing for clients

The main type of clients in Romania who contracted leasing in the period of 2006- 2013 was corporate, especially SMEs. In 2012, corporate leasing represented approximately 88% of the overall value of the financial leasing market, while retail accounted for only 12% and the public sector percentage was almost zero. The main idea of leasing operations is to support companies to generate cash flows from the business activities using the leased assets. This explains why leasing is especially advantageous for SMEs or young companies that do not have the possibility to contract a credit because they lack credit history to qualify for a traditional loan. Moreover, financing through leasing does not require collaterals from clients, which is another important

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leasing nu necesita active colaterale de la clienti, fiind un alt avantaj important in tara noastra, unde mediul de afaceri este in curs de dezvoltare si este mai slab decat in alte tari din UE. Desi companiile de leasing ofera instrumente diverse si flexibile de finantare a principalelor tipuri de active (echipamente, vehicule, imobiliare), atat pentru clientii corporativi cat si pentru cei de retail, datorita deductiilor fiscale, companiile ocupa o pondere mai mare in totalul pietei de leasing financiar, in timp ce persoanele fizice prefera finantarea pe termen lung prin intermediul creditelor de la banci. Un alt avantaj al leasingului financiar in comparatie cu imprumutul bancar il constituie accesibilitatea clientului la mai multe canale de vanzare: reteaua bancilor de retail, direct de la companiile de leasing, de la brokeri, vanzatori si dealeri ale activelor direct la punctele lor de vanzare. Decizia de finantare a echipamentului/ vehiculului fie prin leasing fie prin imprumut, clientul trebuie sa tina cont de toate aspectele, cum ar fi: rata dobanzii perceputa in ambele cazuri, diferentele de tratament fiscal, toate costurile si comisioanele pe care le implica acest proces. Asemanarile dintre imprumutul bancar si leasingul financiar includ si faptul ca atat utilizatorul cat si imprumutatul pot fi proprietarii activelor odata ce platile au fost efectuate, cu conditia ca atat utilizatorul cat si imprumutatul sa respecte termenele si conditiile contractelor de finantare. In ambele situatii riscurile si costurile de proprietate, de exemplu costurile de intretinere, raman in responsabilitatea utilizatorului si a imprumutatului. De asemenea, nici compania de leasing si nici banca nu vor beneficia de cresterea valorii activului. Factorii care determina decizia in privinta structurii capitalului unei companii sunt printre cele mai dezbatute subiecte in domeniul cercetarii finantelor corporatiste. Din punct de vedere economic, decizia dintre luarea in leasing sau cumparare depinde de costul achizitionarii in comparatie cu ratele mai mici sau mai mari ale leasingului. Dintr-o alta perspectiva, literatura de specialitate afirma ca decizia de luare in leasing sau prin credit a unui activ depinde si de aspecte fiscale. Fluxurile de capital circulant ale IMM-urilor depind de tipul de finantare asociat

advantage in our country where the business environment is in continuous development and at the same time weaker than in other EU countries. Although leasing companies offer diverse and flexible instruments of financing for both corporate and retail clients for the main types of assets (equipment, vehicles, real estate), companies hold the largest share in the total financial leasing market, due to the fiscal deductions, while private individuals prefer longer term financings. Another important advantage for clients of financial leasing vs. lending from banks is the client’s accessibility to multiple sales channels: retail banking networks, directly from leasing companies, through brokers or from vendors and dealers of assets at their point of sale. In choosing whether to finance equipment or a vehicle through a lease or loan, the client has to take into consideration all aspects, such as: the interest rate charged for each alternative, the differential fiscal treatment and all additional costs and commissions implied. The similarities between a loan and a financial leasing include the fact that the lessee and the borrower can both be the owners of the asset once the payments are completed, if the lessee and the borrower meet all the terms and conditions of the contracts. In both situations the risks and costs of ownership, for example, the maintenance costs remain a responsibility of the lessee and the borrower. However, it is also the case of financial leasing or a loan that, neither the lessor nor the lender will benefit if the value of the asset increases. The factors that drive firms’ capital structure decisions have been one of the most debriefed subjects of corporate finance research. From the economic point of view the decision between leasing and purchasing is, whether the cost of ownership and operation is lower or higher than the lease rate. From another perspective, the finance literature assumed that the decision of leasing or buying an asset is viewed from a fiscal point of view. SMEs’ operating cash flows associated with leasing or buying depend on the chosen financing contract. The fiscal argument

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leasingului sau creditului bancar. Taxele sunt un argument puternic pentru alegerea leasingului in detrimentul achizitionarii activului, dar nu este singurul care explica aceasta alegere. Este important sa luam in considerare si beneficiile ne-monetare, de exemplu contractele de leasing sunt mai flexibile in ceea ce priveste nevoile consumatorului: optiunea de a renunta la leasing inainte de scadenta contractului, posibilitatea reinnoirii prin perioade aditionale, optiunea de a achizitiona activul la terminarea contractului. Un alt avantaj al leasingului financiar fata de imprumutul traditional este faptul ca utilizatorul poate finanta pana la 95% din pretul de achizitie al oricarui activ si garantia pentru finantare este activul in sine. Garantii suplimentare nu sunt necesare. In plus, un alt aspect de mentionat este calitatea superioara a activului dobandit in regim de leasing fata de activele achizitionate, deoarece prin contractarea unui contract unui leasing, utilizatorul are acces la active mai scumpe. Finantarea prin leasinging este, de asemenea, utila atunci cand activul si-a atins gradul de uzura la finalizarea acordului de leasing, deoarece statutul de proprietate este mai flexibil. Contractarea unui leasing mai are un alt avantaj semnificativ fata de creditului bancar standard, in sensul ca este mai eficient din punct de vedere al timpului. Evaluarea pentru acordarea unui leasing dureaza cel mult cateva zile, in timp ce aprobarea cererilor de credit bancar dureaza o perioada mai mare de timp (in medie o luna). In acelasi timp, este mult mai probabil sa fie acceptata finantarea prin leasing decat prin imprumut bancar. Acest lucru se datoreaza faptului ca finantarea prin leasing este mult mai specializata decat acordarea unui credit, si, astfel, riscurile sunt mai usor de controlat de catre o companie de leasing decat de o banca. Acest aspect a determinat unele banci sa infiinteze divizia de leasing, in scopul de a avea un grad mai ridicat de penetrare a pietei. Dimensiunea companiei ar putea fi un alt motiv pentru contractarea unui leasing. Astfel, putem spune ca intr-o companie mica decizia de finantare este determinata mai mult de oportunitatile de crestere, in timp ce in companiile mari decizia este determinata de considerentele fiscale. Este dovedit stiintific si empiric (pe baza datelor din Marea Britanie), faptul

is a strong argument for choosing leasing instead of buying an asset, but it is not the only one which explains this position. It also is important to consider non-monetary benefits: for example the fact that the leasing contracts are more flexible in terms of customer needs (the option to cancel the lease before maturity of the contract, the possibility to renew the additional periods, the option to buy the asset at the end of the contract). One of the advantages of financial leasing over traditional lending is the fact that a lessee can finance up to 95 % of the purchase price of any asset and the collateral for the asset is the asset itself. Additional collaterals are not required. Moreover, it is very important to mention that the quality of the leased asset might be higher than the quality of purchased assets because, by contracting a lease, the lessee is able to lease more expensive goods. Leasing is also helpful when the asset becomes obsolete when the agreement reaches maturity, since the ownership status is more flexible. Leasing has another significant advantage over standard bank lending in the sense that it is time-wise more efficient. The leasing evaluation lasts only at most a few days, while bank credit applications take much longer (a month on average). At the same time it is more likely to be accepted for a leasing agreement than for a bank loan. This is due to the fact that leasing financing is considerably more specialised than a credit, and thus the risks are easier to control from a lessor perspective than it is for a bank. This fact led to the decision of some banks to establish a leasing division in order to have a higher degree of market penetration. The size of the company might be a reason for contracting a leasing. Thus, we can say that in a small company the decision is driven more by the growth opportunities, while in large companies the decision is driven by taxation considerations. It is scientifically and empirically proven (based on data set from UK) that leasing allows small companies to

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ca leasingul permite companiilor mici sa supravietuiasca si sa se dezvolte, iar rezultatele arata ca firmele mai putin profitabile sunt mai predispuse sa contracteze un leasing decat firmele generatoare de numerar. Modelele recente de finante corporatiste indica motivele suplimentare pentru care companiile de leasing pot gestiona riscul mai eficient. In cazul institutiilor de credit, creditorul se confrunta cu dificultati in estimarea cu acuratete si precizie a riscului pentru fiecare client, avand in vedere gama de scopuri pentru care clientii isi asuma riscul. In schimb, este mult mai usor pentru finantatorii de leasing sa coreleze factori precum scorurile de credit ale clientului, varsta, venitul, si alegerile privind tipurile de bunuri achizitionate si caracteristicile lor specifice si sa le incadreze in diferite categori de risc. Acest avantaj poate genera totusi un grad mai ridicat de asimetrie a informatiilor decat in cazul creditarii traditionale. Totusi exista si alte avantaje ale leasingului financiar, printre care favorizarea accesului la o baza mai larga de clienti cu nevoi de finantare de capital, datorita cuantificarii mai precise a riscului. De asemenea, leasingul financiar poate stimula investitiile si activitatea investitorilor. Datorita monitorizarii financiare atente a companiei de leasing asupra utilizatorului, increderea investitorilor fata de o companie poate creste. Stabilitatea si faptul ca o societate este analizata de catre finantatorul de leasing poate fi luata, de asemenea, ca un semnal de crestere a productivitatii si a profitabilitatii companiei, apoi compania devenind mai atractiva pentru investitori. Leasingul joaca, de asemenea, un rol important in aducerea intreprinderilor mici din zona gri a economiei in zona sistemului financiar formal, pe masura ce companiile realizeaza ca au nevoie de finantare, si astfel acestea incep sa construirea unei istorii a tranzactiilor financiare. Fundamentul pentru contractarea leasingului consta in capacitatea companiei de a-si creste veniturile prin folosirea activului si aceasta ipoteza este validata, de asemenea, de catre finantator inainte de aprobarea finantarii. Finantatorul trebuie sa se asigure ca societatea isi va permite sa faca rambursarile de leasing in timp util si sa beneficieze de excedentul de venit pentru dezvoltarea in continuare a afacerii

survive and to grow and the results show that less profitable firms are more likely to contract a leasing than cash generating firms/ Recent corporate finance models indicate additional reasons for which leasing businesses can manage risk more efficiently. In the case of standard credit procedure institutions, the lender faces difficulties in accurately and precisely estimating client risk, given the range of purposes the clients take the risk for. Conversely, it is much easier for lessors to correlate factors such as client credit scores, age, income, and choices with the types of acquired goods and their more specific characteristics and translate them into risk categories. This advantage can generate a more severe case of asymmetric information than the case of traditional lending. However, it has several advantages. It can also favour the access of a much wider client base to capital financing thanks to very precise risk quantification. It can also further increase the investments and investors’ activity. Due to constant financial monitoring the lessors perform on lessees, investors’ confidence for a company can increase. The stability and the fact that a company is analysed by the lessor can also be taken as a signal for an increase in the productivity and in the profitability of the company. Then, the company will become more attractive for the investors. Leasing also plays an important role in bringing in small businesses from the grey area of the economy into the formal financial system, as by companies realize they need financing, they start building a history of financial transactions. The fundament for contracting leasing resides in the ability of the company to increase its income by using the considered asset and this assumption is also validated by the lessee before approving the financing. The lessee has to assure that the company will afford to make the leasing repayments in due time and benefit of the surplus income for further developing the business.

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Analiza SWOT a industiei de leasing

Un sector de leasing dinamic si sanatos se poate reprezenta un suport real pentru cresterea economica a unei tari, datorita faptului ca se creeaza accesul la finantare pentru o scara mai larga de companii decat cele care indeplinesc cerintele de risc ale bancilor comerciale. Astfel, leasingul este o sursa importanta de finantare care poate stimula crearea de locuri de munca, genera valoare adaugata in economie, imbunatati productivitatea muncii, crestere oferta interna si face exporturile mai competitive.

SWOT analysis of the leasing industry

A dynamic and healthy leasing sector can prove as a real support for the economic growth of a country, as it creates access to financing for a larger scale of companies than those which comply with the risk requirements of commercial banks. Thus, leasing is an important source of financing which can foster job creation, generate value added in the economy, improve labour productivity, increase domestic supply and make exports more competitive.

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Inainte de criza financiara, leasing financiar in Romania a atins o masa critica in termeni de PIB in comparatie cu alte tari din UE, astfel ca piata totala de leasing s-a situat la 4,8% din PIB, mai mare decat in Polonia sau Franta. Cu toate acestea, dupa criza economica, piata de leasing a scazut la 1,5% din PIB in 2013, fiind de departe cea mai scazuta penetrare in PIB dintre tarile luate in considerare, ceea ce denota

Before the financial crisis, Romanian financial leasing has reached a critical mass in terms of GDP when compared to other EU countries, as the total outstanding leasing market stood at 4.8 % of GDP, higher than in Poland or France. However, after the economic crisis, it has dropped at 1.5 % of GDP as of 2013, being by far the lowest in the considered countries, denoting that there is considerable room

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ca exista suficient spatiu pentru crestere si dezvoltare in continuare, acum ca economia romaneasca a reluat cresterea pozitiva. Atunci cand se compara gradul de penetrare a finantarilor noi de leasing in PIB (0,9%) fata de nivelul total (1,5%) al pietei leasingului pentru Romania din 2013, putem concluziona ca durata contractelor de leasing este mult mai scazuta in Romania, diferenta fiind atat de mica (0,6 puncte procentuale din PIB). Daca luam in considerare aceiasi indicatori pentru anul 2008, diferenta dintre valoarea totala a finantarilor de leasing si valoarea contractelor noi de leasing a fost mult mai mare (1,3% din PIB), relevand o scadere a duratei contractelor de leasing in prezent. O posibila explicatie pentru scaderea duratei contractelor de leasing ar fi finantarea activelor cu valoare mai mica, cum ar fi masini sau chiar echipamente second-hand. De asemenea, scaderea gradului de indatorare la 10% din venituri, impusa de BNR ar putea fi un alt motiv pentru reducerea perioadei contractelor de leasing. De asemenea, companiile de leasing par sa favorizeze contractele pe termen mediu din cauza perceptiei de risc mai scazut.

for further development and growth, now that the Romanian economy has resumed to positive growth. When comparing the new leasing financing penetration ratio in GDP (0.9 %) to the outstanding (1.5 %) one for Romania in 2013, we can conclude that the duration of leasing contracts stands to around 1 year and a half, since the difference is so small (0.6 pps of GDP). While considering the same indicators for 2008, the difference between the outstanding and new leasing financing was much higher (1.3 % of GDP), revealing a decrease of the duration of leasing contracts currently. One possible explanation for the decrease in the maturities of the leasing contracts would be the financing of lower value assets, like vehicles or even second hand equipment. Also, the decrease of the indebtedness rate imposed by the Central Bank to 10 % could be another cause for the short period of leasing contracts. Also, leasing companies seem to favour medium term contracts due to a perception of lower risk.

Comparatia intre Romania si tarile avute in considerare din UE, cu exceptia Poloniei, arata ca durata perioadei contractelor de leasing financiar este semnificativ mai mare in alte parti, intrucat diferenta dintre rata de penetrare in PIB a contractelor in derulare si Romania este mult mai mare, adica de doua ori sau chiar de trei ori mai mare. Diferenta provine din structura pietelor de leasing comparate, intrucat Romania are una dintre cele mai mari cote de

The comparison between Romania and the considered EU countries, except for Poland, reveals that the duration period of financial leasing contracts is significantly higher elsewhere, as the difference between the penetration rate in GDP of outstanding and new contracts are much higher, twice or even thrice. The difference comes from the structure of the compared leasing markets, as Romania has one of the highest shares of vehicle financing in the total leasing

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vehicule finantate in totalul pietei de leasing, care au, in general, o durata mai scurta, in timp ce in alte tari leasingul de echipamente si active imobiliare este mai bine dezvoltat.

Companiile de leasing din Romania au crescut ponderea finantarii de echipamente in ultimii ani, aceasta detinand in prezent o cota de 26% din totalul pietei de leasing financiar, in timp ce leasingul de echipamente poate ajunge pana la 40% din piata in tarile dezvoltate. Prin urmare, am putea concluziona ca sectorul romanesc de leasing a parcurs doar jumatate din drumul spre o piata matura pentru finantarea de echipamente. Cu toate acestea, daca luam in considerare leasingul de bunuri imobiliare, piata noastra de leasing este intr-un stadiu incipient, deoarece reprezinta aproximativ 4 % din totalul pietei. Avand in vedere ca leasing-ul de bunuri imobiliare poate ajunge la un sfert din piata totala de leasing in economiile mai dezvoltate, probabil ca exista unele deficiente structurale si conditii fiscale nefavorabile in comparatie cu alte tari, cum ar fi lipsa inregistrarii in bilanturile contabile a deprecierii activului imobiliar in regim de leasing.

Prin urmare, am putea concluziona ca exista spatiu suficient pentru dezvoltarea in continuare a pietei romanesti de leasing daca scadentele contractelor de leasing ar fi extinse si nevoia firmelor pentru finantare imobiliara ar fi satisfacuta in mod corespunzator, sustinuta, de asemenea, de un tratament fiscal stimulativ. Contractele de leasing din Romania au o valoare medie comparativa cu tarile luate in considerare, respectiv 33.300 de Euro, iar valoarea medie a ramas constanta in perioada 2008-2013. Cea mai mare valoare medie observata a contractelor de leasing se gaseste in tarile in care ponderea leasingului imobiliar este considerabila. Cu toate acestea, o situatie speciala este observata in Cehia, unde valoarea medie a unui contract de leasing este printre cele mai mari, chiar daca ponderea leasing-ului imobiliar este comparabila cu cea din Romania.

market which generally have a shorter duration, while in other countries the leasing of equipment and real estate assets is better developed.

The Romanian leasing companies increased their focus on financing equipment in the past years, which currently holds a 26 % share of the total financial leasing market, while the weight of equipment leasing can reach up to 40 % of overall market in developed countries. Therefore, we might conclude that the Romanian leasing sector has already walked half of way towards a mature market for financing equipment. However, when we consider the leasing of real estate assets, our leasing market is at an incipient stage, as it accounts for around 3 % of the total market. Since the leasing of real estate assets can account for a quarter of the overall leasing market in more developed economies, there must be some structural deficiencies and unfavourable fiscal conditions as compared to the other countries, such as the lack of recording into the balance sheets of the depreciation of the leased real estate asset.

Therefore we might conclude that there is plenty of space for the Romanian leasing market to grow if the maturities of the leasing contracts would be extended and the need of companies for real estate financing would be properly supplied, also supported by incentive fiscal treatment.

Romanian leasing contracts have by far the lowest average value as compared with all the considered countries, respectively EUR 3,000, but the average value remained constant during 2008-2013 timeframe. The highest observed average value of leasing contracts is observed in the countries where the share of real estate leasing is considerable. However, a particular situation is seen in Czech Republic where the average value of a leasing contract is one of the highest, although the share of real estate leasing is comparable with Romania.

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Ponderea sectorului public in structura de clienti este destul de scazuta in toate tarile luate in considerare, cu exceptia Frantei, unde aceasta se ridica la 6,3%. Ponderea gospodariilor in portofoliul de clienti reprezinta sub 15%, cu exceptia Austriei, unde aceasta se ridica la 25,5% din totalul pietei de leasing.

The share of public sector in the structure of clients is quite low in all considered countries, except for France where it stands at 6.3 %. The weight of households in the clients’ portfolio stands below 15 %, except for Austria where it stands at 25.5 % of total leasing market.

1.1. Modelul intrari – iesiri: Analiza impactului leasing-ului

Date generale ale modelului

Modelul Intrari-Iesiri (Input-Output, IO) a fost elaborat de Wassily Leontief in 1966. El a castigat Premiul Nobel pentru Economie in 1973. Pe baza teoriei sale, modelul IO poate fi aplicat pentru orice nivel economic, de la nivelul unei companii la nivelul economiei globale.

