CONFERINȚA "Viitorul pieței de capital românești" - Ediția a VI-a
FINANCE MINISTRY SAYS THAT THE LIKELIHOOD OF DEFAULTS ON FIRST HOME LOANS IS LOW:
BURSA 13.03.2017

Emilia Olescu (Translated by Cosmin Ghidoveanu )
 
mărește imaginea
     * MFP: "The fact that the ANAF will foreclose on the debtors discourages them from defaulting on their First Home loan payments"
     * Piperea: "The ANAF not only forecloses on the debtors, but it also charges penalties of 18% per annum"
     * Ministry of Public Finance: "The program stipulates the total loan cost to be equal to the 3-month ROBOR plus a margin of a maximum of 2% a year"
     * Analysts estimate that the ROBOR will rise in the coming years
     * Ciprian Dascălu, chief-economist at ING Bank: "In the second half of the year we expect upwards adjustments of the interest rate, amid inflation growth forecasts"
       The amounts paid to banks by the National Fund for the Guarantee and Counterguarantee of Small and Medium Enterprises Loans (FNGCIMM) for the First Home Program get recouped from debtors, through foreclosure, by the National Fiscal Administration Agency (ANAF), the representatives of the Ministry of Public Finances told us, and they mentioned that that aspect discourages debtors from defaulting on their payments under the First Home Program.
     The statements of the Ministry of Public Finances come in response to the inquiry by BURSA on whether the government is ready to handle a wave of non-performing loans that may arise if the interest rates on loans will increase in the following years.
     Among other things, the representatives of the Ministry of Public Finances told us the following: "The amounts guaranteed by the FNGCIMM are paid to the lender by the Ministry of Public Finances from the state budget, through the budget of the Ministry of Public Finances - General Actions Department, and are recouped through foreclosures, by the competent entities of the National Fiscal Administration Agency from the natural person beneficiaries of the secured loan, according to the legislation in effect applicable to debt collection.
     The First Home Program is exempted from the Law of Giving in Payment, which means that in the event of a default, debtors get foreclosed on and cannot benefit from the giving in payment mechanism, which decreases the likelihood of them defaulting on their payments, or of the default rate, respectively".
     According to the quoted sources, one of the eligibility criteria for the lenders that grant loans for a completed home guaranteed under the government program is "for the total cost of the financing granted as part of the program not to exceed the 3-month ROBOR plus a margin of a maximum of 2% per annum for loans denominated in lei, with the margin also including the total level of commissions charged by the lender". That requirement, along with the guarantee by the state of the mortgage-type loans taken out under the Program, leads to the increased debtors' ability to repay the loans contracted through the Program, the MFP representatives say.
     Analysts of CFA Romania have recently announced that they expect the interest rates and inflation to rise in the coming 12 months, the leu to weaken against the Euro and the global macroeconomic situation to worsen.
     57.4% of the analysts interviewed by the CFA expect 3-month interest rates in lei to increase on the interbank market.
     The trend mentioned by the members of CFA România is also confirmed by the expectations of the Financial-Banking Analysts. According to a poll conducted by them, the National Bank of Romania (NBR) will maintain, in 2017, the policy rate of 1.75% a year, but next year will raise it to 2.5%, "which will also lead to banks raising the interest rates, both on loans and deposits".
     Just last week, economists announced that interest rates on loans may increase considerably in the second half of the year, due to the rise in inflation.
     Ciprian Dascălu, chief-economist with ING Bank, mentioned, quoted by a TV network, that in the second half of the year, he expects "upwards adjustments of the interest rate", amid the forecasts that the inflation will rise to 1.7%.
     In the case of a First Home loan, the monthly repayment could increase by as much as 10%, and the total repayable amount until the end of the loan could increase by as much as 10,000 Euros in lei, if considering a raise of the ROBOR by just one percentage point, according to Digi24.
     At the same time, one bank has doubled the down payment required for the first Home Program and other financial institutions are considering doing the same.
