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BCR sees delinquent loans peaking in H1 2010

Delinquent loans will hit a peak in the first half of 2010, BCR CEO Dominic Bruynseels told a private television channel. „We do not see any fast improvement occurring in the next six to nine months. Delinquent loans will hit a peak in the first half of the next year.

We were severely affected on the corporate segment, where we will further increase provisions,” said Bruynseels.

Referring to the measure aimed at supporting SMEs proposed by Mircea Geoana and which takes after an Italian model according to which companies are offered a service suspension for bank loans, the BCR official said that the bank will restructure its credit portfolio, on both the SME and retail segment.

At the same time, the BCR CEO mentioned that the bank might offer periods of grace to customers facing problems with repaying their loans.
As for the banking system’s competitiveness, the BCR official said the sector „is just as competitive as so far.”

The solutions to relaunch Romanian economy mentioned by the BCR executive president refer to usage of European funds and the kick-off of infrastructure works.

„We need to think back to the growth in the past years and to how business was done. We need to be innovative, and keep in mind that 30 billion lei are available in European funding for projects.

Let’s spend this money as fast as possible, because it will generate liquidity on the market. We can help the seekers of access to EU funds. We need infrastructure works and for this sector we can use the money assigned from various sources.
This is a good time for us to solve this problem and we should speed up this process,” said Dominic Bruynseels.

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