1.1. Input-Output Model - Leasing Impact Analysis

Model Overview

The Input-Output (IO) model was elaborated by Wassily Leontief in 1966. He won the Nobel Prize in Economics in 1973. Based on his theory, the IO model can be applied on every economic level, from a company to the global economy.

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Obiectivul modelului este de a construi anumiti coeficienti care cuantifica relatia dintre intrarile pe care le absoarbe o structura si iesirile pe care le produce. Acestea sunt apoi folosite pentru a cuantifica veniturile brute sau pierderile generate de o schimbare in cererea finala. Ca atare, modelul descrie un flux de bunuri si servicii de la intrari si pana la iesiri, precum si interdependentele generate. Acest lucru subliniaza faptul ca daca nu ar fi existat leasingul, producatorii intermediari ar fi avut doar cantitati mai mici de resurse (la un nivel reprezentat in albastru inchis), precum si niveluri mai mici de productie. Leasing-ul le ofera astfel oportunitatea de a se dezvolta. Prezenta utilizare a modelului este aplicata pentru economia romaneasca, in scopul de a evalua impactul leasingului si contributia sa la cresterea economica. Prin urmare, structurile implicate sunt reprezentate de ramurile economice din Romania. Modelul expune astfel felul in care activele finantate prin leasing induc cresterea a economiei nationale, in cadrul lantului de la productie la consum, precum si interdependentele generate de consumul intermediar. Prin urmare, multiplicatorii obtinuti cu ajutorul modelului sunt in acest mod similari cu multiplicatorii Keynes.

Metodologie si baza de date Principalele date cerute se gasesc, la Institutul National de Statistica, in cadrul categoriei Conturilor Nationale. Mai exact, ceea ce se gaseste este un set de date care prezinta valoarea intrarilor din fiecare industrie, necesare in productia unui anumit produs. Astfel, aceasta este o matrice de produse prin intrari. Datele ar trebui sa includa, de asemenea, consumul intermediar si valoarea adaugata, in scopul de a construi partea de oferta a economiei. Partea de cerere a fost descrisa, in cazul nostru, prin colectarea de date privind consumul gospodariilor, consumul guvernamental, formarea capitalului fix brut, variatia stocurilor si exporturi. In cazul de fata, bazele de date relevant au fost colectate de la INS (CON105A si CON105D), pentru raportarea anuala, intre 2007 si 2011 (ultimele date disponibile). Pentru a analiza impactul mai recent al leasing-ului asupra cresterii economice, am realizat o analiza in capitolul urmator. Pentru acest tip de analize nu avem nevoie de date furnizate de INS cu privire la datele IO. Din cauza nivelului foarte ridicat

The objective of the model is to construct some coefficients that quantify the relationship between the inputs a structure absorbs and the outputs it releases. These are then to be used to quantify the gross revenues or losses generated by a change in final demand. As such, the model describes a flow of goods and services from inputs to outputs, and the generated interdependencies. This is to emphasize that had leasing not existed, intermediate producers would have only had lower amounts of resources (at a level depicted in dark blue), and also lower levels of production. Leasing thus gives them the opportunity to develop. The present use of the model is applied to the Romanian economy in order to evaluate the impact of leasing and its contribution to economic growth. Therefore, the involved structures are represented by the economic branches in Romania. The model thus exposes how leased assets induce national economic growth, within the chain from production to consumption, and the interdependencies generated by the intermediate consumption. Hence, the multipliers obtained through the model are in this way similar to the Keynes multipliers.

Methodology and database The main data requirements are usually to be found at the National Institute of Statistics, within the National Accounts category. Specifically, one should find a dataset presenting the value of the inputs from each industry, which are required in producing a certain product. It is thus a matrix of products by inputs. The data should also include intermediate consumption, and added value, in order to construct the Supply side of the economy. The Demand side was depicted in our case by collecting data on household consumption, government consumption, gross fixed capital formation, changes in inventories, and exports.

In the present case, the relevant databases were collected from the Romanian National Institute of Statistics (CON105A and CON105D), for annual reporting, between 2007 and 2011 (the latest available data). To analyse more recent impacts of leasing on the economic growth we performed an econometric analysis in the next chapter. For this type of analyses we do not need data provided by Romanian National Institute of Statistics (RNIS)

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de detaliu a datelor prezentate in aceasta baza de date furnizata de INS, o agregare a codurilor CAEN a fost efectuata, in conformitate cu tabelul de mai jos:

regarding IO data. Due to the very high level of detail of the data provided in this database provided by RNIS, an aggregation by CAEN codes was performed according to the table below:

Impactul leasing-ului asupra venitului brut

Avand in vedere limitarile datelor disponibile cu privire la finantarea prin leasing in functie de tipul de sector economic, am analizat impactul leasingului financiar asupra veniturilor brute pentru finantarea de echipamente. In ceea ce priveste leasingul de vehicule, nu avem informatii cu privire la industriile care au contractat acest tip de leasing. Am construit modelul nostru de la premisa ca activele finantate prin leasing (valoarea totala a activelor finantate prin leasing in functie de tipul de echipament) au fost utilizate preponderent intr-o anumita industrie. Mai mult decat atat, am considerat aceasta zona de leasing a fi mai semnificativa pentru analiza noastra, luand in considerare impactul leasing-ului de echipamente, din cauza importantei pe care o au echipamentele generarea de valoare adaugata in lantul de productie. Prin urmare, avand in vedere datele pe care le avem cu privire la leasingul de vehicule, nu putem estima impactul cantitativ pe care acesta il are asupra veniturilor brute utilizand metoda IO.

Leasing impact on gross revenues

Given the limitations of available data regarding leasing financing by type of economic sectors, we analysed financial leasing’s impact on gross revenues for equipment financing. Regarding leasing of vehicles, we don’t have information on industries that have contracted this type of leasing. We constructed our model on the assumption that leased assets (total value of leased assets by type of equipment) were preponderantly used in a certain industry. Moreover, we considered this area of leasing to be more meaningful for our analysis taking into account the impact of equipment leasing because of the importance equipment has in generating value added in the production chain. Hence, considering the data we have for vehicle leasing, we cannot estimate the quantitative impact that it has on gross revenues using IO method. However, based on fundamental analysis, we can definitely state that the impact of vehicles leasing is lower than the impact of equipment leasing.

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Cu toate acestea, pe baza analizei fundamentale, putem afirma cu siguranta ca impactul leasingului de vehicule este mai mic decat impactul leasingului de echipamente.Urmatorul pas in analiza noastra a fost observarea modului in care produsele finantate prin leasing ar putea afecta cererea finala a companiilor, prin intermediul formarii brute de capital fix, adica activele utilizatorilor finali, care sunt reflectate pe partea de cerere a tabelelor IO. Rationamentul este urmatorul: IO este folosit pentru a evalua impactul, avand in vedere o crestere a cererii, care este variabila exogena a modelului. Cu toate acestea, cererea finala are un impact asupra producatorilor intermediari, care au nevoie, de asemenea, de mai multe intrari, pentru a acoperi cresterea cererii provenind de la producatorii finali. Luand in considerare faptul ca stocul de leasing reflecta cresterea cererii pentru echipamente, in acest caz, numai activele noi achizitionate prin leasing sunt considerate a fi cerere finala de la utilizatorul final. Avand in vedere observatia anterioara cu privire la consumul intermediar si final, achizitionarea de active prin leasing ar avea atat un impact direct, cat si indirect, asupra veniturilor brute, care este reflectat de multiplicatorii rezultati din modelul IO. Prin urmare, acest consum va genera mai multe venituri decat valoarea investitiei in echipamente prin leasing. In scopul de a evalua valoarea veniturilor brute generate de leasing, este necesara identificarea unui multiplicator. Acest multiplicator face parte din ce obtinuti prin modelul IO, in matricea inversata Leontief. Intr-o maniera mai specifica, agregarea unei coloane a coeficientilor in matricea inversata Leontief duce la modificarea veniturilor brute cumulate atunci cand are loc o modificare a cererii pentru produsele din ramura economica respectiva.

The following step in our analysis was to observe how the leased products would affect the final demand of companies through gross fixed capital formation, that is end-user assets, which are reflected on the demand side of the IO tables. The present line of thought is as follows: IO is used to evaluate the impact, given an increase in demand, which is the exogenous variable of the model. However, final demand has an impact on intermediate producers who also need more inputs to cover the rise in demand coming from the final producers. Taking into account that the stock of leasing mirrors the increase of demand for equipment, in this particular case, only the new assets acquired through leasing are considered as final demand from end-user. Given the previous observation about intermediate and final consumption, the acquiring of assets through leasing would have both a direct and indirect impact on gross revenues, which are reflected by the multipliers resulted from the IO model. Hence, this consumption will generate more revenues than what has been invested in leasing equipment.In order to assess the value of gross revenues that leasing had generated, an identification of a multiplier is necessary. These multipliers are precisely the ones obtained in the IO method, in the Leontief inverse matrix. To be more specific, the aggregation of a column of the coefficients in the Leontief inverse gives the change in cumulative gross revenues when a change in the demand for the products of the respective economic branch occurs.

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Rezultatele modelului Prin folosirea metodei de computare IO descrisa mai sus, urmatorii coeficienti Leontief au fost obtinuti:

Model results By using the IO computation method described above, the following Leontief coefficients were obtained:

Astfel, se poate observa ca industria, constructiile si comertul au fost in mod constant in primele trei ramuri economice cu cei mai mari multiplicatori. Acest lucru inseamna ca utilizarea activelor finantate in aceste industrii are cel mai mare impact asupra formarii veniturilor brute. O crestere notabila in leasing a fost observata incepand cu anul 2007, cand Romania a devenit parte a Uniunii Europene. Piata de leasing a avut totusi o scadere in 2009, ca urmare a crizei financiare mondiale care a afectat Romania. Prin urmare, impactul pietei de leasing in perioada 2009-2011 asupra cresterii economice a fost mai mic decat in perioada anterioara. Se poate observa in tabel ca impactul leasing-ului asupra veniturilor brute in economie a fost direct proportional cu volumul de active noi finantate prin leasing. Astfel, potrivit metodologiei de mai sus, leasing-ul de echipamente a generat urmatoarele venituri brute (exprimate in milioane de euro) in economia romaneasca. Este de remarcat faptul ca aceste venituri sunt distribuite de-a lungul intregului lant de productie (care acopera atat consumul intermediar, cat si pe cel final). In valori nominale, echipamentele noi, finantate, au avut cel mai mare impact in 2007 si in 2008

Thus, there can be observed that industry, constructions and commerce were consistently in the top three economic branches having the highest multipliers. This means that the use of leased assets in these industries has the highest impact on the formation of gross revenues. A notable increase in leasing has been observed since 2007, when Romania became part of the EU. The leasing market however took a downturn in 2009, due to the global financial crisis which had affected Romania. Hence, the impact of the leasing market during 2009-2011 on economic growth was lower than in the prior period. It can be observed in table 8 that the leasing impact on gross revenues in the economy was proportionally related to the volume of new leased assets. Thus, according to the methodology above, equipment leasing generated the following gross revenues (expressed in million EUR) in the Romanian economy. It is to be noted that these revenues are distributed along the whole production chain (covering both intermediate and final consumption). In nominal terms, new leased equipment had the largest impact in 2007 and 2008.

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Este de asemenea relevant sa se observe contributia leasing-ului in economie, comparativ cu PIB. Din modelul IO rezulta ca intre 2007 si 2011, leasing-ul de echipamente a adus venituri brute de-a lungul lantului de productie in valoare de 0,86% din PIB pentru intreaga perioada. Cei mai productivi ani au fost 2007 si 2008, cu 1,78& din PIB, si, respectiv, 1,29% din PIB. In timpul perioadei crizei financiare, leasing-ul de echipamente a generat un nivel al venitului brut de 0,43%, 0,29% si 0,47% din PIB in 2009, 2010 si 2011. O posibila explicatie pentru scaderea brusca a veniturilor brute este aceea ca modelul poate evalua doar impactul activelor noi, in loc de active second-hand. In timpul crizei financiare, atat clientii retail, cat si companiile, au directionat o proportie mai mare din investitiile lor catre active utilizate, in comparatie cu anii anteriori.

It is also relevant to observe the contribution of leasing to the economy as compared to the GDP. From the IO model results that between 2007 and 2011, equipment leasing brought gross revenues across the production chain equal to 0.86 % of the GDP for the whole period. The most productive years were 2007 and 2008, with 1.78 % of GDP, and respectively 1.29 % of GDP. Although, during the financial crisis period, equipment leasing generated a level of gross revenues equal to 0.43 %, 0.29 % and 0.47 % of GDP in 2009, 2010 and 2011. A possible explanation to the sudden decrease in gross revenues is that the model can only assess the impact of new assets instead of second-hand ones. During the financial crisis, both retail clients and companies directed more of their investments towards used assets as compared to the previous years.

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Impactul leasing-ului – Valoare adaugata

Metoda Valorii Adaugate a modelului de Intrari-Iesiri (IO) este in mod esential o simulare a cazului in care nu exista acces la leasing financiar. Pentru aceste estimari, au fost folosite valorile totale ale sectorului de leasing financiar pentru fiecare an luat in considerare. Ca rezultat, vectorul cererii a trebuit modificat dupa cum urmeaza:

Echipamente si vehicule noi, finantate prin leasing, au fost scazute din cererea de produse ale industriei;

Active imobiliare noi, finantate prin leasing, au fost scazute din cererea de produse din domeniul constructiilor.

Acest nou vector din cererea finala a fost apoi utilizat pentru o reluare a modelului IO, cu o ipoteza critica. Structura consumului intermediar a ramas neschimbata ca in cazul unei economii care beneficiaza de leasing. Practic, consumul intermediar a fost utilizat pentru producerea altor active care nu fac obiectul unui contract de leasing. Diferenta dintre "Valoarea Adaugata cu leasing" si "Valoarea Adaugata fara leasing" a dat nivelul exact al valorii adaugate create de leasing-ul financiar al activelor noi pentru intreaga perioada si, de asemenea, pentru fiecare dintre anii analizati. Aceasta metoda a dat urmatoarele rezultate:

Leasing impact – Value Added

The Value Added method of Input-Output model is essentially a simulation of the case in which there is no access to financial leasing. For these estimations, there were used the total values of the financial leasing sector for each considered year. As a result, the vector of demand had to be modified as follows:

New leased equipment and vehicles were subtracted from the demand for industry products;

New leased real estate assets were subtracted from the demand for constructions products;

This new vector of final demand was then used for a rerun of the IO model, with one critical assumption. The structure of intermediate consumption remained unchanged as in the case of an economy benefitting from leasing. Practically, the intermediate consumption was used for producing other assets which are not the object of a leasing contract. The difference between the “Value Added with leasing” and “Value Added without leasing” gave the exact level of Value Added created by financial leasing of new assets for the entire period and also for each of the analysed years. This method yielded the following results:

Prin urmare, leasing-ul a avut un impact total de aproximativ 1,42% din PIB in termeni de valoare adaugata in intreaga perioada cuprinsa intre 2007 si 2011. Se poate observa cu usurinta ca in anul 2008, leasing-ul a avut cea mai mare valoare adaugata in economia romaneasca, cu o scadere brusca in 2009. O usoara

Therefore, leasing had an approximate total impact of 1.42 % of GDP in terms of Value Added in the entire period between 2007 and 2011.

One could easily observe that in 2008, leasing had the largest Value Added in the Romanian economy, with a sharp decrease in 2009. A slight recovery was

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redresare a fost observata in 2011. Putem argumenta ca intr-o perioada de boom economic, piata de leasing poate avea un impact crescut asupra intregii valori adaugate in economie. In 2007 si 2008, valoarea adaugata creata de volumul total de leasing din active noi a fost de aproximativ 2,5% din PIB-ul total. Acest procent ne arata ca intr-o economie care se afla in trend ascendent, atat intreprinderile, cat si gospodariile, vor fi mai optimiste si vor cumpara mai multe active printr-un contract de leasing avand in vedere avantajele sale. Cu toate acestea, chiar in timpul perioadei de criza financiara, volumul activelor finantate prin leasing au creat valoare adaugata in economie, atingand o medie de 0.6% din PIB in perioada 2009-2011. In urmatorul grafic este prezentata diferenta dintre nivelul PIB-ului incluzand impactul leasing-ului, si nivelul PIB-ului, excluzand nivelul leasing-ului

observed in 2011. We can argue that in a boom period, the leasing market can have an increased impact on the entire value added in the economy. In 2007 and 2008 the value added created by the total leasing volume of new assets was around 2.5 % of total GDP. This percentage shows us that in an economy that is in an ascending trend, both businesses and households will be more optimistic and will buy more assets through a leasing contract given its advantages. Although, even in a period of financial crisis, the volume of leased assets create value added in the economy, which averaged 0.6% of GDP in the period of 2009-2011.

In the following graphic the difference between the level of GDP including leasing and the level of GDP excluding leasing impact is presented:

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2. Analiza comparativa a facilitatilor fiscale

2.1. Impozit pe profit

Aspecte generale

La nivelul locatorului

Venitul obtinut de locator din operatiunile de leasing este, in general, taxat cu impozit pe profit in majoritatea jurisdictiilor analizate. Un tratament similar este aplicat si venitul obtinut de locator din vanzarea bunului, la terminarea contractului de leasing. Cu titlu de exceptie, in Polonia, opereaza o derogare cu privire la ratele de leasing, insa numai in anumite conditii.

Costurile suportate de locator pentru mijloacele fixe (de exemplu asigurari, etc.) sunt in general deductibile, daca sunt inregistrare in scopul desfasurarii activitatii economice.

La terminarea contractului de leasing, costurile suportate de locator ar trebui sa fie deductibile, daca pretul de vanzare al bunului a fost mai mare decat valoarea fiscala acestuia.

La nivelul locatarului

Cheltuielile cu ratele de leasing sunt in general deductibile, din perspectiva impozitului pe profit, daca sunt realizate in scopul desfasurarii activitatii economice. Cu toate acestea, in ceea ce priveste deductibilitatea cheltuielilor aferente utilizarii vehiculelor, toate jurisdictiile analizate au implementat o serie de limitari specifice. Cheltuielile sunt deductibile fie in limita unui procent din cheltuielile totale inregistrate (de exemplu in Polonia, cheltuielile cu vehiculele care nu sunt folosite integral in scopul desfasurarii activitatii economice sunt in proportie de 80% nedeductibile), fie in limita unei cote fixe (de exemplu in Austria, cheltuielile legate de masinile, neutilizate exclusiv in scopul desfasurarii activitatii economice, sunt deductibile in limita a 40.000 EURO) Un caz particular este Polonia, unde deductibilitatea cheltuielilor cu asigurarea este limitata la un cuantum prestabilit, calculat in functie de costul de achizitie al vehiculului.

2. Comparative tax incentives

2.1. Corporate Income Tax (“CIT”)

General aspects

At the level of the lessor

The income obtained by the lessor from leasing operations is generally taxed for CIT purposes in the majority of the jurisdictions under analysis. Also, the income obtained by the lessor from the sale of the leased asset upon the termination of the lease agreement is taxable for CIT purposes. As an exception, in Poland a tax exemption is provided for leasing fees, under certain conditions. Costs incurred by the lessor with fixed assets (i.e., insurance, etc.)are generally tax deductible if incurred for business purposes.

Upon the termination of the leasing contract, the costs incurred by the lessor should be generally tax deductible if the sale price of the asset was higher than the tax book value of the asset.

At the level of the lessee

Expenses incurred with financial leasing fees are generally tax deductible for CIT purposes if incurred for business purposes.However, all the jurisdictions under analysis have set specific deductibility limitations with respect to expenses incurred for the use of cars. The deductibility limitations are either expressed as a percentage of non-deductible expenses from the total expenses incurred (e.g. in Poland, expenses on vehicles that are not used exclusively for business purposes are 80% non-deductible) or as fixed amount that can be deducted (e.g. in Austria, expenses related to leased or owned cars not used exclusively for business purposes can only be deducted up to total of EUR 40,000). A specific case is the deductibility of insurance expenses, which in Poland is restricted by a ratio of the acquisition cost of the vehicles.

