Leasing companies, whose combined portfolios are worth in excess of 5 million euros a year, will be obliged to submit information, as well as have right of access to information on banking risks available from NBR's Central Banking Risk Office, according to draft modifying Ordinance 51/1997 on leasing operations.
At present, there is no centralised data on the overdue payment of leasing instalments, though the volume of operations is increasing rapidly. Market value, however, is based only on estimates. The total of new contracts closed in 2004 should amount to 1.4-1.5 million euros. This is one more reason why the Leasing Market Regulatory Authority will be established one year after enforcement of the normative act following an EU model. Every company in this field will have to file reports on its financial situation.
The Finance Ministry has completed adding the final touches to the legislative modifications it plans to promote through an emergency ordinance.
The process of harmonisation with EU legislation also takes the share capital of leasing companies into account. The ordinance requires that they have a minimum of 4bn ROL in share capital subscribed and deposited entirely in cash upon registration.
Companies that do not meet this requirement will have six months to comply after enforcement of the normative act, otherwise they will lose their right to carry out leasing operations.
The minimum share capital requirement will increase to the equivalent of 300,000 euros on 1 January 2006 and again to 500,000 euros on 1 January 1 2007.
At the same time, the ordinance draft will try to clear up a certain amount of confusion as regards financial and operational leasing.
In the case of financial leasing, the leasing instalment is the share of a specific asset's entry value and the leasing interest, as agreed on by the parties. In the case of operational leasing, it is the amortisation quota calculated under the normative acts in force. Purchasing of real estate and other goods are considered investments in financial leasing and subject to amortisation.
There is also the mandatory insurance requirement (either by supplier or lender), with the cost to be recovered from the leasing instalments paid by the user.
No leasing contract may be concluded for a period shorter than one year. The ordinance also clarifies the rights enjoyed by the parties to a leasing contract.
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