The still high level of interest rates is stalling lending,bankers reckon, but they are still reluctant about cutting wages tomake room for cheaper loans. Last year, banks' wage expenses hit4.2bn RON (around 1bn euros), taking into account an average grossmonthly wage of 5,000 RON and an average number of 70,000employees. Thus, a 25% cut in wages would equal savings of around1bn RON (250m euros). Against a private lending volume of almost49bn euros, the weight is modest, though. Bankers state the priceof loans is influenced by a series of factors, with fixed costshaving a relatively low impact. Domestic banks collect interestsworth 4.8bn euros together every year, against a volume of privatelending of almost 49bn euros. Cutting wages by 25% would equal alittle above 5% of interest rates collected by banks during a year.NBR governor Mugur Isarescu, who last year lashed out at bankersfor not making loans cheaper, has tempered down his tone in recentmonths, saying it is more important for them to stay cautious andfor margins to allow taking in non-performing loans.
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