The banks kept meeting the demand for credits from individuals and companies in June, so that the balance went up to nearly 225,000bn ROL six months through the year, 25% above the December 2002 level, the data used during the recent talks with the IMF show. The increase in the non-governmental lending balance in real terms was of 18.2%.
Financing in ROL granted by banks to non-governmental sector went up 7.1% in June alone, while loans in foreign currency expressed in euros gained 1.5%.
The very dynamic lending to both population and companies has alarmed the IMF experts, given that the expansion of the non-governmental lending is said to have largely shown in a higher demand for imported products, even though there is no clear data to verify this.
The central bank would still not announce the steps considered to put a damper on lending, albeit the Finance minister is already talking about a deal with the IMF on rising the interest at which NBR intervenes on the monetary market. This would make the money on the market more expensive and therefore induce an upward trend for the interests on the credits granted by banks or at least temper their appetite for lending if they were offered an investment option with an attractive yield.
It is not mandatory for banks to increase interests on credits, particularly because they are fully aware the measure would hit those who are now repaying loans altogether and who might subsequently default.
"If the interest increase is not above one percentage point, as reported, then we will prefer a margin cut over a more expensive credit. The interest on the consumer credit is already high as it is," Paul Prodan, ING Bank deputy general manager said. razvan.voican@zf.ro
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