Population’s overdue debts declining

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For the fourth month in a row, the population's overdue debts witnessed a setback in June, registering the smallest annualized growth rate in the last year – 64%, reveals central bank data.
The tempering down of the growth rate is also backed by a correction in backlog dues that hit 703 million lei (193 million euro) in June, down from the 707 million lei (195 million euros) registered the month before.
 
The growth pace for past due date banking credits has been following a downward trend since February, when credits in default were growing by an annualized rate of 100%. Since early this year overdue amounts increased in nominal terms, but by a progressively slower rate and the trend even reversed to the negative field in July.
 
"Considering the slowdown in the amount of loan disbursements, the new BNR norms, the rise in the population's wages and the banks' more efficient loan recovery methods, I expect a positive evolution as regards non-perfomatory loans. But this is also due to the basic effect of taking a higher amount of backlog loans as reference, which results in a slower growth pace," said BCR head economist Lucian Anghel.
 
The structure by currencies of past due date repayments remained unchanged, with amounts in local lei accounting for 84% thereof and amounts in euro for 15%.
"Whereas the backlog repayments on mortgage credits tend to zero, consumer credits are the trouble makers and I am referring to unsecured consumer loans in lei. Mortgage credits rely on foreign currency and they do not cause big trouble to the banks," said Lucian Anghel.
 
Whereas in May the number of defaulters with more than 30 days overdue was 396,000, in June their number was slightly less – 393.000, which means that a part of the non-performatory credits had been repaid. Yet the number of overdue repayments is far higher because one defaulter may have defaulted on several loans.
If a person has difficulties reimbursing a loan, he will also have problems with the credit cards or other products, it is a contagion effect," explained the BCR head economist.
 
As for the delay period, the bulk of the non-perfomatory credits, that is about 70%, are in the category with more than 90 days past due date.
Credits taken out of the banks' balance sheet – which are thus classified as non-recoverable – account for more than 15%.
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