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BNRs Financial Stability Department official: Demand for loans to slow down in Q3

Demand for loans is expected to slow down in Q3 2008, head of the National Bank’s Financial Stability Department Ioan Dragulin said on September 11 after the works of the Bucharest International Real Estate Congress.
According to the BNR representative, although it keeps high, demand for credits is however subject to a less steep advance and standards for retail mortgage lending are laxer.
“Standards for banking credits are tighter in the euro-zone, but in Romania the requirements are still milder; however, restrictiveness is expected to rise here too,” added Dragulin. He explained that in Romania rule tightening is slower than expected because of the high demand for loans. The growth pace for lending in Romania is below the EU average, but the development of mortgage credits is still far from potential, mentioned Ioan Dragulin, underscoring that domestic property financing from banks has increased especially on the corporate segment.

“Retail financing by mortgage loans is still modest. Overdue repayments for this type of financing still account for a low share in Romania,” added the BNR official.
Ioan Dragulin participated on September 11 in the opening of the works of the third edition of the Bucharest International Real Estate Congress.
The event that runs in Bucharest over Sept. 11-14, 2008 joins Romanian and foreign real estate experts, representatives of real estate project developers, local public authorities, bankers involved in this business and representatives of major law and audit firms specializing in real estate deals.
Concomitantly, the real estate exhibition SIB Expo is open for visitors in the Bucharest Revolution Square. The participating companies display the newest residential, office and retail building projects.

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