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Strengthening the Romanian Banking System Effects of Joining the Banking Union

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Strengthening the Romanian Banking System Effects of Joining the Banking Union Strengthening the Romanian Banking System Effects of Joining the Banking Union, Mariana PAJA Mariana PAJA, Ph.D., lecturer, Ecological University of Bucharest - Faculty of Economics Abstract Romanian banking system has demonstrated its structural stability by optimizing loan portfolios through an extensive cleaning of balance sheets and to grant credits. The dynamics of the Romanian banking sector proves its strength in the post-crisis, in the various external and internal shocks, some with significant magnitude. Having on the background the pro-active measures taken by the National Bank of Romania, the soundness of the banking systemhas strengthened, concretizedin additional capital contributions, a rigorous provisioning of loans in difficulty solvency; the ratein the banking system has strengthened. Currently the main problem of the banking system covers the deleveraging amid a downward trend of resources attracted from parent banks. All developments in the banking system occur in the context in which at international and European level, is a reconfiguration of regulation and supervision mode, and at the principles underlying them - all as also a result of the international financial crisis. Mugur Isarescu, the BNR governor, presented at The Economist Conference "The EU-Southeast Europe Summit - On the road to stability and growth" organized in Bucharest, six arguments for a country like Romania to join the Union Banking: the prevalence capital in the Eurozone - is above 70% of the net assets of the banking system and of the Romanian capital - Eurozone banks; the participation from the inside at the mechanism construction - first-hand knowledge; removing an incentive for disintermediation from foreign banks - reduction of around 35% external funding from parent banks (2013 - half the reduction); the elimination of jurisdictional arbitrage; considerable costs generated from non-participation; vulnerability to contagion effects. Key concepts: banking system, banking supervision, financial intermediation, banking union JEL Classification: E58, F36, G01, G21 1. Strengthening the Romanian Banking System Romanian banking system has demonstrated stability during2014 by optimizing loan portfolios through an extensive cleaning of balance sheets and by granting credits. In the post-crisis, the dynamics of the Romanian banking sector proves its resilience to external shocks and domestic different, some of them with significant magnitude (ex.: change in the EUR / USD, Swiss franc appreciation) on the background of pro-active measures taken by National Bank of Romania. 57 The degree of resilience of the banking system at the shock liquidity remains high In the same period in the Romanian banking system, they were reported two phenomena: the redemption of loan portfolios good baseline and outsourcing, which led to: - improving the quality of bank portfolios ; - supplement the income of banks ; - adjustment limiting the number of employees in this sector. the banks must withstand challenges generated by the crisis - increasing non-performing loans ; - increase their provisioning costs ; - weaker financial results in the short term. Amid pro-active NBRmeasures : have adopted a set of measures that have proved effective for cleaning the balance sheets of commercial banks by removing off-balance all exposures accounting for non- performing loans fully provided, which placed the non-performing on a stable trend downward, it goes to 13.9% in December 2014 (from a value, as was noted above, of 22.3 % in March 2014. Non-performed loans and their coverage by provisions IFRS have evolved in tandem creation of adjustments for impairment (IFRS provisions) for all exposures that recorded a debt service exceeding 360 days and for which no legal proceedings were 58 initiated , followed by removal of off-balance sheet exposures covered by provisions which will lead to further decline in the rate of non-performed loans (NPL). establishment of adjustments for impairment (IFRS provisions) of the exposures to corporate borrowers insolvent and off the balance sheet exposures covered by provisions , which will also reduce the level of NPL. The quality of loan portfolios of some EU countries (non-performing loans as a share of total loans) establish an external audit adjustments for depreciation ( IFRS ) of stock of loans outstanding at 06/30/2014 and valuation of collateral. solvency ratios in the banking system has strengthened , reaching 17.3 % at the end of 2014 (compared to 14.7 % in 2009 and between 15 and 15.5 % in 2010-2013). has strengthened the soundness of the banking system, concretized in additional capital contributions totaling