     Romanian banking customers who have loans denominated in lei have started 2017 with higher interest rates than last year, given that the ROBOR indicators that the interest rates on loans denominated in the local currency are tied to have increased towards the end of 2016.
     In the case of loans whose interest involves the application of 3-month ROBOR - the most frequently encountered category, given the fact that it includes the First Home loans -, the interest rate for the first quarter of this year is 0.21 percentage points higher than the last quarter of 2016, since the reference indicator rose from 0.69% per annum on September 30, to 0.9% on December 30, 2016.
     In spite of that, in the first quarter of 2017, the interest rates on ongoing loans denominated in lei are 0.12 percentage points lower over the similar period of 2016, because the benchmark indicator for that period stood at 1.02% a year.
     The First Home program may disappear this year, lawyer Gheorghe Piperea recently said, who mentioned: "I predict that the First Home program will disappear this year. I hope that the PSD will keep its word, that it wants to see a program of that nature which will truly be a social program, for the people, not one of state aid for banks and for real estate developers". In the opinion of Gheorghe Piperea, the problem with the First Home program is the fact that the interest rates and inflation will rise, which will cause the number of defaults, which are relatively rare at the moment, under that program, to increase in number.
     Gheorghe Piperea told us: "Defaulting on a payment coming due under that program has very serious consequences - the Romanian government pays up half of the collateral, then forecloses on that home in favor of the bank, and then the government subrogates the bank and pursues the debtor for the balance of the debt, because it isn't erased after foreclosure. Not only does it pursue the debtor, but it also charges it penalties of up to 18% per year - the penalties level practiced by the ANAF. The debtor becomes a taxpayer".
     Lawyer Gheorghe Piperea thinks that the decision to eliminate the First Home program under the effect of the Law of giving in payment will prove to have been catastrophic, because it will "lead to very serious social issues, and those loans will turn into social cases".
     He said: "Debtors will not qualify for giving in payment directly, but, based on the argumentation of the CCR concerning the Law of giving in payment, people who have borrowed under the First Home program will also be able to resort to that law, in order to rebalance the contract or to terminate its effects, which means the erasing of the debt and the foreclosure of the real estate asset, based on the Civil Code".
     The representative of the Ministry of Public Finances also told us that the lender is entitled to foreclose on the collateral only if it has sent to the FNGCIMM the request for payment within the validity period of the guarantee, after having recorded the entire guaranteed loan as in default, provided the repayments on the principal of the loan are at least 60 days overdue. Within at most 85 calendar days from receiving the payment request, the FNGCIMM decides on whether to approve or deny it.
     The quoted sources further said: "The payment of the guarantee is done under the terms and conditions stipulated in the protocol, the implementation convention, the guarantee convention and the guarantee agreement, within a maximum of 90 calendar days from the date of the FNGCIMM receiving the payment request, sent by the lender.
     The estimation of the amounts pertaining to the default situations is based on a default rate that is lower than in the case of normal mortgage loans, which is of just 0.3%".
     Between the launch of the First Home program, - in 2009 - and until the end of November 2016, 203,783 guarantees have been paid, with a total amount of 17.5 billion lei, according to information from the Ministry of Public Finances. Since the beginning of last year and until the end of November, 32,747 guarantees have been granted, with a total amount of 3.1 billion lei.
     The quoted sources recently said: "So far, 767 requests for payment have been recorded as part of the program, of which, by December 29th, 2016, just 521 have been paid, and the total amount of the guarantees paid is 44,077,264.79 lei. A number of 130 requests for foreclosure, with a total amount of 540,281.65 lei and 2,151,748.80 Euros have been denied". Out of the foreclosed guarantees, a number of 14 guarantees, with a total amount of 1,098,768.98 lei, have been restored, and the difference is represented by requests for foreclosure of the recorded guarantees which have been withdrawn, as the afferent guarantees are still in effect, and the requests for analysis, for which no issues of payment rejections have been issued yet, as the deadlines for their resolutions are set in 2017. 