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Amortizarea

Tratamentul fiscal din Romania, aplicabil cheltuielilor cu amortizarea bunurilor luate in leasing este similar cu tratamentul aplicat de celelalte jurisdictii analizate. Cu toate acestea, cateva diferente pot aparea in ceea ce priveste entitatea care are dreptul sa inregistreze cheltuielile cu amortizarea, in ceea ce priveste metodele de amortizare folosite si duratele de viata a activelor. In Polonia, locatarul poate stabili propriile rate de amortizare pentru activele second-hand (i.e. activele utilizate pentru cel putin 6 luni sau 5 ani, in cazul cladirilor). De asemenea, in Cehia, locatorul poate creste rata de amortizare in primul an, in limita anumitor procente (10%-20%) din pretul de achizitie al unor active noi, cu conditia sa fie primul proprietar si activul sa se incadreze in anumite categorii de amortizare. Ca un stimulent pentru operatiunile de leasing financiar, legislatia fiscala din Polonia ofera locatarului dreptul sa inregistreze cheltuielile cu amortizarea proportional pe durata contractului de leasing. Aceleasi prevederi sunt mentionate si in legislatia italiana, dar doar pentru locatorul care aplica standardele de contabilitate din Italia.

Legislatia din Austria nu ofera stimulente in privinta amortizarii bunurilor supuse leasing-ului financiar. Cu toate acestea, pentru primul an in care activul este in folosit, contribuabilii pot inregistra amortizarea pentru 12 luni, cu conditia ca acesta sa fi fost in uz pentru 6 luni in acel an financiar. Altfel, contribuabilii pot amortiza activul respectiv doar 6 luni. Dupa primul an financiar de utilizare, activele vor continua sa se deprecieze folosindu-se metoda liniara, raportata la perioada de utilizare ramasa.

In Franta, anumite active, pot fi integral amortizate intr-o perioada de 12 luni, folosindu-se amortizarea accelerata. De mentionat este ca locatorul va fi privit ca proprietarul activului luat in leasing, el fiind cel care inregistreze amortizarea. De asemenea, exista o metoda de amortizare distincta pentru parteneriatele care practica leasingul de echipamente.

Depreciation

The Romanian tax treatment applicable to depreciation expenses connected with leased assets is similar to the other analysed countries. However, certain differences might arise in terms of the entity entitled to record the depreciation expenses, depreciation methods used, normal useful lives of assets, etc.

In Poland, the lessee may set its own depreciation rates for second-hand assets (i.e. assets used for at least six months, or five years in case of buildings).

Also, in the Czech Republic, the lessor may increase the depreciation in the first year by certain percentages (10% - 20%) of the purchase price of some new assets provided that it is the first owner of the asset and the asset falls into certain depreciation groups, as presented in the sections below. As an incentive for financial leasing operations, the tax legislation in Poland provides the lessee the right to record depreciation expenses proportionally to the period of the agreement. The same is provided by the Italian legislation, but for the lessor which applies Italian GAAP.

No specific tax incentives are provided by the Austrian legislation with respect to the depreciation of assets subject to financial leasing. However, for the first financial year of use of the asset, the taxpayers can charge a full 12 months depreciation, provided that it has been in use for more than six months in that financial year. Otherwise, the taxpayers might depreciate the respective asset only for six months. After the first financial year of use, the assets continue to be depreciated by using the straight-line method, based on their remaining useful life.

In France, accelerated depreciation is available for certain qualifying investment, consisting in fully depreciating the asset over a 12 month period. Note that the lessor will be regarded as the owner of the leased asset, which is entitled to record the depreciation. Also, there is a special depreciation regime for partnerships which lease equipment, described in the sections below.

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Creante si provizioane pentru creante

Toate jurisdictiile analizate permit, in general, transferul creantelor, Polonia fiind insa singura care ofera stimulente in acest domeniu. Daca locatorul transfera creanta pentru leasing unei parti terte (e.g. banca), fara sa transfere si dreptul de proprietate, suma primita din partea tertului va reprezenta un venit neimpozabil. Legislatia fiscala in ceea ce priveste deductibilitatea creantelor nerecuperate variaza in fiecare jurisdictie. In general, in Romania, astfel de provizioane sunt nedeductibile sau deductibile partial, in scopul impozitului pe profit.

Costul de finantare

Similar Romaniei, in jurisdictiile analizate, operatiunile realizate de companiile de leasing financiar nu sunt, in general, supuse regulilor de deductibilitate a cheltuielilor cu dobanzile si cu diferentele de curs valutar. Cu toate acestea, in legislatia din Italia si din Cehia exista o serie de stimulente financiare care pot avea un efect pozitiv in industria leasing-ului. In Italia, ajutorul de stat este disponibil pentru achizitionarea noilor vehicule, fabrici si echipamente (dar si hardware, software si alte tehnologii) prin acorduri de leasing financiar. IMM-urile din Italia pot beneficia de pe urma acestor stimulente.

In Cehia, statul garanteaza stimulente financiare de 40% pana la 100% pentru achizitia de noi tehnologii si de IT, pentru renovarea imobilelor etc. Acest stimulent nu este oferit in mod specific bunurilor achizitionate prin leasing; cu toate acestea se poate aplica si in aceasta situatie. Ca o privire de ansamblu, avand la baza stimulentele existente in jurisdictiile analizate, am efectuat o comparatie intre aceste 6 tari. In urma acesteia, a reiesit ca Germania este tara cea mai favorabila din perspectiva impozitului pe profit, pentru leasing-ul financiar, in timp ce Franta si Romania au fost plasate la sfarsitul clasamentului

Receivables and provisions for receivables

All the analysed jurisdictions generally allow for the transfer of receivables, but only in Poland does the legislation provide an incentive in this respect. If the lessor transfers the leasing receivables to a third party (e.g. bank) without transferring the ownership of the leased asset, the amount received from the third party will be a non-taxable income.

The tax legislation in the analysed jurisdictions regarding the deductibility of provisions for bad debts varies from country to country. Generally, as for Romania, such provisions are non-deductible or partially deductible for CIT purposes. Finance cost

Similarly with Romania, operations performed by financial leasing companies are generally not subject to thin capitalization rules in the analysed jurisdictions. However, the Italian and the Czech legislation provide for various incentives that might have a positive effect on the financial leasing industry in terms of financing.

In Italy, state aid is available for purchasing of new machineries, plants and equipment (but also hardware, software and other technologies) through financial leasing agreements. Italian SMEs can benefit from this incentive.

In the Czech Republic, the State grants cash incentives of 40% up to 100% for purchases of new technologies and IT, renovation of real estate, etc. This incentive is not specifically provided for assets acquired through financial leasing; however it may be applied in this case as well.As a general overview, based on the incentives detailed in the analysed jurisdictions we have made a comparison between these 6 countries. As a result, Germany has the most favourable CIT legislation for financial leasing while France and Romania are placed at the bottom of the table.

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2.2. Taxe locale

Romania este singura jurisdictie in care taxele locale se aplica si pentru alte bunuri in afara cladirilor si a terenurilor (e.g. taxe locale aferente masinilor).

In ceea ce priveste taxele locale pentru cladiri sau pentru terenuri, similar legislatiei romanesti, si in celelalte jurisdictii proprietarul bunului este considerat locatorul. Un stimulant fiscal este oferit in legislatia din Cehia, unde terenul cultivabil (e.g. terenul arabil, gradinile, viile, livezile cu pomi fructiferi si pasunile) poate fi scutit de la impozitul pe teren, indiferent de modul de achizitie (e.g. leasing financiar).

2.3. TVA

Din perspectiva TVA, prevederile legislativei domestice in privinta dreptului de deducere a TVA

2.2. Real Estate Property tax Romania is the only jurisdiction where property taxes are levied on other assets besides buildings and land (e.g., property taxes in the case of cars and/or other fixed assets).

As regards property taxes on buildings and land similar to the Romanian legislation, the owner of the asset is considered to be the lessor in the other jurisdictions as well. A tax incentive is provided under the Czech legislation, where agricultural land (i.e., arable land, hop gardens, vineyards, fruit orchards and permanent grasslands) may be exempted from the land tax, regardless of the acquisition method (e.g. through financial leasing).

2.3. VAT

On the VAT side, the Romanian provisions on the VAT deduction for leased cars are generally in line

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pentru autovehiculele inchiriate in regim de leasing sunt in general similare cu cele din alte state care aplica limitarea dreptului de deducere a TVA. Exista oportunitatea de a imbunatati regulile actuale prin considerarea folosintei private ocazionale (spre exemplu mai putin de 10%) in afara limitarii de 50% a deducerii TVA. O astfel de modificare legislativa ar putea avea un impact pozitiv asupra numarului de contracte noi de leasing.

Posibilitatea de a recupera sumele de TVA neachitate de catre clienti este in prezent limitata. Prevederile legislative actuale ar trebui modificate pentru a permite ajustarea TVA dupa expirarea unei anumite perioade de timp de la data emiterii unei facturi care nu a fost achitata.

Pentru a veni in sprijinul sectorului de leasing, Romania poate introduce o cota redusa de TVA pentru leasingul anumitor bunuri ceea ce ar avea un impact pozitiv in anumite sectoare de activitate unde TVA este o componenta a costurilor (spre exemplu sectorul medical).

Prezentam in continuare un sumar al aspectelor de TVA analizate pentru fiecare jurisdictie. Germania are legislatia cea mai favorabila pentru leasing financiar in timp ce Italia este pozitionata pe ultimul loc al acestui clasament.

with the ones in other countries which apply VAT deduction limitation. There is an opportunity to improve the current rules by considering the occasional private use (e.g. less than 10%) as not leading to the 50% limitation of deduction. Such legislative amendment could have a positive impact on the number of new leasing contracts.

The possibility of recover from the State the VAT not paid by clients is very restrictive in Romania. The current law provisions should be amended to allow the VAT adjustment after a specific period of time from the moment the invoice was issued and not paid. To support the leasing industry, Romania can introduce a reduced VAT rate for the leasing of some goods which is likely to have a positive impact on certain business sectors where VAT is a cost (e.g. medical sector). Below is an overview of the analysed VAT aspects. Germany has the most favourable VAT legislation for financial leasing while Italy is placed at the bottom of the table.

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3. Analiza comparativa a legislatiei

In urma unei analize comparate a anumitor aspecte cheie privind regimul juridic al contractelor de leasing financiar in Romania fata de regimurile juridice ce guverneaza acest aspect in alte jurisdictii europene (i.e.: Italia, Germania, Cehia, Polonia, Austria si Franta), au fost identificate similitudini, dar si diferente importante in reglementarile nationale si, in anumite cazuri, si in interpretarea unor aspecte practice similare de catre instantele nationale. Prezentul studiu a relevat si anumite aspecte care trebuie considerate zone importante ce necesita imbunatatiri in abordarea viitoare a leasingului financiar in Romania. 3.1. Aspecte specifice privind legislatia leasingului financiar in jurisdictiile analizate Reglementarea leasingului financiar Cu cateva exceptii (i.e.: Polonia, Cehia), actul de incheiere a unui leasing financiar in calitate de locator, efectuat cu titlu profesional, este considerat o activitate financiara ce atrage dupa sine anumite obligatii specifice, cum ar fi: obligatiile de raportare catre bancile nationale, sau necesitatea de a implementa si de conformare cu anumite proceduri (ex.: reglementarile impotriva spalarii de bani, de cunoastere a clientelei etc.).

In ceea ce priveste forma juridica a societatilor comerciale care desfasoara activitati de leasing financiar, in anumite jurisdictii legislatia este foarte stricta. Acesta este cazul in Romania (unde doar o societate pe actiuni infiintata ca institutie financiara nebancara (IFN) sau ca banca poate desfasura o astfel de activitate), sau Italia (unde activitatea de leasing financiar este permisa doar anumitor tipuri de entitati, cum ar fi bancile, institutiile de credit, institutiile financiare). Pe de alta parte, exista si cazuri de:

(i) tari cu reglementari mai relaxate, cum ar fi Polonia, unde leasingul financiar poate fi efectuat chiar si de societati cu raspundere limitata;

(ii) tari cu regulamente specifice, cum ar fi

3. Comparative legal analysis

Following a comparative analysis of certain key aspects regarding the legal regime of financial leasing agreements in Romania versus the legal regimes governing this matter in other European jurisdictions (i.e.: Italy, Germany, Czech, Poland, Austria and France), there were identified similarities, but also important differentiations in the national regulations and, in certain cases, also in the interpretation of similar practical aspects by the national courts of law. The study also revealed several aspects which should be considered as important areas of improvement for the future legal treatment of the financial leasing in Romania. 3.1. Specific aspects regarding the financial leasing legislation in the analysed jurisdictions Regulation of financial leasing With a few exceptions (i.e.: Poland, Czech), the act of entering into financial leasing agreements as lessor, performed with a professional title, is deemed as a financial activity, triggering certain specific obligations, such as: reporting obligations towards the national banks or the necessity to implement and comply with certain procedures (e.g. AML, KYC etc.).

As regards the legal form for companies performing financial leasing activity, in certain jurisdictions the legislation is very strict. This is the case in Romania (where only a joint stock company established as a non-banking financial institution (“NBFIs”) or as a bank is allowed to carry out such business) or Italy (where the performance of financial leasing activity is allowed only to certain types of entities, such as banks, credit institutions, financial institutions). On the other hand, there are also cases of:

(i) countries with a more relaxed regulation, such as Poland, where financial leasing can be performed even by limited liability companies;

(ii) countries with specific regulations, such as

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Franta, unde exista o distinctie intre societatile care desfasoara activitati de leasing financiar cu caracter permanent – supuse acelorasi regulamente ca si cele impuse institutiilor de credit – si societatile care desfasoara activitati de leasing cu caracter ocazional – care nu au un statut specific si, prin urmare, nu sunt supuse unor cerinte specifice.

Aspecte privind legislatia aplicabila drepturilor consumatorilor

Jurisdictiile analizate au implementat Directiva 2008/48/EC a Parlamentului European si a Consiliului European privind contractele de credit pentru consumatori. Prin urmare, daca locatarul este un consumator, locatorul trebuie sa respecte o serie de obligatii precontractuale in toate jurisdictiile analizate, dintre care cea mai importanta este obligatia de a-l informa pe locatar cu privire la cele mai importante prevederi ale contractului de leasing ce urmeaza a fi incheiat. Definitia “consumatorului” este similara in toate jurisdictiile analizate. Un caz interesant este cel al Poloniei, unde, desi Codul Civil si alte regulamente interne aplicabile nu prevad cerinte specifice privind faza precontractuala a relatiei de leasing, practica de piata a aliniat comportamentul comercial al locatorului cu cel impus de lege in alte jurisdictii, creand prin urmare un cadrul cvasi unitar pentru faza precontractuala a relatiei de leasing in cadrul jurisdictiilor analizate din Europa. Drepturile locatorului de a executa silit contractul in cazul refuzului locatarului de a returna activul

inchiriat catre locator

In toate jurisdictiile analizate, este necesara implicarea instantei pentru executarea silita a drepturilor locatorului in cazul refuzului locatarului de a returna activul inchiriat la data incetarii contractului de leasing. Perioada de timp pentru procedura de repunere in posesie nu poate fi estimata cu precizie in niciuna dintre tarile analizate, pentru ca aceasta depinde de mai multe aspecte, inclusiv de volumul de lucru al instantelor, de probele necesare la dosar pentru a fi analizate, etc.

France, where a distinction is made between the companies that carry out financial leasing on a permanent basis – which are subject to the same regulations as the ones imposed on credit institutions – and the companies that carry out financial leasing on an occasional basis – which have no specific status and, therefore, are not subject to specific requirements.

Governing law issues in relation to consumer’s rights The analysed jurisdictions have implemented the Directive 2008/48/EC of the European Parliament and of the Council on credit agreements for consumers. Therefore, if the lessee is a consumer, the lessor shall have to comply with a series of pre-contractual obligations in all the analysed jurisdictions, among which the most important is the obligation to inform the lessee on the main provisions of the leasing agreement to be concluded. The definition of “consumer” is similar under all of the analysed jurisdictions. An interesting case is the one of Poland, where, although the Civil Code and the other internal applicable regulations do not provide any specific requirements concerning the pre-contractual phase of the leasing relationship, the market practice has brought in line the lessor’s business conduct with the one imposed by law in the other jurisdictions, therefore creating, a quasi-unitary unitary framework for the pre-contractual phase of the leasing relationship among the analysed jurisdictions in Europe. Lessor’s enforcement rights in case of refusal by

the lessee to return the leased asset to the lessor

In all the analysed jurisdictions, a court’s involvement is required for the enforcement of the lessor’s rights in case the lessee refuses to return the leased asset to the lessor at the termination date of the leasing agreement. The average timing for the repossession procedure cannot be accurately estimated in any of the analysed countries, as this depends on several aspects, including the workloads of the courts, the evidences required to be filed and analysed etc.

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In anumite jurisdictii, cum ar fi Romania si Austria, procedura de repunere in posesie poate dura, teoretic, una-doua luni, in cel mai bun scenariu, in timp ce in alte jurisdictii, cum ar fi Polonia sau Italia, cadrul de timp minim ar fi de sase-douasprezece luni.

Cooperarea cu autoritatile publice este necesara in toate jurisdictiile analizate, pentru ca locatorul sa reintre in posesia activului inchiriat la sfarsitul perioadei de leasing, in cazul in care locatarul nu isi respecta obligatia de a-l returna si nu opteaza pentru achizitionarea activului inchiriat.

Refuzul locatarului de a returna activul reprezinta o incalcare a legii in toate jurisdictiile analizate.

In practica, cadrul de timp pentru repunerea in posesie a activului inchiriat variaza mult de la tara la tara si de la instanta la instanta (in principal in functie de volumul de munca al fiecarei instante). Estimarile noastre privind timpul mediu pentru repunerea in posesie in fiecare jurisdictie sunt dupa cum urmeaza:

in Romania – de la 1 luna la 2 ani (in practica, considerand volumul de lucru al instantelor, acest termen poate fi depasit cu mult);

in Italia – 1 an;

in Cehia – 14 luni;

in Polonia – de la 6 luni la 1,5 ani;

in Austria – de la 6 luni la 1,5 ani.

In timp ce in conformitate cu legislatia din Romania contractele de leasing si garantiile accesorii aferente stabilite cu scopul de a garanta obligatiile prevazute de contractul de leasing financiar constituie titlu executoriu, ceea ce ii permite locatorului sa treaca la executare silita in cazul neindeplinirii obligatiilor contractuale de catre locatar, in toate celelalte jurisdictii analizate, titlul executoriu trebuie obtinut de la instanta, ca faza preliminara a procedurii de executare silita. Titlul executoriu european (i.e.: o hotarare judecatoreasca certificata ca fiind un Titlu Executoriu European in Statul Membru de origine si care este recunoscut si aplicat in alte State Membre fara a fi necesara declararea caracterului sau

Under certain jurisdictions, such as Romania and Austria, the repossession procedure can theoretically take one/two months in a best case scenario, while in other jurisdictions, such as Poland or Italy, the minimum timeframe would be of six/twelve months.

The cooperation with public authorities is necessary in all the analysed jurisdictions in order for the lessor to repossess the leased asset at the end of the leasing period, in case the lessee does not comply with the obligation to return it and it/he/she does not opt for the acquisition of the leased asset.

The lessee’s refusal to return the asset qualifies as a legal offence under all the analysed jurisdictions.

In practice, the timeframe for the repossession of the leased asset varies widely from country to country and from court to court (mostly based on the workload of each court). Our estimates on the average timing for the repossession in each jurisdiction is as follows:

in Romania – 1 month up to 2 years (in practice, considering the workload of the courts, this term might be highly exceeded);

in Italy – 1 year;

in Czech – 14 months;

in Poland – 6 months up to 1.5 years;

in Austria – 6 months up to 1.5 years.

While under the Romanian legislation the leasing agreement and the ancillary guarantees thereto, established for the purpose of securing the obligations under the leasing agreement, are writ of execution, enabling the lessor to proceed with their enforcement in case of non-fulfilment by the lessee of its contractual obligations, in all the other analysed jurisdictions the writ of execution shall have to be obtained in court, as a preliminary phase of the foreclosure procedure. The European Enforcement Order (i.e.: a judgment which has been certified as an European Enforcement Order in the Member State of origin and which is recognised and enforced in the other Member States without the need for a declaration of

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executoriu si fara nicio posibilitate de a contesta recunoasterea acestuia, conform prevederilor Regulamentului nr. 805/2004 al Parlamentului European si al Consiliului European din 21 aprilie 2004 privind crearea unui Titlu Executoriu European pentru creantele necontestate) este recunoscut in toate jurisdictiile analizate. In unele tari insa, instantele nationale sovaiesc in a aplica acest Titlu, asa cum este cazul Poloniei, unde, in practica, este necesara si o decizie interna emisa de o instanta poloneza.

