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Van Groningen (Raiffeisen): Uncertainty blocks loans

No matter how much interests drop, loans cannot start again as long as we do not know what budget employees will preserve their jobs, what employees will have lower salaries, what companies will hide from banks by declaring their insolvency, what taxes will change and what projects the state will finally finance, said Steven van Groningen, president of Raiffeisen Bank.

'In Romania all processes take a very long time: staff restructuring is postponed, bankruptcies are delayed, public investment plans are not clear. Budget employees do not know whether they will have a job or how much their salaries will drop, everything goes wrong with private companies and there are all kinds of rumours so that who should buy a car or apply for a loan even if the interest goes down by 0.5 percent? If there is no clear outlook for everyone, it is better for us to wait and cut expenses. And this way consumption decreases very much and then who should invest in production capacities,' daily Ziarul Financiar quotes van Groningen as describing the blockage generated by the uncertainty on the market.

He does not believe that he will be able to speak of the relaunch of economy in the first six months, but says he is convinced that the landscape of the banking market will change this year.

'I do not know exactly when and what players will be involved, but we shall see changes and there will be surprises.'

The Raiffeisen head, who is also ARB vice-president, says that the picture of the market goes on being distorted by the regulations of the National Bank of Romania, some banks preferring to sell non-performing loans to countries where the provision requirements are more flexible.

'There is a regulating arbitration. The situation is not transparent and it is difficult to realize what actually happens as long as problems are exported and here, on paper, things can look great,' also says van Groningen.

Sursa: http://www.agerpres.ro

Tags: loans raiffeisen groningen car

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