 

 
Readers' comments    [ add a comment ] 
Aceeasi sectiune (English Section)
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
Actualitate - vezi toate știrile mai jos.
Piaţa de Capital, 19:44
     Raport tranzacționare ATS 25.09.2017  detalii
Piaţa de Capital, 19:42
     Raport tranzacționare BVB 25.09.2017  detalii
Companii-Afaceri, 19:28
FPTR:
     Prim-vicepreședintele executiv al Federației Patronatelor din Turismul Românesc (FPTR), Dragoș Răducan, susține că anul viitor tarifele de cazare pe litoral ar putea crește cu cel mult 5 la sută în vârf de sezon, în timp ce prețurile pentru capetele de sezon ar putea rămâne nemodificate.  detalii
Politică, 19:19
     Ministrul pentru Mediul de Afaceri, Comerț și Antreprenoriat, Ilan Laufer, însoțit de ambasadorul României în Statul Qatar, Cristian Tudor și de consilierul economic la Doha, s-a întâlnit cu liderii a două dintre cele mai mari grupuri de firme din Qatar: CEO-ul Power International Holding, Moutaz Al-Khayyat și președintele Al-Faisal Holding, Shaikh Faisal bin Qasim Al-Thani, care deține și funcția de președinte al Consiliului Oamenilor de Afaceri Qatarezi.  detalii
Piaţa de Capital, 19:01
     Principalii indici de pe Bursa de Valori București (BVB) au închis în apreciere ședința de tranzacționare de astăzi.  detalii
Ediții precedente
Newsletter Facebook Twitter YouTube LinkedIn RSS
Jurnal Bursier
25.09.2017
BVB
     * Acțiunile "Fondul Proprietatea" au scăzut cu 1,41%
       Ședința de tranzacționare de vineri a ieșit în evidență prin scăderea tuturor indicilor Bursei de Valori București (BVB), BET coborând cu 0,48%, aceasta fiind cea de-a șaptea ședință consecutivă în...  detalii
25.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs mixt vineri, în urma unui discurs al premierului britanic Theresa May privind ieșirea țării sale din UE.  detalii
22.09.2017
BVB
     * Piața, dominată de raportarea tranzacției prin care FP a vândut 2,56% din SNP și de listarea obligațiunilor IIB
     * "SIF Banat-Crișana" și-a răscumpărat aproape 540.000 din acțiuni,...  detalii
22.09.2017
BURSELE DIN LUME
     Bursele europene au urmat un curs pozitiv ieri, sectorul bancar fiind în ascensiune după ce Federal Reserve (Fed) din SUA a indicat, în ziua precedentă, că va continua să majoreze costul...  detalii
21.09.2017
BVB
     * Titlurile "OMV Petrom" s-au depreciat cu 2,4%, după anunțul "Fondului Proprietatea" privind derularea unei oferte de vânzare accelerată pentru cel puțin 2,56% din SNP
       Piața principală a Bursei de Valori București (BVB) a înregistrat, în ședința de tranzacționare de ieri, o lichiditate de 36,5 milioane de lei, sub media zilnică a acestui an (47,1 milioane lei),...  detalii
21.09.2017
BURSELE DIN LUME / INVESTITORI ATENȚI LA POLITICA MONETARĂ A SUA
     Acțiunile tranzacționate la bursele din Europa au fluctuat ieri, investitorii așteptând decizia de după reuniunea de politică monetară a Federal Reserve (Fed) din SUA, desfășurată în zilele de...  detalii
Cotații Internaționale

Prognoza Meteo
Vezi harta temperaturilor
harta temperaturilor
     25.09.2017 
     Prognoza pentru România
     Valorile termice vor fi ușor mai ridicate decât cele din ziua precedentă în majoritatea zonelor și se vor situa în toată țara în jurul celor normale pentru ultima decadă a lunii septembrie. Cerul va fi temporar noros și va ploua local în sud-vest și în zona de munte și pe arii restrânse în rest. Vântul va sufla slab și moderat, cu unele intensificări în sudul Banatului și al Moldovei, în Dobrogea și în Bărăgan, precum și la munte. Temperaturile maxime se vor încadra între 17 și 25 de grade, iar cele minime între 6...7 grade în depresiunile Carpaților Orientali și 17...18 grade pe litoral. Dimineața și noaptea, pe spații mici, va fi ceață.
