Cetelem, the largest consumer credit company on the Romanian market, a member of French group BNP Paribas, saw the share of clients with overdue loans almost triple, in step with the overall lending market. "Late payment is a mass phenomenon right now. Out of 100 clients, at least 10 are late every month, compared with 3-4 on average last year. Instalments on credits taken out from us are fixed and all loans are in RON, but more than half of our clients have other credits, as well, many with floating interests or interests in euros, and this is where the problems stem from," said Daniel Boaje, general manager of Cetelem, which works exclusively with retail clients. This, according to him, has led the company to increase its provisions, with their impact to show at the end of the year. "That is also why we have greatly developed our relationship with our clients in terms of counselling and income planning," says Boaje, 38, who was appointed at the helm of the company last summer. In the overall banking system, the latest NBR (Romanian central bank) data reveal a rise by 33,000 in the number of individuals with overdue loans in January, to 483,000, with the cumulated value of overdue loans in RON and in foreign currency amounting to 1.125 billion RON.
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