BCR, the biggest bank in terms of assets, last year sold to somedebt collection firms outside the group a portfolio of bad retailloans worth 624.5m RON (almost 150m euros) for which it got lessthan 10% of the nominal value of receivables, that is theequivalent of 14.6m euros. For the respective loans, BCR had set upprovisions representing the equivalent of almost 11m euros. Toclean up its balance sheet and narrow provisioning costs, the banksold large sums of both retail and corporate loans to debtcollection companies part of BCR group. As a matter of fact, aspecialised firm, Suport Colect, was set up last year, in which thebank invested 1.5m RON and whose core business is monitoring,collecting and purchasing retail and corporate receivables. Thus,retail loans worth 1.13bn RON (269m euros) and corporate loans of190m RON (45.3m euros) were moved from the bank's balance sheetinto that of some affiliated firms.
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