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Demand for consumption loans to stay high till 2010

Consumption loans are to record a significant increase in the next two years, representing 22.7 percent of Gross Domestic Product (GDP) vs. 14.8 percent late last year, with the real estate loans to reach 5.2 percent, Rozalia Pal, senior economist with UniCredit Tiriac Bank, said.

She added that 'although the local market of the mortgage financing is mostly under developed, even while taking into account only the regional standards, the exposure more and more wide to the hard currency risk in the case of customers with incomes in the local currency represents a factor of concern.' Commenting on the results of a poll conducted by UniCredit, showing 65 percent of the interviewees intend to buy in the next interval an apartment, only from a mortgage loan, senior economist with UniCredit Tiriac Bank thinks 'only a small part of them will be able to take such a step.' According to data provided by the Romanian National Bank (BNR), in late March, the real estate and mortgage loans both have reached the equivalent of 4.3 billion euros, with the financing in hard currency having represented more than 90 percent of the total amount. Analysts from UniCredit expect that, till the end of the year, the weight of the real estate loan in the GDP will climb to 4.3 percent, which represent a plus of 0.5 percent vs December last year. At the same time, the consumption loans will reach 18.55 of the GDP, that is an increase by 3.7 percent on last year. In the opinion of senior economist with the UniCredit Tiriac Bank, 'the expectations of people related to the economic growth and revenues fuel the increase in the indebtedness rate.' Thus, the financial debts of the population are to grow from some 19 percent up last year, to 25 percent in 2010. Moreover, the investment of the population will reach 30 percent, from 27 percent in 2007. In this context, the net funds of the population will stand at 5 percent of the GDP, vs 8 percent late last year. Corrected with the real estate, the net funds of the population will get stabilized at 9 percent of GDP, that is a decrease by 12 percent from the level in Dec. 2007. Sursa: http://www.rompress.ro

Tags: percent unicredit consumption loans bnr

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