Banks now send more requests for data on clients they have in their portfolio than on new clients seeking to take out a loan to the Credit Bureau.
"There was unfortunately no rise in the number of credit reports for new loans in the second half of 2009," Serban Epure, director of the Credit Bureau, the institution set up by banks to manage data on loans granted to the population, told ZF.
In October and November less than 350,000 credit reports were issued in view of granting new loans, after 365,000 were issued in September, and almost 400,000 in July and August. The number of credit reports requested in view of granting new loans is a good approximation of the progression of credit demand from the population.
"I don't think we can talk about a rebound of lending right now. There are a few positive signals coming from banks - lower interest rates, and from the NBR (Romanian central bank) - a decline in loan-loss provisions, but I think it will be a while until the conditions that encouraged lending return - confidence in what tomorrow will bring, job security, and better lending terms," Epure says.
The volume of loans granted to the population reached 101 billion RON (23.6 billion euros) in October. This compares with 99.7 billion RON (23.7 billion euros) in September and 96 billion RON (26 billion euros) in October 2008, according to data from the NBR. The figures indicate that repayments can barely cover new loans granted.
"This autumn has not seen a lending rebound. People consider taking out a loan, but they have become extremely cautious, because we have yet to see what 2010 will bring. There is a general trend among consumers - they don't want to engage in long-term spending. December has not brought a rebound, either - it is usually one of the weakest months of the year, especially as far as mortgage loans are concerned. Ma