Regimul juridic al contractului de leasing financiar in cazul procedurilor de insolventa

Cadrul juridic general al tratamentului contractelor de leasing in cazul procedurii de insolventa deschise impotriva locatarului este foarte similar in toate jurisdictiile analizate, in ceea ce priveste cele mai sensibile aspecte, i.e.:

(i) Executarea drepturilor locatorului conform cu contractul de leasing va fi suspendata dupa deschiderea procedurii de insolventa in toate jurisdictiile analizate.

Pentru a obtine satisfacerea pretentiei sale, locatorul trebuie sa-si inregistreze pretentia la masa credala a locatarului insolvent si sa astepte emiterea unei decizii privind planul de reorganizare/ lichidarea activelor locatarului. Luand in considerare situatia economica a locatarului insolvent, in majoritatea cazurilor, drepturile locatorului vor depinde de rangul locatorului in calitate de creditor al locatarului insolvent si de suma celorlalte pretentii inregistrate de ceilalti creditori ai locatarului insolvent la masa credala.

(ii) Rezilierea contractului de leasing dupa initierea procedurilor de insolventa impotriva locatarului

Un alt punct comun in toate jurisdictiile analizate este faptul ca, in general, contractele in curs la data deschiderii procedurilor de insolventa vor ramane pe deplin in vigoare si vor produce efecte, fara ca partile sa aiba posibilitatea de a rezilia aceste contracte ca urmare a insolventei. Daca este considerat oportun din punct de vedere economic, dupa efectuarea analizei situatiei financiare a locatarului insolvent, administratorul judiciar poate decide rezilierea contractului de leasing.

enforceability and without any possibility of opposing its recognition, as per the provisions of the Regulation no. 805/2004 of the European Parliament and of the Council of 21 April 2004 creating a European Enforcement Order for uncontested claims) is recognized in all the analysed jurisdictions. However, in certain countries the national courts are reluctant in applying this Order, as is the case of Poland where in practice an internal decision is also required to be issued by a Polish court. Legal regime of the financial leasing agreement in

case of insolvency proceedings

The general legal framework of the leasing agreement’s treatment under insolvency proceedings opened against the lessee is very similar throughout all the analysed jurisdictions as regards the most sensitive issues, i.e.:

(i) Enforcement of the lessor’s rights under the leasing agreement shall be suspended after the opening of the insolvency proceedings in all the analysed jurisdictions.

In order to obtain the satisfaction of its claim, the lessor shall have to register its claim against the insolvent lessee’s assets and wait for the reorganisation plan / liquidation of the lessee’s assets to be decided upon. Considering the economic situation of the insolvent lessee, in most of the cases the rights of the lessor shall depend on the lessor’s ranking as creditor of the insolvent lessee and the amount of the other claims registered by other creditors of the insolvent lessee in the table of receivables.

(ii) Termination of the leasing agreement after the initiation of the insolvency proceedings against the lessee

Another common point in all the analysed jurisdictions is the fact that generally the contracts in progress at the opening date of the insolvency proceedings shall remain in full force and effect, without the possibility of the counterparties to terminate these agreements as a consequence of the insolvency. If deemed opportune from an economical perspective after performing the analysis of the insolvent lessee’s financial situation, the judicial administrator can decide upon the termination of the leasing agreement.

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De asemenea, in cazul in care planul de reorganizare prevede continuarea contractului de leasing, locatorul va avea dreptul, in anumite jurisdictii (ex.: Romania, Germania, Austria), de a rezilia contractului in cazul in care locatarul nu isi plateste ratele de leasing, asa cum a fost decis de planul de reorganizare aprobat. Un caz deosebit de interesant si unic este cel introdus in Romania de nou adoptata Lege a Insolventei, prin care in cazul individual al contractului de leasing financiar, daca locatorul nu isi exprima intentia de a mentine contractul in termen de trei luni de la data deschiderii procedurii insolventei impotriva locatarului, contractul va fi considerat reziliat la expirarea perioadei mentionate.

(iii)Posibilitatea locatorului de a reintra in posesia activului inchiriat

Este unanim reglementat in toate jurisdictiile analizate dreptul locatorului de a reintra in posesia activului inchiriat, diferentele dintre legislatii constand in pasii specifici reglementati de legile nationale privind procedurile de repunere in posesie.

(iv) Posibilitatea locatorului de a participa la sedintele creditorilor debitorului si sa

voteze cu privire la planul de reorganizare propus.

Dreptul locatorului de a participa si de a vota in sedintele creditorilor este un alt drept reglementat unanim in jurisdictiile analizate.

Also, in case the reorganisation plan provides for the continuation of performance of the leasing agreement, the lessor shall have in certain jurisdictions (e.g.: Romania, Germany, Austria) the right to terminate the agreement in case the lessee fails to pay the leasing instalments as decided by the approved reorganisation plan.

A particularly interesting and unique case is the one introduced in Romania by the newly adopted Insolvency Law, whereby, in the individual case of the financial leasing agreement, if the lessor does not express its intention to maintain the agreement within three months from the date of opening of the insolvency proceedings against the lessee, the leasing agreement shall be considered terminated on the expiry of that period.

(iii)Possibility of the lessor to obtain the repossession of the leased asset

It is unanimously regulated under all the analysed jurisdictions the lessor’s right to obtain the repossession of the leased asset, the differences between legislations consisting in specific steps regulated in the national laws in relation to the repossession procedure.

(iv) Possibility of the lessor to attend the insolvent debtor’s creditors’ meetings and vote with

respect to the proposed reorganisation plan,

The lessor’s entitlement to attend and to vote in the creditors’ meetings is another right unanimously regulated under the analysed jurisdictions.

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3.2. Zonele de imbunatatit identificate in legislatia romaneasca privind contractul de leasing financiar

Reglementarea extinsa si detaliata de catre legislatia romaneasca atrage dupa sine

aplicabilitatea unui numar mai mare de obligatii si restrictii pentru entitatile care desfasoara activitati de leasing financiar in Romania, in

comparatie cu alte tari

In timp ce legislatia romaneasca reglementeaza majoritatea drepturilor si obligatiilor locatorului si locatarului intr-o maniera imperativa, celelalte jurisdictii asigura un cadrul legal mai flexibil, lasand multe aspecte ale contractului de leasing sa fie decise de catre parti (ex.: in Polonia, reglementarea contractului de leasing se bazeaza intr-o masura semnificativa pe prevederi legale dispozitive, permitand prin urmare partilor sa-si construiasca flexibil propria relatie juridica, pe baza libertatii contractuale). Multe dintre restrictiile legale apar ca urmare a aplicabilitatii normelor de reglementare a institutiilor financiare nebancare, astfel de norme reglementand numeroase obligatii sau cerinte de raportare, in special pentru acele institutii financiare nebancare inregistrate in Registrul Special al Bancii Nationale a Romaniei. Ca atare, o societate de leasing ar trebui sa-si creeze propriul set de norme interne pentru a respecta obligatiile de informare fata de Banca Nationala a Romaniei, ceea ce uneori poate avea ca rezultat interferente semnificative ale autoritatii publice in conducerea societatii. Mai mult, Banca Nationala a Romaniei are dreptul de a verifica in orice moment normele interne si de a-si impune amendamentele pentru o obliga societatea de leasing sa implementeze masurile considerate mai prudente de Banca Nationala. In alte jurisdictii, cum ar fi Polonia sau Austria, astfel de cerinte nu exista. Mai mult, chiar si in alte jurisdictii unde leasingul financiar este calificat drept o activitate financiara/ de credit, obligatiile de raportare catre bancile nationale sunt limitate, fiind pastrate la minimum si privind in principal obligatiile de a respecta prevederile de interes public ale procedurilor de prevenire a spalarii de

3.2. Identified areas of improvement in the Romanian legislation regarding the financial leasing agreement

The extensive and detailed regulation under the Romanian law triggers the applicability of a

greater number of obligations and restrictions for the entities carrying out financial leasing activities

in Romania in comparison with the other countries

While the Romanian legislation regulates most of the rights and obligations of the lessor and the lessee in an imperative manner, the other jurisdictions provide a more flexible legal framework, leaving many aspects of the leasing agreement to be decided upon by the parties (e.g.: in Poland the regulation of the leasing agreement is based to significant extent on dispositive provisions of law, therefore allowing the parties to the agreement to construct their legal relationship flexibly, on the basis of contractual freedom). Many of the legal restrictions are triggered by the applicability of the norms regulating the non-banking financial institutions, such norms regulating numerous obligations or reporting requirements, especially for those non-banking financial institutions registered in the Special Registry of the National Bank of Romania. As such, a leasing company would have to create its set of internal norms to comply with information obligations towards the National Bank of Romania, as well as with the decisions made by the National Bank of Romania, which sometimes can result in the public authority significantly interfering in the company’s own management. Moreover, the National Bank of Romania is entitled to verify at any given time the internal norms and impose its amendments or compel the leasing company to implement specific measures deemed more prudent by the National Bank. In other jurisdictions, such as in Poland and Austria, such requirements do not exist. Moreover, even in other jurisdictions where the financial leasing is qualified as a financial / crediting activity, the reporting obligations towards the national banks are limited, being kept to a minimum and mainly concerning the obligations to comply with provisions of public interest such as

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bani si de cunoastere a clientelei. Absenta definitiei din legislatia romaneasca a activitatilor de creditare cu ”titlu profesional” Trebuie mentionat ca legislatia romaneasca nu prevede o definitie clara a ceea ce trebuie inteles prin desfasurarea unei activitati cu ”titlu profesional”, ci doar anumite criterii, prezentate in maniera neexhaustiva, o astfel de reglementare lasand loc de interpretare si de evaluare discretionara de catre BNR. Prin urmare, in lipsa unei definitii clare, este discutabil si trebuie evaluat de la caz la caz, daca o entitate care desfasoara ocazional anumite activitati ce pot fi calificate drept leasing financiar ar trebui sa obtina autorizatie in acest scop de la BNR. Absenta unei definitii clare, sau a unui set clar de criterii, poate duce in practica la abordari inconsecvente pentru cazuri similare. Mai mult, chiar si in cazul activitatilor intra-grup, societatile trebuie sa ceara un aviz de la BNR prin care aceasta din urma sa stabileasca ca o activitate efectuata pentru entitati afiliate nu este o activitate desfasurata cu ”titlu profesional”. Avand in vedere cele de mai sus, este recomandabila o clarificare in legislatie pe viitor.

Datoria locatorului privind amenzile primite de locatar/terte parti pentru incalcarea cu

vehiculul inchiriat a normelor privind circulatia pe drumurile publice sau a altor norme inrudite

Conform prevederilor legale imperative din Romania, locatorul, in calitatea sa de proprietar al unui vehicul, este responsabil pentru incheierea unei polite de asigurare de raspundere civila auto. Nerespectarea acestei obligatii atrage dupa sine aplicabilitatea unor amenzi.

Exista jurisdictii (ex.: Italia), in care se prevede ca locatarul si locatorul raspund solidar pentru astfel de amenzi si, desi este posibila obligarea locatorului la plata amenzilor, acesta are dreptul de a-si recupera sumele platite de la locatar. Trebuie retinut de asemenea ca exista alte prevederi legale in legislatia romaneasca necorelate cu normele de leasing financiar. De exemplu, in ceea ce priveste rovinieta pentru utilizarea drumurilor nationale din Romania, sanctiunea

AML and KYC provisions. Lack of a definition under the Romanian law for

performing crediting activities with a “professional title”

It should be noted that the Romanian legislation does not provide a clear definition of what is to be understood by carrying out the activity with a „professional title”, but only certain criteria which are presented in a non-exhaustive manner and such regulation leaves a room of interpretation and discretionary assessment by NBR. Therefore, in lack of a clear definition, it is debatable and should be assessed on a case by case basis, whether an entity performing, on an occasional basis, certain activities which could be qualified as financial leasing should obtain NBR’s authorization for this purpose. The lack of a clear definition or of a clear set of criteria might lead in practice to inconsistent approaches for similar cases. Moreover, even in case of intra-group activities, the companies should request a clearance from NBR in order for the latter to ascertain that an activity performed for related parties is not an activity performed with “a professional title”. Having in view the above, a clarification in the future of the legislation would be recommendable.

Lessor’s liability for the fines received by the lessee / third parties for using the leased vehicle in breach of the norms regarding the circulation

on public roads or other related norms

As per the Romanian imperative legal provisions, the lessor, in its capacity as owner of a vehicle, is responsible for concluding the auto liability insurance (in Romanian “asigurarea de raspundere civila auto”). Non observance of this obligation triggers the applicability of fines.

There are jurisdictions in which (e.g. Italy), it is provided that the lessee and the lessor are jointly liable for such fines and, although the lessor might be forced to pay the fines, it is entitled to recover afterwards the amounts paid, from the lessee. It should be also noted that there are other legal provisions in the Romanian legislation which are not correlated with the financial leasing norms. For example, as regards the fees for using the national roads of Romania (i.e. in Romanian, “rovinieta”),

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77

pentru nerespectarea obligatiei de plata a unei asemenea taxe revine in general ”utilizatorilor” de vehicule, i.e. fie proprietarului, fie utilizatorului de drept al vehiculului. Este recomandabila existenta unei reguli speciale in legislatia de leasing financiar care sa stipuleze in mod clar ca, in cazul in care vehiculul este utilizat de un utilizator legal. i.e. locatarul, raspunderea pentru nerespectarea acestei obligatii de plata ar trebui sa apartina celui din urma si nu locatorului, care nu este cel care utilizeaza efectiv vehiculul pe drumurile nationale din Romania.

Accesul la informatiile privind comportamentul contractual al locatarului

Nu exista o practica uniforma in jurisdictiile analizate cu privire la existenta unei baze de date a activelor in leasing oficial/privat, care sa ofere posibilitatea urmaririi comportamentului de plata al locatarilor si a activului inchiriat. In Romania, exista anumite baze de date disponibile pentru cautarea de informatii privind comportamentul locatarilor, cum ar fi baza de date a Biroului de Credite sau Registrului Central de Credite. In ceea ce priveste Biroul de Credite, nu exista nicio recunoastere legala a dreptului unei institutii financiare nebancare de a fi admisa ca participant. Prin urmare. In cazul refuzului Biroului de Credite de a accepta cererea institutiei financiare nebancare de a deveni participant (refuz care poate fi arbitrar), aceasta din urma nu va avea acces la informatiile privind comportamentul de plata al locatarilor. In ceea ce priveste Registrul Central de Credite, aceasta baza de date privata stocheaza si ofera informatii doar de la si catre institutiile financiare nebancare inregistrate in Registrul Special al IFN-urilor. Un IFN nu se poate inregistra insa in Registrul Special la data infiintarii, ci numai dupa indeplinirea anumitor criterii timp de trei perioade consecutive de raportare trimestriala. Prin urmare, pana la acel moment, un IFN nu are acces la nici un fel de informatii din partea Registrului Central de Credite cu privire la comportamentul de plata al locatarilor.

the sanction for not observing the obligation of payment such a fee applies generally to the “users” of a vehicle, i.e. either the owner or the rightful user of the vehicle. It is recommendable to have a special regulation in the financial leasing legislation in which to be clearly stipulated that in case the vehicle is used by a rightful user, i.e. the lessee, the liability for the inobservance of this payment obligation would belong to the latter and not to the lessor who is not the one effectively using the vehicle on the Romanian national roads.

Access to information regarding the contractual behaviour of the lessee

There is not a uniform practice in the analysed jurisdictions regarding the existence of an official/private leased asset database that offers the possibility to follow the payment behaviour of the lessees and to track the leased asset. In Romania, there are certain databases available for searching information regarding the behaviour of the lessees, such as the database of the Credit Bureau or Central Credit Register. As regards the Credit Bureau, there is no legal recognition of the NBFIs’ right to be admitted as participant. Therefore, in case of refusal by the Credit Bureau to accept a NBFI’s request to become a participant (refusal which can be arbitrary), the latter shall not have access to the information regarding the payment behaviour of the lessees. As regards the Central Credit Register, this private databases stores and offers information only from and to NBFIs registered in the NBR’s Special Register. However, a NBFI cannot register as of its incorporation date in the Special Register, but only upon fulfilment of certain criteria for three consecutive periods of quarterly reporting. Therefore, until that moment, a NBFI does not have access to any information from the Central Credit Register regarding the payment behaviour of the lessees.

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Dreptul instantei de a descreste ratele de leasing/ alte datorii stabilite prin contractul de

leasing

In toate jurisdictiile analizate, locatorul are dreptul de a obtine daune-interese in cazul neindeplinirii de catre locatar a obligatiilor sale contractuale. Trebuie observat ca obtinerea unor astfel de daune-interese nu il impiedica pe locator sa reintre si in posesia activului.

Dreptul unei instante de judecata de a descreste drepturile contractuale ale locatorului de a obtine daune-interese difera semnificativ de la o jurisdictie la alta. Ca atare, in timp ce legislatiile din Romania, Italia si Franta permit posibilitatea instantelor de a interveni in contractul dintre parti si de a modifica datoriile locatarului, instantele din Austria pot decide doar cu privire la nivelul daunelor-interese stabilite contractual ca fiind platibile de catre locatar, fara posibilitatea de a reduce ratele de leasing; in Polonia, desi este teoretic posibil, nu a existat nici un caz in care instanta sa fi modificat ratele de leasing/daunele interese platibile de catre locatar. La polul opus, in Germania si Cehia, instantele nu pot interveni in contractul dintre parti pentru a modifica intentia liber exprimata a acestora la semnarea contractului. Conform unui proces recent din Cehia, daca contractul de leasing este reziliat din cauza locatarului inainte de expirare, locatorul are dreptul de a cere plata tuturor ratelor de leasing ramase de plata. Presupunand ca in contractul de leasing se prevede dreptul locatorului de a-si recupera de la locatar toate sumele la care ar fi avut dreptul in cazul in care contractul ar fi fost executat pana la sfarsitul duratei sale (ex.: toata dobanda pana la sfarsitul perioadei de leasing convenite), o astfel de clauza de penalizare ar fi aplicabila.

Dreptul instantelor de a descreste suma daunelor-interese reglementate contractual de catre parti printr-un contract a fost recunoscut in mod expres in Romania. Avand insa in vedere practica inconsecventa a instantelor romanesti cu privire la interpretarea si aplicarea clauzei de daune-interese dintr-un contract de leasing, ar fi recomandabila o clarificare a legislatiei in aceasta privinta, pentru a evita pe viitor solutii diferite ale instantelor de judecata in cazuri similare.

The Court’s right to decrease the leasing instalments / other debts established under the

leasing agreement

In all the analysed jurisdictions, the lessor is entitled to obtain damages in case of non-fulfilment by the lessee of its contractual obligations. It should be noted that the obtainment of such damages does not preclude the possibility of the lessor repossessing the leased asset as well.

The right of a court of law to decrease the lessor’s contractual entitlement to obtain damages significantly differs from one jurisdiction to another. As such, while the Romanian, Italian and French legislations allow for the possibility of the court to intervene in the parties’ agreement and modify the lessee’s liabilities, Austrian courts can only rule with respect to the contractually established amount of damages to be paid by the lessee, without the possibility to reduce the leasing instalments; in Poland, although possible in theory, there has not been a case when a court of law amended the leasing instalments / damages which are to be paid by the lessee. At the opposite end, in Germany and Czech the courts of law are not allowed to intervene in the parties’ agreement, amending their free will, as it was expressed at the signing of the agreement. According to recent case law in Czech Republic, if the leasing contract is terminated due to the lessee’s fault before its expiration, the lessor would have a right to claim all outstanding leasing instalments. Assuming that the leasing agreement provides the lessor’s entitlement to recover from the lessee all the amounts to which it would have been entitled in case the agreement was performed until the end of its duration (e.g. all the interest until the end of the agreed duration of the leasing agreement), such a penalty clause would be enforceable

The right of the courts of law to decrease the amount of damages, as regulated contractually by the parties to an agreement, was expressly recognized in Romania. However, having in view the inconsistent practice of the Romanian courts of law in respect to the interpretation and application of the liquidated damages clause under a lease agreement, a clarification of the legislation in this respect would be recommendable, in order to avoid in the future different solutions of the courts of law for similar cases.

