Prior to the conference "The role of banks in the restructuring of companies" I wrote that it was "too late for the restructuring of bank loans". Unfortunately, it was only after I participated in the debates that I realized that in fact it was far later than I had expected.

Why? Because banks can not participate in the restructuring of companies under the current circumstances, as partner or creditor that tries to recover their non-performing loans, because it has been proven that they are facing almost insurmountable difficulties when it comes to their own restructuring. So, where could that expertise be expected to come from?

In his speech, Eugen Lascu, managing partner at Thepesia Corporate Advisory, said that "often times, the banks have lent money to finance illusions", amid the deficient knowledge of their customers.

At the time of the lending boom, the borrowers' exuberance overlapped with that of the bank, as no one was interested in looking out the window to note the dark clouds that were gathering over the international markets.

Reassured by the statements of the government's officials and of the NBR, businesspeople became aware of the danger far too late, and when they did they started taking the money out of their companies. Participants in the conference emphasized the fact that the owners of the companies do not want to offer personal guarantees when they are asking for loans.

Why? Because they are acting rationally, since they have the opportunity to see the fiscal and economic environment that they operate in directly. In doing so, they are providing a great service to the National Bank of Romania as well: their choice doesn't "disturb" the hypothesis of the rationality of economic agents, a hypothesis that is part of its macroeconomic models.

NBR vice-governor Bogdan Olteanu said that "lack of the companies' equit