     Prognoza pentru București
     Valorile termice se vor menține apropiate de cele obișnuite în această perioadă din an. Cerul va fi temporar noros, dar condițiile de ploaie vor fi reduse. Vântul va sufla în general moderat. Temperatura maximă va fi de 22...23 de grade, iar cea minimă de 13...14 grade.
      
Curs Valutar

Curs valabil din data de 25 septembrie 2017
1 Dolar australian...
1 Leva bulgărească...
1 Dolar canadian....
1 Franc elvețian...
1 Coroană cehă...
1 Coroană daneză...
1 Liră egipteană...
1 Euro...
1 Liră sterlină...
100 Forinți maghiari...
100 Yeni japonezi...
1 Leu moldovenesc...
1 Coroană norvegiană...
1 Zlot polonez...
1 Rublă rusească...
1 Coroană suedeză...
1 Liră turcească...
1 Dolar S.U.A...
1 Rand sud-african...
1 Real brazilian...
1 Renminbi chinezesc...
1 Rupie indiană...
100 Woni sud-coreeni...
1 Peso mexican...
1 Dolar neo-zeelandez...
1 Dinar sărbesc...
1 Hryvna ucraineană...
1 Dirham emirate arabe...
1 Kuna croată...
1 Bahtul thailandez...
1 Gram aur...
1 DST...
AUD
BGN
CAD
CHF
CZK
DKK
EGP
EUR
GBP
HUF
JPY
MDL
NOK
PLN
RUB
SEK
TRL
USD
ZAR
BRL
CNY
INR
KRW
MXN
NZD
RSD
UAH
AED
HRK
THB
XAU
XDR
3,0783
2,3502
3,1374
3,9747
0,1766
0,6178
0,2188
4,5965
5,2337
1,4807
3,4515
0,2175
0,4942
1,0767
0,0675
0,4818
1,0992
3,8670
0,2914
1,2374
0,5840
0,0595
0,3417
0,2173
2,8148
0,0385
0,1467
1,0528
0,6142
0,1168
161,0893
5,4848
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
..Lei
click aici pentru cursurile pieței valutare - istoric
English Section
21.09.2017
ANDRE CAPPON, CBM GROUP:
     Andre Cappon, the president of the CBM, Inc. group of New York, comes with a different perspective on the future development of the Bucharest Stock Exchange than that of the current management of...  details
19.09.2017
     * Anghel continues to act illegally and puts Sobolewski on the list, even though he didn't submit his candidacy
       Three candidates have been included in the race for the CEO seat of the Bucharest Stoch Exchange (BVB), during the internal selection process initiated by the Board of Directors, namely, Paul...  details
13.09.2017
PSD LEADERS HAVE APPROVED THE CREATION OF A COMMISSION TO INVESTIGATE THE ANRE
     * Elections at the ANRE this autumn
       Social Democrat leaders have approved the request of PM Mihai Tudose to set up an investigation commission which would audit the activity of the National Authority for the Regulation of the Energy...  details
12.09.2017
THE MISSION OF BSE PRESIDENT LUCIAN ANGHEL
     * The press release about the results of the BSE has omitted mentioning the IPO of Nuclearelectrica
     * Even though it quotes PwC, the data posted by the BSE differs from that of the consulting firm
       In a promotional campaign that isn't justified by reality in any way, the Bucharest Stock Exchange (BVB) is being maneuvered by its president Lucian Anghel into posting wacky press releases...  details
11.09.2017
THE CONTRACT INCLUDES A NON-COMPETE CLAUSE
     Even though the Bucharest Stock Exchange has announced it is looking for a CEO, it is likely that Ludwik Sobolewski will remain on the payroll of the BSE for two more years, because his contract...  details
11.09.2017
FINANCE MINISTRY ONCE AGAIN CONFIRMS WHAT BURSA HAS REPORTED BEFORE:
     Hundreds of millions of Euros have gone from our banks to tax havens, Minister of Public Finance Ionuț Mișa states, in an interview with a financial newspaper. The official thus confirms what BURSA...  details
07.09.2017
     * "I hope that the government won't use the new fiscal regime of royalties as an intimidation tool against hydrocarbon producers"
     * Interview with PNL Lucian Bode, former minister of the economy
       Reporter: What is your opinion on the decision of the authorities to once again change the Energy Strategy?