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Cu privire la cele de mai sus, trebuie de asemenea retinut cazul altor jurisdictii, de exemplu Republica Ceha, unde instantele de judecata nu pot interveni in contractul dintre parti pentru a modifica intentia lor liber consimtita.

In relation to the above, it should be also noted the case of other jurisdictions, for example the Czech Republic, where the courts of law are not allowed to intervene in the parties’ agreement and to amend their free will. Autori/Authors: Deloitte Consultancy - Oana Petrescu, Partner - Melania Hancila, Manager - Hanaan Yaseen, Business Analyst Deloitte Tax - Dan Badin, Partner - Pieter Wessel, Partner - Daniel Petre, Director - Andrei Tercu, Manager - Cristian Velcu, Senior Manager - Laura Biban, Senior Consultant - Andreea Geacu, Senior Consultant Reff & Associates - Andrei Burz Pinzaru, Partner - Leontin Trifa, Associate Partner - Irina Albusel, Managing Associate - Alexandra Laura Pop, Associate.

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80

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Page 93: Catalog ALB 2014.pdf

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Page 94: Catalog ALB 2014.pdf

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V. Texte legislative pentru IFN-uri publicate in perioada iunie 2013 – iunie 2014

(doar versiunea in limba Engleza)

V. Legislation for NBFI issued between June 2013 to June 2014 (only the English version)

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95

V. Texte legislative pentru IFN-uri publicate in perioada iunie 2013 – iunie 2014

(doar versiunea in limba Engleza)

V. Legislation for NBFI issued between June 2013 to June 2014 (only the English version)

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96

Valeriu Popescu CEO, Diplomat Consult, Part of Invigors EMEA

Prefata Anul 2014 se inscrie, din punct de vedere legislativ, in linia schimbarii si modernizarii cadrului legal, care a inceput cu intrarea in vigoare a Codului Civil – octombrie 2011 urmat apoi de Codul de Procedura civila – 2013. Pentru a putea oferi cititorilor o perceptie cu privire la dimensiunea schimbarilor cadrului legal, enumeram in mod nelimitativ cateva din actele legislative intrate in vigoare in anul 2014, pana la data redactarii prezentei prefete :

Ordonanta de Urgenta a Guvernului nr. 44/2008 privind desfasurarea activitatilor economice de catre persoanele fizice autorizate, intreprinderile individuale si intreprinderile familiale – Ianuarie 2014 ;

Codul Penal - Februarie 2014 ; Codul de Procedura Penala - Februarie

2014; Hotararea Guvernului nr. 421/2014 pentru

modificarea si completarea Normelor metodologice de aplicare a Legii nr.571/2003 privind Codul fiscal, aprobate prin Hotararea Guvernului nr. 44/2004. - Mai 2014. Prevede scutirea de la impozitare a profitului investit in echipamente tehnologice inclusiv a celor luate in folosinta in baza contractelor de leasing financiar.

Legea nr. 85/2014 privind privind procedurile de prevenire a insolventei si de insolventa – Iunie 2014. Comparativ cu Legea 85/2006, noua lege, considerata un veritabil Cod al insolventei, contine prevederi (i) care acorda noi parghii in vederea cresterii sanselor de reorganizare; (ii) care aduc un plus de claritate fata de textele vechii legi; (iii) care transpun in cadrul procedurii

Valeriu PopescuCEO, Diplomat Consult, Part of Invigors EMEA

Forward

The year 2014 is following, in terms of legislation, the line of change and modernization of the legal framework, which began with the entry into force of the Civil Code - in October 2011 followed by the Code of Civil Procedure - in 2013. In order to give the readers a perception on the size of the legal framework changes, we are listing, without limitation, some of the legislative acts entered into force in 2014, until the date of writing this preface.

Government Emergency Ordinance no. 44/2008 on economic activities by authorized natural persons, sole proprietorships and family businesses - January 2014;

Criminal Code - February 2014; Code of Criminal Procedure - February

2014; Government Decision no. 421/2014 to

amend and supplement the rules of implementing the Law no. 571/2003 on the Tax Code, approved by the Government Decision no. 44/2004. - May 2014. It provides the tax exemption of income invested in technological equipment, including the equipment used based on financial leasing contracts.

Law no. 85/2014 on insolvency and

insolvency prevention proceedings - June 2014. Compared with Law 85/2006, the new law, considered an authentic Code of insolvency, includes provisions (i) granting new possibilities to increase the chances of reorganization; (ii) adding greater clarity to the texts of the former law; (iii) transposing the gained positive judicial experience within

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insolventei experienta judiciara pozitiva acumulata; (iv) care reglementeaza activitatea practicianului in insolventa in scopul crearii unui Cod de bune practici.

Ordonanta de Urgenta a Guvernului nr.

34/2014 privind drepturile consumatorilor in cadrul contractelor incheiate cu profesionistii, precum si pentru modificarea si completarea unor acte normative. – Iunie 2014. Ordonanta 34/2014 (i) abroga OG nr. 106/1999 privind contractele incheiate in afara spatiilor comerciale si OG nr. 130/2000 privind protectia consumatorilor la incheierea si executarea contractelor la distanta si (ii) modifica si compleaza Legea nr. 193/2000 privind clauzele abuzive din contractele incheiate intre profesionisti si consumatori.

Ordonanta Guvernului nr. 25/2014 privind

incadrarea in munca si detasarea strainilor pe teritoriul Romaniei si pentru modificarea si completarea unor acte normative privind regimul strainilor in Romania - August 2014. Reglementeaza conditiile de incadrare in munca ale strainilor precum si detasarea lor pe teritoriul Romaniei.

Decizia nr. 27/2014 pentru aprobarea Procedurii privind clasificarea auditorilor statutari si firmelor de audit in functie de riscul de afectare a credibilitatii raportarilor financiare. – August 2014. Clasificarea auditorilor statutari si firmelor de audit in functie de riscul de afectare a credibilitatii raportarilor financiare.

Legea nr. 123/2014 pentru modificarea Legii 571/2003 privind Codul fiscal. – Septembrie 2014. Aduce modificari Codului Fiscal in sensul reducerii cu 5% a cotelor de contributii datorate de angajatori la sistemul public de pensii.

Legea nr. 138/2014 pentru modificarea si completarea Legii nr. 134/2010 privind Codul de procedura civila, precum si pentru modificarea si completarea unor acte normative conexe. – Octombrie 2014. Executarea silita a celor care au datorii la banci sau catre alti creditori se va face mai rapid, intrucat nu mai trebuie aprobata de catre judecatori, urmand a fi dispusa doar de catre un executor judecatoresc. Se reintroduce procedura de investire cu formula executorie

insolvency proceeding; (iv) regulating the activity of the insolvent practitioner in order to create a Code of Practice.

 

Government Emergency Ordinance no. 34/2014 on the Consumers’ rights under contracts with professionals, as well as on amending and supplementing certain regulations. - June 2014. Ordinance no. 34/2014 (i) repeals the Government Ordinance no. 106/1999 on off-premises contracts and the Government Ordinance no. 130/2000 on the consumers’ protection during the distance contracts signing and performance (ii) amends and supplements Law no. 193/2000 on unfair terms in contracts signed between professionals and consumers.

Government Decision no. 25/2014 on integrating in labour and detaching foreigners in Romania and on amending and supplementing some legislative documents on the status of foreigners in Romania - August 2014. It provides the conditions for integrating in labour and detaching foreigners on Romania’s territory.

Decision no. 27/2014 for approving the Procedure on the classification of statutory auditors and audit firms according to the risk of affecting the financial reporting credibility. - August 2014. Classification of statutory auditors and audit firms according to the risk of affecting the financial reporting credibility.

Law no. 123/2014 on amending Law 571/2003 regarding the Tax Code. - September 2014. It amends the Tax Code in order to reduce by 5% the rate of social security contributions payable by the employers to the public pension system.

Law no. 138/2014 on amending and supplementing Law no. 134/2010 on the Code of Civil Procedure and on amending and supplementing certain related legislative acts. - October 2014. The enforcement of those who have debts to the banks or to other creditors will be faster, as it no longer need to be approved by the judges and will be ordered only by a bailiff. The summary judgment procedure has been reintroduced for all writs of execution, other than judgments, in order

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98

pentru toate titlurile executorii, altele decat hotararile judecatoresti, in vederea asigurarii unui control al instantelor de judecata asupra acestor categorii de inscrisuri, si tinand cont de faptul ca incuviinarea executarii silite presupune o etapa ulterioara care consta in verificarea indeplinirii conditiilor de forma, verificare pe care o va realiza executorul judecatoresc competent. Modifica Legea contenciosului administrativ 554/2004 in ceea ce priveste obligatia de executare, instanta de executare si atacarea hotararii emise de aceasta instanta.

Ordinul nr. 2869/2014 privind modificarea si completarea anexei nr. 1 la Ordinul presedintelui ANAF nr. 127/2014 pentru aprobarea Instructiunilor privind aplicarea procedurii de angajare a raspunderii solidare reglementate de dispozitiile art. 27 si 28 din Ordonanta Guvernului nr. 92/2003 privind Codul de procedura fiscala. – Septembrie 2014. Aduce clarificari in legatura cu depunerea contestatiilor, semnarea acestora de catre persoanele desemnate ale organului fiscal cat referitor la modului de solutionare al contestatiei. A fost introdus un nou capitol care se refera la stingerea creantelor fiscale.

In cele ce urmeaza, va rugam sa gasiti selectate si traduse in limba engleza cateva acte legislative, pe care le consideram mai relevante si/sau cu impact direct asupra industriei financiar-bancare.

to ensure control of the courts on these types of documents, and considering the fact that the writ of execution involves a later stage consisting in checking the compliance with the formal requirements by a competent bailiff. It amends the Contentious-administrative Law no. 554/2004 regarding the enforceable order, the court of enforcement and the appeal against this court decision.

Order no. 2869/2014 on amending and supplementing Annex no. 1 to Order No. 127/2014 issued by NAFA’s President for the approval of the Instructions regarding the application of joint and several liability proceedings governed by the provisions of Art. 27 and 28 of the Government Ordinance no. 92/2003 regarding the Tax Procedure Code. - September 2014. It provides clarifications about filing appeals, signing them by the persons designated by the tax authority, as well as about the way of handling the appeal. A new chapter was introduced covering the settling of the tax claims.

Please find below some legislative acts selected and translated into English, that we consider most relevant and/or with direct impact on the financial and banking industry.

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LAW No. 193 of 6 November 2000*) on the abusive clauses in the contracts concluded between professionals and consumers -

republished *) Republished under article 80 of Law No. 76/2012 implementing Law No. 134/2010 on the Civil Procedure Code, published in the Official Gazette of Romania, Part I, No. 365 of 30 May 2012, the

texts being numbered differently. Law No. 193/2000 on the abusive clauses in the contracts concluded between professionals and

consumers was republished in the Official Gazette of Romania, Part I, No. 305 of 18 April 2008, and was later amended by Law No. 161/2010 amending article 84 of Law No. 296/2004 on the

Consumption Code and Law No. 193/2000 on the abusive clauses in the contracts concluded between traders and consumers, published in the Official Gazette of Romania, Part I, No. 497 of 19

July 2010.

CHAPTER I: General provisions

Art. 1 (1)Any contract concluded between professionals and consumers for the sale of goods or the supply of services shall include clear, unequivocal clauses which can be understood without having specialized knowledge in the field.

(2)In the case of any doubt about the interpretation of certain contractual clauses, such clauses shall be interpreted in the consumer’s favour.

(3Professionals are forbidden to include abusive clauses in the contracts concluded with consumers.

Art. 2 (1)Consumer shall mean any natural person or group of natural persons established in associations, who, on the ground of a contract governed by this law, acts for purposes outside the scope of his/her commercial, industrial or production, crafts or liberal activity.

(2)Professional shall mean any natural or legal person which, on the ground of a contract governed by this law, acts within the scope of its commercial, industrial or production, craft or liberal activity, as well as any person acting for the same purpose for it or on its behalf.

Art. 3 (1)The provisions of this law shall also apply to order or delivery notes, tickets, vouchers and other such notes containing provisions or references to general conditions established in advance.

(2)The contractual clauses laid down pursuant to other applicable pieces of legislation shall not be covered by this law.

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CHAPTER II: Rights and obligations of the contracting parties

Art. 4 (1)A contractual clause that was not directly negotiated with the consumer shall be considered as abusive if it generates, by itself or together with other provisions of the contract, a significant imbalance between the rights and obligations of the parties, to the detriment of the consumer and contrary to good faith requirements.

(2)A contractual clause shall be considered as not being directly negotiated with the consumer if it was established without giving to the consumer the possibility of influencing its nature, such as pre-formulated standard contracts or general conditions of sale used by traders on the market of the respective product or service.

(3)The fact that certain aspects of contractual clauses or only one of the clauses was directly negotiated with the consumer does not exclude the implementation of the provisions of this law to the remaining part of the contract, if a global evaluation of the contract shows that it was set in advance by the professional only. If a professional pretends that a standard pre-formulated clause was directly negotiated with the consumer, it has the obligation to submit evidence in this respect.

(4)The list included in the annex which is an integral part of this law provides examples of clauses considered as abusive.

(5)Without prejudice to the provisions hereof, the abusive nature of a contractual clause shall be evaluated according to:

a) the nature of the products or services forming the object of the contract at the time it is concluded;

b) all the factors that lead to the conclusion of the contract;

c) other clauses of the contract or of other contracts of which it depends.

(6)The evaluation of the abusive nature of clauses is related neither to the definition of the main object of the contract, nor to the capacity of meeting the price and payment requirements, on one hand, nor to the products and services provided in return, on the other hand, if such clauses are worded in an easily comprehensible language.

Art. 5 In the case of pre-formulated standard contracts, the professional shall remit to any person concerned, on demand, a copy of the contract it proposes.

Art. 6 The abusive clauses included in the contract and established either personally, or through the bodies authorized by law, shall have no effects on the consumer, and the contract shall further performed, with the consumer’s consent, provided that it can be performed after the elimination of such clauses.

Art. 7 If the contract can no longer produce its effects after the elimination of the clauses considered as abusive, the consumer is entitled to request the contract termination, and may also claim damages, as applicable.

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CHAPTER III: Bodies authorized to establish minor offences and settle disputes

Art. 8 The compliance with the provisions of this law shall be verified by the competent representatives of the National Authority for Consumer Protection, and by authorized specialists of other public government bodies, depending on skills.

Art. 9 The inspection bodies shall perform checks after being notified by the adversely affected persons set forth under article 2 paragraph (1) or ex officio.

Art. 10 Professionals have the obligation to submit the contracts concluded with consumers, in original, to the inspection bodies.

Art. 11 The competent inspection bodies shall conclude minutes recording the deeds established upon the checks made and the articles of law breached by the professional.

Art. 12 (1)If the inspection bodies provided under article 8 establish the use of standard contracts containing abusive clauses, they shall notify the court of the professional’s place of residence or headquarters, as applicable, requesting to such court to compel the professional to amend the contracts in progress, by eliminating the abusive clauses.

(2)The minutes drafted according to article 11 shall be enclosed to the request for initiating legal proceedings.

(3)The consumer protection associations that comply with the conditions provided under articles 30 and 32 of Government Ordinance No. 21/1992 on consumers’ protection, as republished, as subsequently amended and supplemented, may initiate legal proceedings against the professional that uses standard contracts containing abusive clauses, with the court provided under paragraph (1), with the intention that the court orders the termination of the use thereof and the amendment of the contracts in progress, by removing the abusive clauses. The provisions of article 13 paragraphs (1) and (4) shall apply.

(4)The provisions of paragraphs (1) to (3) do not infringe the right of the consumer who is bound by a standard contract containing abusive clauses to invoke the nullity of the clause by way of an action or as a defence, according to law.

(The current form of the article is the one that complies with the amendments made to the previous form of the law by Law 76/2012 that enters into force on 15 February 2013, as provided by Emergency Ordinance No. 4/2013)

Art. 13 (1)If the court establishes that the contract contains abusive clauses, it shall compel the professional to amend all the standard contracts in progress, and to remove the abusive clauses of the pre-formulated contracts meant to be used within its professional activity.

(2) In the case provided under paragraph (1), the minor offence related fine provided under article 16 shall also be enforced.

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(3)If the court establishes that the contract contains no abusive clauses, the minutes drafted shall be annulled.

*) The provisions of article 13 paragraph (3) shall apply within the trials initiated between 15 February 2013 and 30 September 2013.

(on 1 July 2013 Art. 13, para. (3) of chapter III – see the implementing references under article 1, item 3. of Law 214/2013 ) (4)The decision shall be subject to appeal only.

(The current form of the article is in line with the form compliant with the amendments made to the previous form of the law by Law 76/2012 , which enters into force on 15 February 2013, as provided by Emergency Ordinance no. 4/2013)

Art. 14 The consumers harmed by the contracts concluded in breach of the provisions of this law are entitled to refer to courts, as provided by the Civil Code or the Civil Procedure Code.

Art. 15 If the contracting parties choose the law of a non-EU country as the law applicable to the contract, and the contract is closely linked to the territory of Romania or other EU Member States and if this law contains provisions which are more favourable to consumers, such provisions shall apply.

CHAPTER IV:

Sanctions

Art. 16 (1) The infringement of the interdiction provided under article 1 paragraph (3) shall considered a minor offence unless the deed was perpetrated under such conditions so as to be considered a crime, under the criminal law, and shall be penalised with a fine between RON 200 and RON 1,000.

(2)The provisions hereof shall be supplemented by the provisions of Government Ordinance No. 2/2001 on the legal regime of minor offences, approved as amended and supplemented by Law No. 180/2002, as subsequently amended and supplemented, with the exception of articles 27-29.

CHAPTER V: Final provisions

Art. 17 This law shall enter into force 30 days after its publication in the Official Gazette of Romania, Part I. Any provisions to the contrary shall be repealed on the same date.

This law transposes the stipulations of the Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, published in the Official Journal of the European Union (OJEU) no. L 95 of 21 April 1993.

Art. 171 The National Authority for Consumer Protection shall inform the European Commission whether it adopts or maintains provisions that are much stringent in this emergency ordinance than in Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, as well as of any subsequent amendment

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to this emergency ordinance, especially if the respective provisions either extend the abusive nature testing to the contractual clauses that are negotiated on an individual basis or to the appropriate nature of the price or the remuneration, or contain lists of contractual terms that will be considered as abusive.

(on 13 June 2014, art. 17 of chapter V supplemented by art. 29, para. (1) of chapter VII of Emergency Ordinance 34/2014 )

ANNEX: LIST of the clauses considered as abusive

(1)A contract provision shall be considered as abusive if it:

a)entitles the professional to unilaterally amend the contract clauses, without a due cause specified in the contract.

The provisions of this letter do not preclude the clauses based on which a financial service supplier reserves its right of modifying the interest rate payable or owed by the consumer or the value of other financial service fees, without prior notice, if there is due cause for this, provided that the professional is under the obligation to inform the other contracting parties on the matter, as soon as possible, and that such parties have the freedom to immediately terminate the contract.