in the same period 2009-2014, 1.8 bln. Euro . The deleveraging process is the main problem of the Romanian banking system amid a downward trend of resources attracted from parent banks (reduction from 22.1 bln. Euro at the end of 2008 to 11.9 bln.Euro at the end of 2014 - respectively a decrease of 46%, which corresponds to a less resource of 10.2 bn. euro). The advance, but recoil intermediation they were driven mainly by developments in currency leading 59 The process is orderly and determines the credit squeeze of local banks which resulted in reducing the share of private sector credit to GDP from 39.5 % of GDP in 2011 to 31.7 % estimated for 2014. External resources have been gradually replaced by domestic resources - amid a larger domestic savings (up 26% and plus 12.2 bln. Euro in December 2014 compared to end of 2008). For parent banks, the deleveraging actually meant balancing the consolidated balance sheet structure for compliance with the new capital requirements by reducing risk exposure and for local branches - credit squeeze. Financing from parent banks duringDecember 2008 - June 2014 Financing from parent banks was restricted to 9.1 billion euros between December 2008 and June 2014 from about 22.1 billion Euros to about 13 billion, the fastest decrease was recorded in 2013. The deleveraging process led to balance the rate between loans and deposits but must not accelerate the short and medium term. Internal liabilities gradually replaced liabilities incurred by the parent bank The advance internal savings has offset reduced funding from parent banks. According to NBR, the exposure of parent banks to their subsidiaries in Romania decreased by about 16% in 2014. We are seeing an orderly deleveraging process. The investments must be profitable; otherwise the funding goes where it finds a better fructification. 60 Management and reputational risks in particular, occupy the top two places on the agenda of banks (Source: Banking Barometer ARB & EY) Regulatory constraints on lending at European level, propensity to save reluctance in contracting new loans due to a lack of confidence in economic change and restructuring that crossed crisis caused banks' portfolios as loans/deposits rate of the banking system to be sub unitary. The ratio loan/deposit strengthens its position around the level of 100 % The ratio loans/deposits is placed at 91.33% at the end of 2014. Banks will increasingly be involved in lending to offset the loss of balance sheet. Liquidity exists in the market and this is evidenced by the low level of interest rates in the money market (ROBOR 3M is 1.70%). As an effect of the international financial crisis, there is a reconfiguration of both regulation and supervision mode, and also of the principles underlying them, at international and European level. In this context are analyzed developments in the Romanian banking system. 2. Effects of Joining the Banking Union The current crisis has highlighted at European level, imperfections represented by Economic and Monetary Union - and from the possible alternatives - that of a fiscal union and a banking union – it has been chosen the version less controversial and easier to implement into a predictable timeframe, namely the banking union. Making operable Banking Union requires achieving several objectives: First, an effective response to the financial crisis by increasing banks' resilience to risk factors and ensuring adequate flow of funds to the economy. This goal is achievable through prudent banking policies which make banks to put capital aside for “rainy days“and 61 also contribute to a common fund to finance the orderly market exit of unviable credit institutions. then a sound financial system and effectively is a necessary but not sufficient to achieve the actual goal, represented by smart, sustainable and inclusive growth, generating jobs and competitiveness, as argued in 2014 the former Internal Market and services Commissioner , Michel Barnier. From the viewpoint Banking Union legislation requires: - a single regulatory framework at European level ( "Single rulebook" - which includes legislation regarding capital requirements "CRD IV"); - the legislation governing bank recovery and resolution; - the legislation regarding deposit guarantee schemes. At the same time, the Union Banking assumes on this legislative background, the creation of the institutional point of view: - a single supervisory mechanism (MUS); - a single resolution mechanism (MUR); - a deposit guarantee system. Banking Union necessity means: - improving the functionality of the single financial market by reducing its fragmentation; - ensure the stability of financial; - strengthen its confidence in its banking system and its European common currency; - reduce their risk of contagion in the event of financial turbulence; - breaking the vicious circle between governments
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