Laszlo Diosi, head of OTP Bank, a medium-sized bank with aboutone billion euros in loans, is the first banker that dares to showa bit of optimism after the shock of the harsh austerity measuresof the summer and says there are Romanian companies doing betternow than they did in 2008.
"The economy isn't dying, there are also Romanian companiesdoing better than they did before the crisis. It is about thecompanies that had not taken on too much debt, have a goodmanagement, a sufficiently diversified client portfolio and do notdepend on business with the state. These companies are now growingmore than they did in 2009 or even 2008," Diosi says.
He is thus taking a different stand compared with the otherbankers, who only see the clients that are "dying", because of thearrearage. OTP, too, is experiencing losses this year, after havinghad to set aside extensive provisions for the loans granted to anumber of real estate developers. More than 14,000 companies wentinsolvent in the first eight months of the year, with entrepreneursreaching the end of their rope after witnessing their businessesdecline.
Usually, players operating in such sectors as constructionmaterials manufacturing and distribution, automotive, ormetallurgical industry are those that are seeing growth now, Diosisays.
Industry has grown this year pulled up by the export rebound, whichhave gone up by more than 20% compared with last year and revertedto 2008 levels, yet domestic consumption remains really weak.
OTP's boss believes that despite political and even socialtensions, foreign investors are not fleeing Romania, and theeconomy will rebound sooner or later.
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