Also, the provisions of this letter do not preclude the clauses under which the professional reserves its right to unilaterally amend the clauses of an indefinite duration contract, provided that the professional is under the obligation to inform the consumer, through a prior notice sent within a reasonable time period, so that the latter has the freedom to terminate the contract;

b)compels the consumer to abide by certain contractual conditions of which he/she could not have actually been aware of on the contract signature date;

c)compels the consumer to comply with its contractual obligations even when the professional failed to comply with its own obligations;

d)entitles the professional to automatically extend a contract concluded for a definite duration, with the consumer’s tacit consent, if the time limit when the consumer could state his/her option was not sufficient;

e)entitles the professional to amend unilaterally, without the consumer’s consent, the clauses regarding the characteristics of the products and services to be supplied or a product’s delivery period or a service performance period;

f)entitles the professional to unilaterally establish the compliance of supplied products and services with contractual provisions;

g)entitles only the professional to interpret contractual clauses;

h)restrains or annuls the consumer’s right of claiming indemnification if the professional fails to comply with its obligations under the contract;

i)compels the consumer to pay amounts that are disproportionately large relative to the damages incurred by the professional if the consumer fails to comply with its obligations under the contract;

j)limits or annuls the consumer’s right to unilaterally terminate the contract when:

- the professional unilaterally amended the clauses provided under letter e);

- the professional failed to comply with its obligations under the contract;

- the professional imposed on the consumer, under the contract, clauses regarding the payment of a fixed amount in the event of unilateral termination;

k)excludes or limits the professional’s legal liability if the consumer is injured or dies as a result of the professional’s action or omission regarding the use of products and services;

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l)excludes the consumer’s right of filing an action in court or using another remedy at law, and also requests to the consumer to settle disputes by arbitration mainly;

m)unreasonably permits certain restrictions relating to the use of the consumer’s obvious proofs or the request for certain proofs which form the object of a different part of the contract, according to law;

n)entitles the professional to transfer contractual obligations to a third party - agent etc. -, without the consumer’s consent, if such transfer is meant to reduce guarantees or other liabilities to the consumer;

o)forbids the consumer from setting off a debt to a professional against a receivable which it could have towards the professional;

p)provides that the products price is established at the time of delivery or gives product sellers or service suppliers the right to rise prices, without giving to the consumer, in both cases, the right to annul the contract if the final price is too high versus the price agreed on the contract conclusion date.

The provisions of this letter do not preclude the price indexation clauses, as long as such provisions are legal, provided that the price variation method is explicitly described;

r)permits to the professional to obtain large amounts of money from the consumer if the consumer fails to perform or complete the contract, without also setting forth compensations in an equivalent amount to be paid to the consumer too, if the professional fails to perform the contract;

s)entitles the professional to unilaterally annul the contract, without setting forth the same right for the consumer too;

t)entitles the professional to terminate the indefinite duration contract, without a reasonable prior notice, unless with due cause.

The provisions of this letter do not preclude the clauses under which the financial service supplier reserves its right to unilaterally order the termination of an indefinite duration contract and without a prior notice if there is due cause, provided that the supplier is compelled to inform the other contracting party as soon as possible.

(2)The provisions of paragraph (1) letters a), p) and t) do not cover:

a)the transactions in securities, financial instruments and other products or services, where the price is linked to fluctuations in a stock exchange quotation or index or a financial market rate that the seller or supplier cannot control;

b)the contracts for the purchase or sale of foreign currencies, travellers’ cheques, international money orders issued in foreign currencies or other international payment instruments.

Published in the Official Gazette under number 543 of 3 August 2012.

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The Romanian Parliament hereby adopted this law.

PRELIMINARY TITLE

(…)

CHAPTER II Fundamentals of insolvency and insolvency prevention proceedings. Definitions

(…)

Section 2

Definitions

Article 5. - For purposes of this law, the words and expressions below have the following meanings: … 9. control is the ability to determine or influence, in a dominant manner, directly or indirectly, the financial and operating policy of a company or the decisions adopted by the corporate bodies. A person shall be deemed as having control when: a) holding, directly or indirectly, a qualifying holding of at least 40 % of the voting rights of the company and no other partner or shareholder holds, directly or indirectly, a higher percentage of the voting rights; b) holding, directly or indirectly, the majority of voting rights in the general meeting of the company in question; c) having, as a partner or shareholder of that company, the power to appoint or revoke a majority of the members of the administrative, management or supervisory bodies; … 15. claims with cause of preference means claims which are accompanied by a privilege and/or a mortgage and/or rights similar to mortgages, under Art. 2347 of the Civil Code, and/or by a lien on the debtor's property, whether the latter is the principal or a third party guarantor, in relation to the beneficiaries of the preference. If the debtor is a third party guarantor, the creditor benefiting from a preference shall exercise correlative rights only in relation with the property or right in question. These preferences have the meaning given in the Civil Code, unless the special law provides otherwise; … 17. arrangement with creditors means an agreement between the debtor facing financial difficulty, on the one hand, and the creditors holding at least 75 % of the value of the accepted and undisputed claims, on the other, approved by the bankruptcy judge, a contract by which the debtor proposes a recovery plan and the payment of the claims to these creditors, and the creditors agree to support the efforts made by the debtor to overcome the difficulty; … 25. The proceeding initiation date is: a) if the debtor filed the petition to initiate the proceedings, the date on which the bankruptcy judge issues the resolution, as provided in art. 71; b) if the creditor filed the petition to initiate the proceedings, the date on which the bankruptcy judge issues the resolution, as provided in art. 72; c) in case of cross-border insolvency, the date on which the decision to initiate the proceedings is effective, even if it is not final; 29. Insolvency is the situation of the debtor's property where the cash funds available for the payment of certain, liquid and due debts are insufficient, as follows: a) the debtor's insolvency is presumed when the debtor, 60 days from the due date, has not paid its debt to the creditor; the assumption is relative;

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b) insolvency is imminent when there is proof that the debtor shall not be able to pay, on due date, the outstanding liabilities incurred, using the funds available on due date; … 35. a group of companies means two or more companies which are interconnected by control and/or ownership of qualified holdings; 36. An ad hoc mandate is a confidential proceeding, initiated at the request of the debtor experiencing financial difficulty, by means of which an ad-hoc agent, appointed by the court, negotiates with the creditors in order to achieve an agreement between one or more of them and the debtor, in order to overcome the difficult situation in which the debtor is; 37. a group member may be any of the group's companies, be it the parent company or a controlled member of the group; 38. a controlled member of the group is a company controlled by the parent company; … 41. qualifying holding means a capital fraction between 20% and 50%, owned by a person in another company; … 54. legal reorganisation is the proceeding applied to the insolvent debtor, a legal entity, in order to pay its debts, according to the schedule of payment of claims. The reorganisation proceeding involves the drafting, approval, confirmation, implementation and compliance with a plan, called reorganisation plan, which may include, together or separately, but not limited to: a) the operational and/or financial restructuring of the debtor; b) the corporate restructuring by changing the capital structure; c) limiting the activity by the partial or complete winding up of the debtor's assets; … 62. a parent company is the company exercising control or dominant influence on the other companies in the group; … 71. the private creditor test is the comparative analysis of the payment degree of the budgetary claim in relation to a diligent private creditor, within an insolvency prevention proceeding or a reorganisation proceeding, compared to a bankruptcy proceeding. The analysis is based on a valuation report prepared by a valuator who is an authorised member of ANEVAR, appointed by the budgetary creditor, and is related to the duration of bankruptcy proceedings, compared to the proposed payment schedule. The situation in which the private creditor test proves that the allocations that the budgetary creditor would receive in the event of an insolvency prevention proceeding or in the event of reorganisations are higher than they would receive following a bankruptcy proceedings does not constitute State aid; 72. the threshold value is the minimum amount of the claim, following which the initiation of insolvency proceedings can be filed. The threshold value is RON 40,000 for both creditors and debtor, including for demands made by the liquidator appointed in the liquidation proceedings under Law 31/1990, republished, as subsequently amended and supplemented, for claims different from wages, and for employees is 6 gross average salaries/employee. .

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TITLE I Insolvency prevention proceedings

(…)

TITLE II Insolvency proceeding

CHAPTER I

(…)

Section 3

Initiating the proceeding and effects thereof

Article 66. - (1) The insolvent debtor must file a petition with the court to be subject to the provisions of this law, within 30 days of the onset of insolvency. The petition filed with the court must be accompanied by a proof of notification of the competent fiscal body of the intention to open insolvency proceedings (2) If on the date stipulated in para. (1) the debtor is engaged, in good faith, in extrajudicial negotiations to restructure its debt, it is required to file a petition with the court to be subject to the provisions of this law, within 5 days following the failure of the negotiations. (3) If during the negotiations conducted as a part of an ad-hoc mandate proceeding or as a part of an arrangement with creditors, the debtor becomes insolvent, but there is a reasonable assumption, based on good grounds, that the results of the negotiations could have been capitalised in the short term by signing an out-of-court agreement, the debtor, in good faith, must file a petition to initiate the proceeding under the conditions and in the time frame stipulated in para. (2). Otherwise, the debtor must file a petition to initiate the insolvency proceedings within 30 days from the onset of insolvency. (4) The debtor in whose case the onset of insolvency is imminent may petition the court to be subject to the provisions of this title. (5) The petitions filed by legal entities shall be signed by the persons who, according to the articles of incorporation or by-laws, have the capacity to represent said entities, without requiring a resolution of the partners/shareholders. Where the debtor's petition requests the use of the simplified proceedings, a resolution of the general meeting of the shareholders/partners shall be filed in this regard. (6) Upon registering the petition, the registry service shall check, of its own motion, the existence of other pending petitions to initiate proceedings, which have been filed previously by creditors. Where such petitions filed by creditors exist, the debtor's petition shall be settled by out-of-court procedures; the judge shall order, in the same resolution, the joining of the petitions filed by creditors, which, in the event the proceeding is initiated, shall become statements of claim, and if the debtor's petition is rejected, they are settled according to art. 72 et seq. (7) If, after the registration of the debtor's petition, but before its settlement, petitions to initiate proceedings are filed by the creditors, these shall be recorded directly with the petition filed by the debtor. The registry service shall make checks of its own motion and shall record the petitions in the case file of the debtor's petition. In this case, the debtor's petition shall be settled by out-of-court procedures. If the petition is received, the petitions of the creditors shall be deemed statements of claim, and if it is rejected, the petitions filed by creditors shall be settled according to art/ 72 et seq. (8) If the insolvency proceedings are initiated, the claims subject of the petitions to initiate proceedings, which become statements of claim, may be updated with accessory obligations calculated until the initiation date of the proceedings, observing the deadline set for the statements of claims, under Art. 102 (9) Should the debtor file prematurely and in bad faith a petition to initiate the proceeding, it shall result in the patrimonial liability of the debtor, natural person or legal entity, for the damages caused.

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(10) The petition of the debtor shall be judged as an emergency case, within 10 days, in closed session, without summoning the parties. Notwithstanding the provisions of art. 200 of the Code of Civil Procedure, the bankruptcy judge shall set the court day in closed session within 10 days of filing, even if the petition does not meet all legal requirements and if all the documents have not been submitted. If, on the date on which the debtor has filed the petition, there are pending petitions filed by creditors, the court shall proceed according to para. (6), second sentence. (11) After filing the petition to initiate the proceedings, in urgent cases, which would endanger the debtor's assets, the bankruptcy judge may order, in closed session and without summoning the parties, the temporary suspension of any foreclosure proceedings on the debtor's assets, until a ruling is given in relation to the petition. … Article 72. - (1) For the petition for the initiation of insolvency proceedings, filed by the creditor, at the request of the debtor, filed within the period specified in para. (3), the bankruptcy judge may order, by way of a resolution, that the creditor requests a bank to make a record of a security of up to 10% of the debt, however no more than RON 40,000. The security shall be recorded within 5 days of the notification, under penalty of rejection of the petition to initiate the proceeding. (2) within 48 hours of filing the petition, by the creditor, the court shall notify it to the debtor and to the competent taxation body (3) within 10 days of receiving the petition, the debtor must either appeal or acknowledge the existence of insolvency; if the debtor appeals, only documentary evidence shall be given (4) If the bankruptcy judge finds that the debtor is not insolvent, the judge shall reject the creditor's petition, which shall be deemed devoid of any effect from its registration date. In this case, the security shall be used to cover the losses incurred by the debtor due to the filing, in bad faith, of such a petition, according to the ruling of the bankruptcy judge. (5) in the event of the payment, by the end of the deliberations, of the debt of the creditor that has requested that the proceeding be initiated, the bankruptcy judge shall reject the petition as ungrounded, and the security established shall be returned (6) If the debtor fails to pay the creditor's debt by the end of the deliberations, and the bankruptcy judge determines that the debtor is insolvent, the bankruptcy judge shall receive the petition to initiate proceedings, and shall initiate, by ruling, either the general insolvency proceedings, or the simplified proceeding, as applicable. In this case, the security shall be returned to the creditor. … Article 75. - (1) Starting on the date on which the proceeding has been initiated, all judicial, extrajudicial or enforcement measures to settle the claims against the debtor's assets shall be suspended. The capitalisation on their rights can only be made as part of the insolvency proceedings, by filing petitions for the admission of claims. Their reinstatement is possible only in the event of the dissolution of the resolution to initiate the proceeding, if the resolution to initiate the proceeding is revoked, or if the proceedings are closed under art. 178. If the resolution to initiate the proceeding is annulled or, where appropriate, revoked, the judicial or extrajudicial actions to settle the claims against the debtor's assets may be reinstated, and the enforcement measures may be resumed. When the resolution to initiate the proceeding is final, both the judicial or the extrajudicial actions, as well as the suspended enforcements shall cease. (2) The following are not subject to suspension by operation of law provided in para. (1): a) the remedies pursued by the debtor against the actions of a/several creditor/creditors, which were began before the initiation of the proceedings, and the civil actions of the criminal proceedings initiated against the debtor; b) the legal actions against co-debtors and/or third party guarantors (3) The judicial actions undertaken to determine the existence and/or the amount of the claims against the debtor, arising after the initiation date of the proceeding, shall not be subject to the suspension provided in para. (1). A payment request may be filed for such actions for the duration of the monitoring and reorganisation period; this payment request shall be reviewed by the receiver, observing the provisions of Art. 106 para. (1), which shall apply accordingly, without recording these claims in the list of creditors. An

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appeal may be lodged against the measure ordered by the receiver, in compliance with art. 59 para. (5), (6) and (7). (4) The holder of a current, certain, liquid and payable claim that was acknowledged by the receiver or by the bankruptcy judge under para. (3) and whose amount exceeds the threshold value may request, during the observation period, the initiation of the debtor's bankruptcy proceedings, if the claims are not settled within 60 days from the date the action was taken by the receiver or from the date of the ruling of the court. The provisions of Article 143, para. (2) and (3) shall apply accordingly (5) if the debtor's assets that have already been awarded or the amounts already seized by enforcement proceedings, until the date of initiation of the proceedings, the enforcement bodies shall transfer the appropriate amounts to the account referred to in art. 39 para. (2), less their fees and other enforcement expenses incurred; the debtor shall retain all rights provided by that proceeding (6) The proceeds of the enforcements shall be paid by the receiver/liquidator to the creditors having preference on the goods awarded within 30 days, even during the observation period. No insolvency proceeding-related fees and costs shall be applied to these amounts. (7) The amounts of money in the debtor's account as of the initiation date of the proceeding, and which are subject to a mortgage, as well as cash collaterals shall be distributed, on demand of the creditor, by the receiver/liquidator of the creditor holding the mortgage, to cover the outstanding debts of the debtor, within 5 days of the creditor's request. In the case of amounts deposited into an escrow account, in the event of objections, they shall be transferred to the account specified in Art. 39, after the receiver has checked that the conditions of the contract have been fulfilled. (8) The amounts of money in the debtor's account as of the initiation date of the proceeding, and which are subject to a mortgage, as well as cash collaterals shall be distributed, on demand of the creditor, by the receiver/liquidator of the creditor holding the mortgage, to cover the outstanding debts of the debtor, within 5 days of the creditor's request. In the case of amounts deposited into an escrow account, in the event of objections, they shall be transferred to the account specified in Art. 39 para. (2), after the receiver has checked that the conditions of the contract have been fulfilled. (9) In order to provide the resources required to continue the debtor's current activity, during the observation period, the amounts of money subject to the causes of preference referred to in this article may be used by the receiver with the consent of the creditor holding the security. In the event such consent is refused, the bankruptcy judge may authorise the use of these amounts, while granting the creditor holding the security the adequate protection under Art. 87 para. (3). … Article 84. - (1) except for the cases stipulated in art. 87, for the cases authorised by the bankruptcy judge or approved by the receiver, all acts, transactions and payments made by the debtor after the initiation of the proceedings are null and void (2) The administrator appointed during an insolvency proceeding is liable for the breach of the provisions of art. 87, the bankruptcy judge, at the request of the receiver, of the meeting of creditors, filed by the chairman of the creditors' committee or by another creditor appointed by it, or at the request of the creditor holding 50% of the value of the claims included in the pool of creditors, and may order that a part of the liabilities to be borne by the special purpose administrator, without exceeding the damage having a causal link to the acts or operations conducted in this manner. (3) The debtor and/or, as appropriate, the receiver is/are bound to prepare and maintain a list of all receipts, payments and compensations given after the initiation date, indicating their nature and value, as well as the identification information of the co-contractors. … Article 87. - (1) During the observation period, the debtor may continue its current activities and may make payments to known creditors that observe the usual conditions for the exercise of its current activity, as follows: a) under the supervision of the receiver, if the debtor has filed a reorganisation application, within the meaning of art. 67 para. (1) g), and the administration right was not prohibited; b) under the management of the receiver, if the debtor no longer has administration rights

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(2) The acts, operations and payments exceeding the conditions stipulated in para. (1) can be authorised during the exercise of the monitoring duties by the receiver; the latter shall convene a meeting of the creditors' committee in order to submit, for approval, the request of the special purpose administrator, within 5 days of its receipt. Where an operation that exceeds the scope of the current activity is recommended by the receiver, and the proposal is approved by the creditors' committee, it must be carried out by the special purpose administrator. If the activity is managed by the receiver, the operation shall be performed by the latter with the approval of the creditors' committee, and the request of the special purpose administrator is not necessary (3) In the event of proposals for the sale of property from the debtor's assets, which are subject to causes of preference, the holding creditor has the following rights: a) the right to receive adequate protection for its claim, under Art. 78; b) the right to receive distributions of amounts under art. 159 para. (1) pt. 3 and art. 161 pt. 1, given that it cannot benefit from an adequate protection of the claim, under a cause of preference, according to Art. 78 (4) The funding granted to the debtor during the observation period, for the purposes of conducting its current activities, with the approval of the creditors' meeting, shall have priority upon repayment, under Art. 159 para. (1) pt. 2 or, as appropriate, under Art. 161 pt. 2. This funding shall be mainly secured by property or rights which are not subject to causes of preference, and, in the alternative, if no such property or rights are available, with the consent of the creditors that benefit from such causes of preference. If the consent of these creditors cannot be obtained, the repayment priority of these claims, provided by art. 159 para. (1) pt. 2, shall result in a decrease of the payment of the creditors with causes of preference, pro rata, in relation to the entire value of the property or rights which form these causes of preference. In the event of the absence or insufficiency of the property to be encumbered by causes of preference in favour of creditors that provide financing during the observation period for the purpose of the conduct of the current activity, for the unsecured portion of the claim, they shall have priority under Art. 161 pt. 2.

Section 4 First measures. Drawing up the list of creditors. Appeals

(…)

Article 102. - (1) Except for the employees whose claims shall be recorded by the receiver according to the accounting records, all the other creditors whose claims antedate the initiation of the proceeding shall file a petition for the admission of their claims in the time frame specified in the resolution to initiate the proceeding; the petitions for the admission of claims shall be recorded in a register, which shall be kept by the court clerk office of the court. Budget debts that are established by a tax audit report, prepared after the initiation of the proceedings, but which covers the debtor's previous activities, are also deemed previous claims. Within 60 days from the date of publication of the notification on the initiation of the proceedings in the BPI, the tax audit bodies shall perform the tax audit and prepare the tax audit report, under Government Ordinance no. 92/2003 regarding the Fiscal Procedure Code, republished, as subsequently amended and supplemented. Budget creditors shall register the petition for the admission of the claim within the time frame stipulated in art. 100 para. (1) b) and, within 60 days from the date of publication of the notification regarding the initiation of the proceeding in the BPI, they shall register a supplement to the petition for the admission of the initial claim, if applicable. (2) The claim that led to the initiation of the insolvency proceedings is recorded by the receiver, based on the supporting documents attached to the petition to initiate the proceeding and after performing the required checks, without requiring a petition for the admission of the claim, under para. (1), except for cases in which accessory obligations are calculated until the proceeding initiation date (3) The claim admission petition must be submitted even if they are not established by a title (4) Claims not yet due or conditional as of the initiation date of the proceeding shall be included in the pool of creditors and shall be entitled to participate in distributions of amounts to the extent permitted by this title (5) The voting right and the right to distribution of claim holders subject to conditions precedent on the date on which the proceeding is initiated, including of the holders of claims whose capitalisation is subject to prior enforcement against the principal, shall arise only after the condition in question is fulfilled.