     Lucian Bode: To me, the unreliability of the current government is...  details
05.09.2017
THE ONLY CANDIDATE FOR THE BOARD OF THE EXCHANGE, IN THE GENERAL SHAREHOLDER MEETING OF SEPTEMBER 14TH
     * Mr. Hanga hopes for a constructive approach and aimed at the future, and at the development of the BSE
       Radu Hanga, senior advisor for the Board of Directors of Banca Transilvania, is the only candidate proposed to fill out the Board of the Bucharest Stock Exchange, after the death of Cristian Micu,...  details
05.09.2017
ENERGY MINISTRY WANTS TO UPDATE THE ENERGY STRATEGY, BY MID-OCTOBER
     * State secretary Andrei Maioreanu: "The updating of the Strategy was necessary, because the existing draft was predominantly focused on the objectives expressed by the EU and less on the objectives of the Romanian energy system"
     * Ion Lungu: "Each government devises a new strategy"
       The amendment of the Energy Strategy in one month is a bad joke, says Jack Cutișteanu, CEO of Petprod, reacting to the announcement made by the representatives of the Ministry of Energy, according...  details
30.08.2017
ISAR, ABOUT THE CONSTANT INCREASE OF THE EURO:
     * Senator Daniel Zamfir wants to call Mugur Isărescu in for hearings, next week
     * Isar: "The opening of the parliamentary session involves multiple negotiations"
     * The leu has weakened to 4.5985 lei against the Euro
       The leu yesterday weakened again, reaching the level of 4.5985 lei against the Euro, after on Monday it was quoted at 4.5958 lei.  details
29.08.2017
     * Dochia: "The pension fund management firms will close down on their own if the fee gets eliminated"
     * Aurelian Dochia: "The government's communication is a permanent blunder, and the result is that nobody is interested anymore in what the authorities are saying"
     * PFP: "The current government, starting with its own prime-minister, is characterized by a ferocious economic illiteracy"
       The 2nd pension pillar continues to be the focus of politicians, who come out with conflicting statements on the matter. After last week, PM Mihai Tudose and deputy prime-minister Marcel have...  details
25.08.2017
THE BSE CRISIS
     The embarrassing situation generated at the Bucharest Stock Exchange (BSE) by its former CEO Ludwik Sobolewski, who, with the complicity of BSE president Lucian Anghel, has tried, against the will...  details
24.08.2017
IF THE CONTRIBUTION IS REDUCED
     * "If the state pension system is the only one that gets kept, eventually the state may be unable to pay the pensions", says Dochia
       The 2nd pension pillar is once again grabs the attention of the public, after information from sources surfaced yesterday that the Ministry of Public Finances intends to cut by half the...  details
23.08.2017
     Ludwik Sobolewski announced, on Monday night, that he has decided not to exercise his mandate as CEO of the Bucharest Stock Exchange, "even though he could", invoking an alleged difference...  details
22.08.2017
     We are left with one expression - "You've stooped to Sobolewski's level?!" - because the former CEO of the BSE has become a proverbial figure through his unprecedented scandal which...  details
.