Banks are going through an internal readjustment process, withthe emphasis changing to prudence after the fight over market sharehad been the main pursuit, says NBR Governor Mugur Isarescu, whilstnon-governmental lending, which should be a driver for the economy,continues to contract.
"Now competition and the fight for market share should takeplace with prudence in mind," governor Isarescu said yesterday, atthe end of the seminar "Financial brokerage - Where is itheading?," organised by the NBR (National Bank of Romania).
The governor shows empathy towards bankers, after in the autumnof 2008 he said the sudden freeze of lending (non-governmentallending was then rising by 35% a year in real terms) was virtuallyimpossible, because banks have big networks and many employees, whoneed to work. In 2009 the governor was still criticising bankersbecause they kept interest rates too high, which affected bothfunding demand, and clients' ability to pay instalments oncontracted loans. Over the last few months, however, the governor'stone has become much more tolerant when it comes to bankers,although in April 2010, non-government loans fell by 4.2% againstApril 2009 in real terms.
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