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(6) Claims arising after the initiation of the proceeding, during the observation period or during the judicial reorganisation shall be paid according to the documents from which they arise, and their recording in the pool of creditors is not required. This provision shall apply accordingly to claims arising after the date of initiation of the bankruptcy proceedings (7) if the bankruptcy proceeding is initiated after the observation period or after reorganisation, the creditors shall require the registration in the additional list for claims arising after the date of initiation of the insolvency proceedings and which have not been paid (8) The claim of an injured party in criminal proceedings shall be recorded as being subject to a condition precedent, until the final ruling is given in the matter of the civil action in the criminal proceedings in favour of the injured party, by submitting a petition for the admission of the claim. If the civil action in the criminal proceedings is not completed by the time the insolvency proceedings is completed, either as a result of the success of the reorganisation plan, or as a result of the liquidation, any claims arising from the criminal proceedings shall be covered from the assets of the reorganised legal entity or, if applicable, from the proceeds of the action resulting in the patrimonial liability of the persons who have contributed to the insolvency of the legal entity, under to Art. 169 et seq. (9) All claims submitted for admission and recording purposes with the Clerk Office of the Court shall be presumed valid and correct if not disputed by the debtor, by the the receiver or by the creditors. Article 103. - The claims under a cause of preference shall be recorded in the final list until the market value of the security determined by valuation, ordered by the receiver or by the liquidator, conducted by a valuator appointed according to Art. 61. If the capitalisation of the assets subject to the cause of preference is made at a price that is higher than the amount recorded in the final table or in the consolidated final table, the difference shall be returned to the secured creditor, even if a part of the claim had been recorded as unsecured debt, until the main claim and the accessory obligations (calculated in accordance with the provisions of the documents from which the claim arises, until the date on which the asset is capitalised) are covered. This provision also applies in the event of the failure of the reorganisation plan and of the sale of the asset during the bankruptcy proceedings. … Article 105. - (1) All claims shall be subject to the verification proceeding provided in this chapter, except for the claims established by final and enforceable judgments, and by enforceable arbitral awards. If such judgments or arbitral awards are annulled, reversed or amended in appeal, the receiver/ liquidator must amend the list of creditors accordingly. If the court, following the annulled or reversed judgment, does not release the merits submitted for trial, the receiver or liquidator shall proceed to verify the claim, notifying the creditors in the event of the failure to include the claim, in whole or in part, according to Art. 110 para. (4). In the latter case, an appeal may be filed, under art. 59, para. (5), against the partial recording of the claim or against the non-inclusion thereof on the list of creditors. (2) Budget claims resulting from an enforceable title, which remained undisputed during the period of time stipulated by special laws, shall not be subject to this proceeding. (3) Claims resulting from leasing agreements that were terminated before the initiation of the insolvency proceeding, shall be recorded as follows: a) if the ownership of the goods subject to the leasing agreement is transferred to the debtor, the lender shall acquire a legal mortgage on the property in question, equal in rank with the initial leasing operation, and its claim shall be recorded according to art. 159 para. (1) pt. 3; b) If the property subject to the leasing agreement is recovered, with the priority stipulated in art. 161 pt. 8, if no other property to give the holder the quality of creditor having a cause of preference, only the difference between the value of the entire claim and the market value of the property subject to the leasing agreement, determined by an independent valuer, shall be recorded; c) if one or several recovered goods was/were capitalised upon by the leasing company until the date when the preliminary list of creditors was prepared, the proceeds of the sale shall be deducted from the total claim. (4) for financial leasing agreements in progress as of the date of initiation of the proceedings and maintained, in accordance with art. 123 para. (12), the current claims shall not be recorded in the list of creditors, being paid at maturity. The previous instalments recorded in the list shall be governed by the legal conditions governing the claims referred to in art. 159 para. (1) pt. 3. If all the current debts have been paid and all other

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obligations arising after the initiation of the proceedings have been paid, the ownership of the property subject to the financial leasing agreement shall be transferred to the debtor; in this case, for the previous instalments recorded in the list, the lender shall simultaneously obtain a legal mortgage on the property concerned, equal in rank to the initial leasing operation. The receiver/liquidator shall notify the lender of the ownership transfer and shall make a mention in the relevant records regarding the fact that the lender's claim rank was maintained. … Article 112. - (1) After all the claim disputes are resolved and the collateral valuation report is submitted, the receiver/liquidator shall register immediately with the court and shall publish in the BPI the final list of creditors against the debtor's property; the list shall indicate the amount, the priority and status of each claim, be it subject to a cause of preference or not (2) After registering the final list, only the holders of the claims recorded in the final list may take part in the voting procedures on the reorganisation plan or to any distributions of amounts of money, in the event of bankruptcy following the simplified proceeding. (3) The maximum duration of the observation period is 12 months, calculated from the date of initiation of the proceedings. To meet this deadline, the bankruptcy judge may apply the provisions of art. 113 para. (4) accordingly.

Section 5 Status of certain legal acts of the debtor

(…)

§ 3. Status of contracts in progress Article 123. - (1) Contracts in progress are deemed maintained as of the date of the initiation of the proceeding, art. 1417 of the Civil Code not being applicable. Any contractual provisions to terminate the contracts in progress, to forfeit the benefit of the payment by instalments or of acceleration for the reason of the initiation of the proceedings are null and void. The provisions relating to maintaining the contracts in progress and to the nullity of the termination or acceleration clauses do not apply in respect of the qualified financial contracts and of the bilateral netting operations under a qualified financial contract or under a bilateral netting agreement. In order to maximise the value of the debtor's assets, within a limitation period of three months from the date of the initiation of the proceedings, the receiver/liquidator may terminate contracts, unexpired leases and other long-term contracts, as long as these contracts were not performed in whole or substantially by all parties. The receiver/liquidator must respond, within 30 days of receipt, to the notification of the contractor, submitted in the first 3 months after the initiation of the proceedings, by which it is required to terminate the contract; in the absence of a response, the receiver/liquidator shall not be able to demand the performance of the contract, as it is deemed terminated. The contract shall be deemed terminated: a) upon expiry of a 30-day period from the receipt of the request of the co-contractor to terminate the contract, if the receiver/liquidator does not respond; b) on the date of the notification of the termination, by the receiver/liquidator (2) If the performance of the contract is required, the receiver/liquidator shall mention, quarterly, in its activity reports, whether the debtor has the necessary funds to pay for the value of the goods or services provided by the co-contractor (3) The debtor shall forfeit the benefit of payment by instalments if, in the first 3 months after the initiation of the proceedings, the co-contractor notifies to the receiver its intention to accelerate or terminate the contract. If the contract was not terminated, the co-contractor may request its termination due to the debtor's fault, and the demand shall be settled by the bankruptcy judge (4) In the event of the termination of a contract, an action for damages may be brought by the contractor against the debtor and shall be settled by the bankruptcy judge. The rights arising in favour of the co-contractor, following the action for damages, shall be paid to the co-contractor under Art. 161 pt. 4, based on the ruling under which they have been recognised, which was deemed final.

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(5) During the observation period, with the consent of the co-contractors, the receiver shall be able to amend the terms of the contracts entered into by the debtor, including the loan agreements, in order to ensure future equivalent benefits. Any request under Art. 1271 of the Civil Code shall be settled by the bankruptcy judge (6) If the seller of a property retained ownership until the full payment of the sale price, the sale shall be deemed executed by the seller and shall not be subject to the provisions of para. (1); the reserve is binding on the receiver/liquidator if the notification formalities, as provided by the laws, have not been fulfilled. The property in relation to which the seller has retained ownership shall be included in the debtor's assets, and the seller shall have a cause of preference, under art. 2347 of the Civil Code (7) An employment contract or a lease, as tenant, may be terminated only observing the legal notice term (8) After the initiation of the proceeding, the receiver/liquidator may immediately proceed to the termination of the individual employment contracts of the debtor's staff. The receiver/liquidator shall give the statutory notice to the dismissed personnel. If the provisions of Law 53/2003 - Labour Code, republished, as subsequently amended and supplemented concerning redundancies are applicable, the time stipulated by art. 71 and art. 72 para. (1) of Law 53/2003, republished, as subsequently amended and supplemented, shall be reduced by half (9) In the case of a contract providing for periodic payments to be made by the debtor, maintaining the contract shall not result in an obligation of the receiver/liquidator to make the payments due for periods prior to the initiation of the proceedings. A request for the admission of the claim can be filed for such payments against the debtor (10) To maximise the value of the debtor's assets or in the event that the contract cannot be performed any more, the receiver may assign the contracts in progress to third parties, provided that those contracts have not been entered into intuitu personae, according to the Civil Code (11) In the event of the termination of the financial leasing agreements by the lender, the latter may opt for one of the following: a) the transfer, to the debtor, of the ownership of the goods subject to the leasing agreement, in which case the lender acquires a legal mortgage on those goods, equal in rank to the leasing operation, which is recorded in the pool of creditors, according to the order of priority set forth in Article 159 para. (1) pt. 3, with the equivalent value of the outstanding invoiced instalments and accessory obligations, plus the remainder of the amounts due under the leasing agreement, however without exceeding the market value of the property, as determined by an independent valuer, according to Art. 61; b) the recovery of the property subject to the leasing agreement, and the registration of the lender in the pool of creditors according to Art. 161 pt. 8, if there are no other properties conferring the holder the quality of creditor having a cause of preference, with the equivalent value of the outstanding invoiced instalments and accessory obligations, as of the date of initiation of the proceedings, plus the remainder of the amounts due under the leasing agreement minus the market value of the recovered property, as determined by an independent valuer, according to Art. 61; (12) Notwithstanding the provisions of para. (1), first sentence, in the case of the financial leasing agreement, if the lender does not give, within three months from the date of the initiation of the proceedings, its express consent to maintain the agreement, it shall be deemed terminated at the expiration of that period. In the event in which, during that same period, the lender sends the receiver a notice requiring the latter to terminate the agreement, it shall be deemed terminated upon expiry of a 30-day period from the receipt of the notice by the receiver. In order to maximise the value of the debtor's assets, the liquidator may terminate any financial leasing agreement, the agreement being deemed terminated on the date on which the termination notice was given by the receiver/liquidator. … Article 133. - (1) The reorganisation plan shall indicate the prospects for recovery in relation to the possibilities and the specific activity of the debtor, with the funds available and the market demand and shall include measures consistent with public order, including in relation to the selection, appointment and replacement of managers and directors. (2) The reorganisation plan shall necessarily include the claims payment schedule. The claims recorded as subject to causes of preference in the list of creditors may be bearing interest and other accessory obligations.

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(3) The execution of the reorganisation plan may not exceed a 3-year period, calculated from the date the confirmation thereof. The payment terms established in the agreements - including in loan or leasing agreements - can be maintained by the plan, even if they exceed the 3-year period. These terms can be extended with the express consent of the creditors, if initially they were shorter than 3 years. After fulfilling all the obligations included in the plan and the closure of the reorganisation proceeding, these payments shall be resumed under the agreements they arise from. (4) The reorganisation plan shall indicate: a) the categories of claims that are not disadvantaged, for the purpose of this title; b) the treatment of disadvantaged categories of claims; c) whether and to what extent the debtor, the members of the economic interest grouping, the shareholders of a general partnership and the partners with unlimited liability, in the case of a limited partnership are discharged; d) what is the compensation to be offered to the holders of all categories of claims, compared to the estimated value that could be received following the distribution in the event of bankruptcy; the estimated value is calculated based on a valuation report prepared by a valuer appointed under Art. 61; e) the payment terms of the current claims. (5) The plan shall specify the appropriate measures for its implementation, such as: A. the preservation, in whole or in part, by the debtor, of the management of its business, including the right to dispose of property, in what concerns its assets; however, its activity shall be supervised by the receiver appointed under the law; B. obtaining the financial resources to support the fulfilment of the plan and the sources thereof; the funding approved under the plan shall have priority upon repayment, under Art. 159 para. (1) pt. 2 or, as appropriate, under Art. 161 pt. 2; C. the transfer of all or part of the debtor's property to one or more natural persons or legal entities, set up before or after the confirmation of the plan; D. the merger or division of the debtor, under the law, observing the notification obligation with regard to concentration between undertakings, according to the appropriate competition legislation. In the event of a division, the provisions of Art. 2411 para. (3) of Law 31/1990, republished, as subsequently amended and supplemented, shall not apply; E. the liquidation of all or part of the debtor's property, either separately or by lots, free of any charges, or assigning them to the debtor's creditors, on account of the claims that they have against the debtor. The assignment of the debtor's assets to its creditors shall be made only provided that their prior written consent has been obtained in relation to this method of settlement of claims; F. partial or complete liquidation of the debtor's assets, in order to execute the plan. The proceeds of the sale of property with causes of preference, according to the Civil Code, must be distributed to the creditors having such causes of preference, in compliance with art. 159 para. (1) and (2); G. the amendment or the settlement of the causes of preference, with the obligation to grant, in favour of the creditor holding a security or the equivalent protection, according to Art. 78 para. (2) c), up to the amount of their claim, including the interest determined under contracts or under the reorganisation plan, based on a valuation report, by following the procedure stipulated by art. 61; H. the extension of the due date and the change of the interest rate, of the penalty or of any other terms of the contract or of the other sources of its obligations; I. the amendment of the articles of association of the debtor, under the law; J. the issuance of securities, by the debtor or by any of the persons referred to in sub-para. D and E, as provided by Law 31/1990, republished, as subsequently amended and supplemented, and by Law 297/2004, as amended and supplemented. In order to record, in the plan, the issue of securities, the debtor needs the express written consent of the creditor that is to receive the securities issued, a consent that must be given prior to the voting proceeding, in relation with the reorganisation plan, by the creditors. Notwithstanding the provisions of art. 205 para. (2) of Law 297/2004, as subsequently amended and supplemented, the operations mentioned in this paragraph are considered exempt for the purposes of art. 205 para. (1) of Law 297/2004, as subsequently amended and supplemented;

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K. Notwithstanding the provisions of subpara. J, the reorganisation plan may not provide for the conversion of budget claims to securities; L. the insertion, in the articles of incorporation of the debtor - legal entity - or of the entities referred to in subpara. D and E, of provisions: a) prohibiting the issuance of shares without voting rights; b) determining, in the case of different categories of common shares, the appropriate distribution of voting rights between these categories; c) in the case of categories of preferential shares with priority dividends over other categories of shares, regulating, in a satisfying manner, the appointment of administrators representing the categories of shares in question, in the event the dividend payment obligation is not fulfilled (6) Notwithstanding the provisions of Law 31/1990, republished, as subsequently amended and supplemented, and of Law 297/2004, as subsequently amended and supplemented, the plan proposed by the creditors or by the receiver may require the amendment, without the agreement of the members or associates/shareholders of the debtor, of the articles of incorporation (7) the recording of the mention in the Trade Registry shall be required by the receiver, at the expense of the debtor, based on the resolution confirming the reorganisation plan, which shall be published in the Official Journal of Romania, Part IV. … Article 139. - (1) the bankruptcy judge shall set the deadline for the confirmation of the plan no later than 15 days after the submission, by the receiver, of the minutes of the meeting of the creditors during which it was approved. The bankruptcy judge may request an expert to express an opinion on the feasibility of the plan, before its confirmation. The plan is confirmed in the following conditions: A. if there are 5 categories, the plan is deemed accepted if at least 3 of the categories of claims mentioned in the payment schedule, among the categories referred to in art. 138 para. (3), accept the plan, provided that at least one of the disadvantaged categories accepts the plan and that at least 30 % of the total value of the pool of creditors accepts the plan; B. if there are three categories, the plan is deemed accepted if at least 2 of the categories of claims vote in favour of the plan, provided that at least one of the disadvantaged categories accepts the plan and that at least 30 % of the total value of the pool of creditors accepts the plan; C. if there are two or four categories, the plan is deemed accepted if at least half od the number of categories votes in favour of the plan, provided that at least one of the disadvantaged categories accepts the plan and that at least 30 % of the total value of the pool of creditors accepts the plan; D. each disadvantaged category of claims which rejected the plan shall benefit from a fair and equitable treatment, through the plan; E. the claims that are paid in full within 30 days of the confirmation of the plan or in accordance with the loan or leasing agreements from which they arise shall be deemed non-disadvantaged claims, and they shall be deemed to have accepted the plan; F. the plan observes, in terms of legality and viability, the provisions of art. 133 (2) The fair and equitable treatment exists when the following conditions are met: a) none of the categories rejecting the plan and none of the claims rejecting the plan receives less than they would have in the event of bankruptcy; b) no category or claim belonging to a category receives more than the total amount of their claim; c) should a disadvantaged category reject the plan, no category of claims of lower rank, compared to the non-accepting disadvantaged category, as resulting from the hierarchy stipulated in art. 138 para. (3) shall receive more than they would in the event of bankruptcy; d) the plan provides for the same treatment for each claim within a distinct category, except for the different rank of the categories having causes of preference, as well as in the case in which the holder of a claim agrees to a less favourable treatment of its claim (3) Only one reorganisation plan shall be confirmed

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(4) The confirmation of a reorganisation plan shall result in the refusal to confirm any other plan (5) The amendments to the reorganisation plan, including its extension, may be made at any time during the reorganisation proceedings, however without exceeding a total maximum duration of 4 years, starting on the initial confirmation. The amendment may be proposed by any of the parties aiming at proposing a plan, whether or not they have proposed one. The creditors' meeting shall vote with regard to the amendment, and only the representatives of the claims that are still included in the balance shall cast a vote, in a manner similar to the voting of the reorganisation plan. The amendments to the plan must be confirmed by the bankruptcy judge. Article 140. - (1) When the ruling confirming a plan comes into force, the activity of the debtor is reorganised accordingly; the claims and rights of the creditors and of other interested parties are amended as set out in the plan. In the event of bankruptcy, the creditors and debtor shall revert to the previously existing situation, i.e. the list of claims against the debtor stipulated in art. 112 para. (1), deducting the amounts paid during the reorganisation plan (2) If after the confirmation of the reorganisation plan additional amounts are recovered from actions filed under Art. 117, they shall be distributed in the manner stipulated in art. 163 (3) The proceeds of the current activity of the debtor or of the capitalisation of its assets which are not encumbered by causes of preference shall be set to be distributed on a pro rata basis for each claim set to be settled during reorganisation, after deducting the amounts deemed necessary for the settlement of the current payable claims and for the provision of the working capital, if any. The payment schedule of the claims shall provide for the payment of these amounts during the quarter following the one in which such amounts become available (4) The creditors shall preserve their actions for the entire value of the claims against co-debtors and fidejussor of the debtor, even if they voted to accept the plan. (5) If no plan is confirmed and if the deadline for proposing a plan has expired, under art. 132, the bankruptcy judge shall order the bankruptcy proceedings to begin immediately, under art. 145 (6) The remuneration of the staff employed under Art. 57 para. (2), Art. 61 and 63, and any other expenses related to the proceedings shall be paid at the time provided, as applicable, by law, unless the interested parties agree upon other payment terms, in writing. The plan must specify, in the payment schedule, how this payment is to be secured. (7) Payment shall be made quarterly, based on legal documents.

Section 7 Bankruptcy and liquidation of assets

(…)

§ 3. Distribution of the amounts obtained following the liquidation Article 159. - (1) The proceeds of the sale of the assets and rights of the debtor, encumbered, in favour of the creditor, by causes of preference, shall be distributed in the following order: 1. taxes, stamp duties and any other expenses related to the sale of the assets in question, including the expenses required for the preservation and management of said assets, as well as the expenses incurred by the creditor during enforcement proceedings, the claims of utilities providers arising after the proceedings have been initiated, under art. 77, the remuneration payable, as of the distribution date, to the employees contracted in the common interest of all creditors, in accordance with art. 57 para. (2), Art. 61 and 63, which shall be borne on a pro rata basis, in relation to the value of all the properties included in the debtor's assets; 2. claims of the creditors having a cause of preference, which has arisen during the insolvency proceedings. These claims shall include the principal, the interest, as well as other accessory obligations, if applicable; 3. claims of the creditors having a cause of preference, including the principal, the interest, the additions and penalties of any kind, including costs, as well as those under art. 105 para. (3) and art. 123 para. (11) point a) (2) if the amounts obtained from the sale of these assets are insufficient to fully cover such claims, the creditors may obtain, for the remaining amount, unsecured or budget claims, as applicable, which shall compete with those included in the corresponding category, according to the nature thereof, stipulated in art. 161, and shall be subject to the provisions of art. 80. If, after the payment of the amounts referred to in para.

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(1), there is a positive difference, the corresponding amount shall be added, care of the receiver, to the debtor's assets. (3) A creditor having a cause of preference is entitled to participate in any distribution of amounts made before the same of the property encumbered by a cause of preference in their favour. The amounts received following such distributions shall be deducted from the amounts the creditor would be entitled to receive afterwards, from the price obtained by selling of the asset encumbered by a cause of preference, if necessary to prevent such creditor from receiving more than than they would have received, had the property encumbered by a cause of preference in their favour been sold prior to the distribution. … Article 161. - Claims shall be paid, in case of bankruptcy, in the following order: 1. taxes, stamp duties and any other expenses related to the proceedings under this Title, including the expenses required for the preservation and management of the debtor's assets, for resuming the activity, and for the payment of wages of employees pursuant to Art. 57 para. (2), Art. 61, 63 and 73, subject to the provisions of Art. 140 para. (6); 2. claims arising from financing granted under Art. 87 para. (4); 3. claims arising from employment relations; 4. claims arising from the resumption of the debtor's activity after the initiation of the proceedings, claims due to co-contractors according to Art. 123 para. (4) and due to third-party acquirers, in good faith, or to secondary acquirers, which return to the debtor's assets the goods or their equivalent value, according to art. 120 para. (2) and Art. 121 para. (1); 5. budget claims 6. claims representing amounts owed by the debtor to third parties, based on support obligations, allowances for minors or payment of regular amounts to ensure livelihood; 7. claims representing amounts set by the bankruptcy judge for the support of the debtor and of his/her family, in the case of individuals; 8. claims representing bank loans, with the related expenses and interest, claims arising from deliveries of goods, services or other works, from rents, claims related to art. 123 para. (11) pt. b), including bonds; 9. other unsecured claims; 10. subordinated claims, in the following order of preference: a) claims arising in favour of third-party acquirers, in bad faith, of the debtor's assets, under art. 120 para. (2), claims due to secondary acquirers, in bad faith, in accordance with art. 121 para. (1), and loans granted to the debtor, a legal entity, by a partner or shareholder holding at least 10 % of the share capital or voting rights in the general meeting of the shareholders or, as appropriate, by a member of the economic interest grouping; b) claims arising from documents that don't imply consideration.

Section 8 Liability for insolvency

(…)

Article 175. - (1) A proceeding consisting of reorganisation by resuming the activity or a liquidation proceeding shall be closed by a court ruling, based on a report of the receiver, which shall record the fulfilment of all the payment obligations undertaken under the confirmed plan, as well as the payment of the currently outstanding claims. If a proceeding starts as a reorganisation, and then becomes a bankruptcy proceeding, it shall be closed under Art. 167 (2) A bankruptcy proceeding shall be closed when the bankruptcy judge approves the final report, when all funds or assets of the debtor have been distributed and when the unclaimed funds have been deposited in the bank. (3) The property shall be distributed to creditors on account of the claims held against the debtor's property, following the creditor's proposal, with the obligation of the latter to pay all the amounts that would have been owed to the creditors having priority according to the previous documents, and to those having the same order of priority, according to Art. 159 and 161, in the event that the property had been sold to a third party.

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If there are multiple proposals, the property shall be assigned to the highest bidder, in which case the claim of the creditor in question shall be deducted from the price due. In all cases, the price of the goods distributed to the creditors to settle their debts shall not be less than the value determined by the valuation report.

(…)

TITLE IV Penalties

(…)

TITLE V

Transitional and final provisions

(…)

The Chairman of the Chamber of Deputies, Valeriu Stefan- Zgonea The Chairman of the Senate, Calin-Constantin-Anton Popescu-Tariceanu

In Bucharest, on 25 June 2014.

No. 85.

În viață uneori e ușor, alteori greu.

Suntem aici oricând.UniCredit Consumer Financing IFN S.A. tratează fiecare client drept un partener, oferindu-i în acest sens atenția și respectul cuvenite, prin produse de creditare adecvate și servicii adiționale. Email: [email protected] suplimentare pe: www.ucfin.ro

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DECISION NO. 421 of 20 May 2014 to amend and complement the Guidelines governing the enforcement of Tax Code Law No. 571/2003, as approved by Government

Decision No. 44/2004

Based on Article (108) of the Constitution of Romania, as republished, The Government of Romania hereby adopts the following decision.

Art. I

Guidelines governing the enforcement  of the Tax Code Law No. 571/2003, as approved under Government Ordinance No. 44/2004, published in Part I of Romanian Official Gazette No. 112 of 6 February 2004, as subsequently completed and modified, is hereby amended and completed, as follows:

(A) TITLE II: Corporate tax (...)

Tax Code: Art. 194: Plowback tax exemption (1) The profit invested in technological equipment - machines, equipment and working systems - as they are described in subgroup 2.1 of the Catalogue used for the classification and normal functioning durations of the fixed assets that are used to support a company’s business shall be exempted from paying the corporate tax. (2) As per paragraph (1), the plowback is the balance of the profit and loss account, more specifically the gross accounting profit accrued from the beginning of the year, in the year when the respective pieces of technological equipment were commissioned. The plowback tax exemption is equal to the corporate tax which is payable for the respective period. (3) For the period 1 July - 31 December 2014, this exemption shall be applied by considering the gross accounting profit posted as of 1 July 2014 and invested in the assets that are specified under paragraph (1) and will have been produced and/or procured and commissioned after that same date. [...] (6) The exemption shall be calculated on a quarterly or annual basis, as applicable. The amount of the profit for which the plowback tax exemption was given, minus the share which is set aside for the legal reserve, shall be distributed at the end of the financial year, as a priority for the creation of the reserves, in an amount equal to the accounting profit posted at the year-end. If an accounting loss is posted at the end of every financial year, the corporate tax related to the plowback shall not be calculated, and the taxpayer shall not distribute the plowback amount as a reserve. (7) For the technological pieces of equipment that are described under para. (1) and which are produced over several consecutive years, the exemption shall cover the investments that are commissioned partially in the respective year based on partial work acceptance reports. (8) The provisions of para. (1) shall apply to the technological equipment that are considered to be new, as per the enforcement guidelines. [...]

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Suntem aici oricând.UniCredit Consumer Financing IFN S.A. tratează fiecare client drept un partener, oferindu-i în acest sens atenția și respectul cuvenite, prin produse de creditare adecvate și servicii adiționale. Email: [email protected] suplimentare pe: www.ucfin.ro

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METHODOLOGICAL NORMS: 177. For purposes of Article 194 of the Tax Code, the production of technological equipment shall be construed as self-production. 178. For purposes of the enforcement of Article 194, paragraph (2) of the Tax Code, the gross accounting profit that has been accrued since the beginning of the year is that accounting profit to which the corporate tax expenditures should be added, as posted in the quarter/year when the respective technological equipment were commissioned, without considering the own sources or the attracted sources that are used to finance the assets mentioned under Article 194, paragraph 1 of the Tax Code. In the case of the technological equipments that are used based on financial leasing contracts and that are commissioned between 01 July 2014 - 31 December 2016 included, the user is the one to apply the corporate tax exemption, provided that the provisions of Article 194, paragraph 9 of the Tax Code should be complied with.

-****- PRIME MINISTER

VICTOR-VIOREL PONTA Also endorsed by:

Minister of Public Finance, Ioana-Maria Petrescu

Pp. Minister delegate for budget Gheorghe Gherghina,

Secretary of State

Published in Official Gazette No. 384 of 23 May 2014

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EMERGENCY ORDINANCE no. 66 of October 15th, 2014 regarding the approval of the Stimulus program to purchase new cars Having in view the need to meet the commitments undertaken in the agreements signed with international organizations, in order to avoid the risk of missing the target, releasing the credit system and enabling the natural persons’ access to financing are urgently required, an aspect demanding the Romanian Government to implement anti-crisis measures for supporting the prior economic sectors. Given that in the absence of some urgent measures to stimulate the consumption, the economic growth can be affected and some economy sectors, such as car construction and services, could be significantly affected by the economic and financial conditions, the credit system releasing and the activity increasing are required, with effects on the economic growth and positive impact on employment. By adopting the present regulation it is intended to implement a guarantee mechanism leading to the diversification of the range for car credits products at costs lower than the current ones, having in view the high degree of a credit collateralization for car purchase in comparison to personal loans without collaterals. For maintaining some encouraging perspectives to keep the consumption growth by providing the support of the banking system in the context of a specific funding offer dedicated to natural persons and tailored to the potential demands, having in view the need of a favorable framework for adopting and preparing the implementation of the national strategy for 2014-2020 competitiveness, which makes the car and related parts industry be among the prior economic sectors, representing one of the 10 sectors for the future. The absence of a funding offer for the car sector appropriate for natural persons affects the growth of the population consumption, the utilization degree of the current production capabilities of cars and related parts producers, as well as the volume of the cars trade and specialized services. These factors represent important contributors in obtaining the economic added value which do not benefit of the banking system support in the context of a specific funding offer dedicated to natural persons, in proportion with the potential demand. Considering that some urgent measures should be taken in order to raise funds for current production activities related to cars and related parts producers who produce added value and have a positive impact on the macro-economic level, the present regulation must be complied with, aiming the natural persons’ access to credits dedicated to the new cars purchase. Given that all these aspects aim the public interest and represent emergency and exceptional situations of whose regulation can not be postponed, requiring undertaking immediate measures on basis of emergency ordinance, the Romanian Government adopts the present emergency ordinance, according to article 115, paragraph (4) of the Romanian Constitution, as republished. Art. 1 (1)The stimulus program for new cars purchase, hereinafter referred to as the Program, is approved as governmental program which aims to enable the natural persons to purchase a new car by accessing state funds. (2)The Program enables natural persons to purchase only one car. Art. 2 In the present emergency ordinance, the following terms and expressions have the meaning hereby: a)new car – is the new vehicle – defined according to the provisions in article 3, paragraph 2 of the Government Ordinance no. 27/2011 regarding the road transport, as subsequently amended and supplemented, produced in the inter-community space or imported, which complies at least with the minimum requirements of standard EURO 5, purchased from legal entities whose activity is cars selling and with a maximum purchase price of 50,000 lei, without VAT, as applicable; b)the Program’s beneficiary is the natural person who fulfills the following conditions: 1.he declares under his sole responsibility, on the date of the guaranteed loan application, that he hasn’t owned any new car; 2.he is not registered with outstanding payment obligations to the consolidated general budget; 3.he is not registered with any debts to other bank loans;

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c)credit – the credit line which the credit institution or non-banking financial institution makes available to the beneficiary with the compliance of the internal norms and based on a credit agreement; d)guarantee agreement – the agreement signed between the Program’s beneficiary, the credit institution or non-banking financial institution and the National Loan Guarantee Fund for Small and Medium-Sized Enterprises – S.A., hereinafter referred to as F.N.G.C.I.M.M., under which the state, represented by the Ministry of Public Finance - F.N.G.C.I.M.M., is bound to guarantee the credit granted by the credit institution or non-banking financial institution and the beneficiary undertakes to reimburse the amounts owed to the state following the guarantee enforcement by the credit institution of non-banking financial institution, in case of credit risks; e)guarantor – the state, represented by the Ministry of Public Finance - F.N.G.C.I.M.M.; f)guaranteed percentage – the credit part which is covered by the state guarantee, expressed in percentage. The guaranteed percentage may be maximum 50% of the credit value; g)guarantee value – the amount mentioned in the guarantee agreement which can be maximum 50% of the credit value. Interests, charges and other costs generated by the participation in the Program are not included in the guarantee value; h)credit risk – partial or total non-payment of the credit by the Program’s beneficiary; i)collateral value - the amount resulting by applying the guaranteed percentage to the loan outstanding balance, an amount that is to be paid to the credit institution or non-banking financial institution by the Ministry of Public Finance in the case of credit risks; j)guarantee premium – amount due by the Program’s beneficiary representing the risk premium owed to the Ministry of Public Finance and the management fee owed to F.N.G.C.I.M.M., of which the value is annually established by the an order issued by the Minister of Public Finance and by the Minister delegate for budget; k)risk premium - the amount owed by the beneficiary to cover the guarantee risk and to annually finance the capital necessary for the Program; l)management fee - the amount owed by the Program’s beneficiary covering the costs of evaluation, grant and management of the guarantees granted by F.N.G.C.I.M.M.; m)government guarantee - guarantee assumed by F.N.G.C.I.M.M., on behalf and for the account of the state, included in a guarantee agreement, which covers the loss of the funding provider, in case of the credit risks and which must be irrevocable, unconditional and explicit, according to the regulations of the National Bank of Romania relevant in the perspective to be recognized as the credit risk-reducing of guarantees. Art. 3 (1)By derogation from the provisions of article 4 of the Government Emergency Ordinance no. 64/2007 regarding the public debt, approved with amendments and additions by Law no. 109/2008, as amended, this regulation stipulates a guarantee mechanism under which the Ministry of Public Finance is authorized to mandate F.N.G.C.I.M.M. to issue guarantees on behalf and for the account of the State, in favor of credit institutions and non-banking financial institutions which grant credits to natural persons who are eligible to purchase a new car within the Program. (2)In the exercise of the powers delegated under this ordinance, F.N.G.C.I.M.M. is authorized to mandate its subsidiaries in the purpose of developing the Program. (3)The payment source for the guarantees granted by F.N.G.C.I.M.M. on behalf and for the account of the State for credits obtained by the eligible beneficiaries under the Program is the Risk fund for Small and Medium-Sized Enterprises. (4)The guarantees annual maximum value, the credit granting terms and conditions, the eligibility requirements for credit institutions and non-banking financial institutions and natural persons eligible for the Program, the guarantees management rules are established by the application norms of this emergency ordinance. (5)The guarantees are granted within the limit value approved and depending on the specific criteria provided by the norms and internal procedures for financing credit institutions or non-bank financial institutions and by the guarantee norms of F.N.G.C.I.M.M. (6)The guarantee mechanism included in the Program develops in compliance with paragraph 3.5 of the Commission Notice regarding the application of Articles 87 and 88 of EC Treaty to State aid in the form of

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guarantees (2008/C 155/02), published in the Official Journal of the European, Series C, no. 155 of June 20th, 2008. Art. 4 Under the guarantee agreement, a mortgage of movable assets regarding the cars purchased under the Program in favour of the Romanian state represented by the Ministry of Public Finance is registered in the Electronic Archive of Movable Security Interests, as well as in favour of funding providers, in proportion to the guarantee percentage, valid until the discharge of all payment obligations related to guaranteed credit granted under the Program. Art. 5 The agreements under which F.N.G.C.I.M.M. grants the guarantees provided in article 2 are enforcement orders and are considered authentic documents. Art. 6 The Ministry of Public Finance and F.N.G.C.I.M.M. sign an agreement setting out the parties’ rights and obligations during the Program. Art. 7 (1)The Program’s Beneficiary undertakes to constitute, according to Law no. 287/2009 on the Civil Code, republished, with further amendments in favor of the Romanian state, represented by the Ministry of Public Finance, a mortgage of movable assets on credit balances of all accounts to the financing credit institution or non-bank financial institution, valid until the settlement of claims due by the above-mentioned according to the guarantee agreement, within the limit of the contracted credit line. (2)The movable assets mortgage agreement provided in paragraph (1) shall be registered in the Electronic Archive of Movable Security Interests by the financing credit institution or non-banking financial institution which will receive a special mandate in this regard, according to the application norms of the present emergency ordinance. (3)An agreement may be signed under the law between the credit institution or non-banking financial institution, the Program’s beneficiary and the Romanian state, through the Ministry of Public Finance - F.N.G.C.I.M.M., which stipulates that the financing credit institution or non-banking financial institution will follow the instructions by which the amounts in the account will be available to the Romanian state, without requiring the beneficiary's consent. Art. 8 (1)The credit institution and non-banking financial institution shall be entitled to pay the collateral amount in case of credit risk. (2)The amounts resulting from the enforcement of state guarantees granted by F.N.G.C.I.M.M. under the Program, on behalf and for the account of the State, shall be paid from the state budget to the funding provider by the Ministry of Public Finance, based on the supporting documents submitted by F.N.G.C.I.M.M., and will be recovered from the Program’s beneficiary. Art. 9 (1)After the payment referred to in article 8 paragraph (2), the Ministry of Public Finance informs F.N.G.C.I.M.M. on the payment and the date thereof, and F.N.G.C.I.M.M. issues a document, the act preceding the enforcement procedure, by which the claim resulting from payment is individualized. (2)F.N.G.C.I.M.M. notifies the guaranteed financing debtor beneficiary on the document within 15 calendar days from receiving the notification provided in paragraph (1). (3)The document, along with proof of the notification sent to the debtor who benefits of the guaranteed financing, accompanied by the guarantee agreement and the documents provided in the application norms of the present emergency ordinance shall be submitted to the competent tax authorities of the National Agency for Fiscal Administration for the application of the enforcement measures, according to chapter VIII of the Government Ordinance no. 92/2003 regarding the Fiscal Procedure Code, republished, as subsequently amended and supplemented. (4)If the amounts referred to in article 8 paragraph (2) are not paid, interests and late payment penalties will be applied according to the provisions in chapter III of the Government Ordinance no. 92/2003, republished, as subsequently amended and supplemented, beginning with the day following the date when the amount resulted from the guarantee enforcement is paid until and including the date of the claim settlement.

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(5)The claims resulting from the granted guarantees and paid to credit institutions and non-banking financial institutions under the Program shall be regarded as budgetary debts which are collected and recovered by enforcement by National Agency for Fiscal Administration, according to the procedure regulated by the Government Ordinance no. 92/2003, republished, as subsequently amended and supplemented, which are applied accordingly. (6)The amounts received according to article 8 paragraph (2) are state budget revenues and are paid in a separate account for budget revenues. Art. 10 Within maximum 15 days after the date of the entry into force of the present emergency ordinance, the Ministry of Public Finance and the Ministry of Economy, will elaborate and submit for approval the application norms of the present emergency ordinance by issuing a Government decision. -****-

PRIME-MINISTER VICTOR-VIOREL PONTA

Countersigned by: Minister of Economy,

Constantin Niţă Minister of Public Finance,

Ioana-Maria Petrescu Minister delegate for budget,

Darius-Bogdan Vâlcov Published in the Official Gazette no. 768 on October 22nd, 2014.

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principalul promotor alcreditului responsabil®

peste 29 000 de angajaţiîn 30 de ţări pe 4 continente

Cetelem este multi-specialistul creditelor de consum, ale cărui produse de creditare, de la credite de nevoi personale cu acordare prin telefon sau internet, până la credite auto, credite în magazin și carduri de credit, pot fi accesate fie în spaţiile de vânzare – magazine, showroom-uri auto, fie prin intermediul altor parteneri afiliaţi sau prin Internet.

Cetelem România aplică permanent principiul “creditului bine înțeles” în derularea operațiunilor curente, asigurând accesibilitatea, simplitatea și transparența procesului de acordare a creditelor, deopotrivă pentru clienții și pentru partenerii săi. Oferirea de servicii de calitate clienților constituie prioritatea numărul 1 a Grupului BNP Paribas și a BNP Personal Finance, divizia de credite de consum a Grupului.

Lider europeanîn domeniul creditelor de consumacordate persoanelor fizice

96% clienți satisfăcuți și68% dintre clienți recomandăserviciile și produsele Cetelem*

*Conform studiului IPSOS Customer Satisfaction Survey S1 2014.

“Când vorbim de satisfacția clienților, aplicăm un principiu simplu: un client ne recomandă pentru că ne este loial și ne este loial pentru că este mulțumit.”

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ISSN: 2067 – 5232

The Non-Banking Financial Institutions’ Market in RomaniaPiata Institutiilor Financiare Nebancare din Romania

2014