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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
1
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
The Financial Companies Association – ALB Romania
1. Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession policies
2. Romanian Leasing Market – June, 2011
Adriana AhciarliuSecretary General
www.alb-leasing.ro
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
2
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession policies
Perception versus tradition: What is leasing? Asset financing or delivery of
goods? How should it work? Under special leasing
legislation? Under Central Bank Supervision? Free under provisions of Civil Code or Commercial law?
Are there criteria that make the difference?: Corporate governance? Accounting standards? Is there need for border between financial &
operational leases? Does fiscal treatment matter? What matters more: the lessor or the lessee?
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
3
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession policies
Some legal framework examples:
Subject to civil or comercial
law
Distinction between
operational and financial leases
option to purchase given
to the lessee
Specific legal form for leasing
companies
Form requirments for
companies performing
financial leasing
Banking supervision
Direction EU / non EU foreign
lessors
Special approvals
Remarks
Austria Civil no not specified no irrelevant not specified not specified not specified
Lack of a specific body of law dealing with lease agreements, questions are resolved by the judicial process
Belgium
Commercial & specific leasing legislation
Distinction between full pay-out lease, operational lease and hire purchase, based on very strict criteria
yes no irrelevant not specified no not specifiedLegislation restricts leasing only to companies
Denmark
Neither, treated as rental for legal purposes
no not specified no irrelevant not specified no not specified
France
Both, banking law for credit-bail
No; distinction between "location simple" and "credit-bail"
Yes (credit-bail) no (location simple)
registration as financial institution compulsory for carrying on credit-ball
when option to purchase, regulations from banking and financial law apply
yes no no
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
4
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession policies
Some legal framework examples:
Subject to civil or comercial
law
Distinction between
operational and financial leases
option to purchase given
to the lessee
Specific legal form for leasing
companies
Form requirments for
companies performing
financial leasing
Banking supervision
Direction EU / non EU foreign
lessors
Special approvals
Remarks
Germany
Civil, no specific body of law so far, Lease contracts are basically regarded as rental contracts
no; distinction between installment sales (if transfer of econ.ownership to the xxx
"Purchase option in favor of the lessee comes into consideration in case of full payout contracts (mobile) or real estate. The purchase price corresponds either to the residual book value or, if lower, the market value"
no irrelevant
"no; but indirect supervision of bank owned companies when they consolidate their activities with those of their parent comp. for the purposes of group supervision"
not specified noin most cases the parties prefer treatment as a rental contract for tax-purposes
Netherlands No specific law yesin financial leases only
no no no not specified no
Sweden
No Civil law governing leasing, 1998 proposal for a specific leasing legislation
yes yes noonly finance companies
Swedish Finance Sup. Authority
Yes, only EU-lessors who are supervised by their home-state FSA are entitled to fin. Lease
Swedish FSA
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
5
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession policies
Consequences of adopted legal framework: fiscal treatment – financial service for regulated framework under
Central Bank; delivery of asset taxed at residual value; pure rental for operational leases
accounting standards - IFRS for regulated by Central Bank; local standards for operational leases
loss & profit results, capital adequacy rules, prudential regulation – for regulated framework under Central Bank
Product accessibility – less accessible in case of regulated framework under Central Bank – consequently less assumed risk!
Product depreciation or appreciation as compared to pure credit???? Depending on local market perception!!
Product depreciation or appreciation as compared to pure rental???? Depending on local market perception and history!!!
Market awareness
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession – Case of Romania
Leasing legal framework before country’s accession to EU: Leasing law defining the terminology Tax incentive: custom duties to be applied
at a maximum RV of 20% at the termination of contract
No rule of authorization No supervision of central bank Romanian accounting standards for LTD
companies
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession - – Case of Romania
Leasing legal framework after legal harmonizing with EU legislation : Leasing law updated to some EU practice – no
compulsory EU Directive!! Fiscal separation between financial and operational
leasing – there is the VAT Directive offering the framework of VAT treatment according to country’s decision to treat leasing as financial service or delivery of goods
Supervision of financial leasing by Central Bank – operational leasing stays as rental activity under provisions of Commercial Law
Banking Romanian accounting standards for financial leasing (very similar to IFRS), Romanian accounting standards for operational leasing contracts.
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession – Case of Romania
Leasing legal framework after country’s accession to EU: Romania has followed the example of Italy
& UK with double standard supervision ( small versus big leasing company) VAT treatment for financial leasing =
financial service = VAT EU Directive for credit activity
E.U. Customs Code
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession – Case of Romania
What happens after harmonization?– is EU a support for lobbying better & healthier business environment? Infringement procedure is an efficient
support towards correct harmonization and implementation of EU legislation at the level of EU member states;
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession
Is EU a support for lobbying better & healthier business environment? Explanation of procedure for non-compliance with European
Union law Principles Each Member State is responsible for the implementation (transposition
by the deadline, conformity and proper application) of European Union law in its internal legal system. The European Commission ensures that European Union law is properly applied. Consequently, where a Member State fails to comply with European Union law, the Commission has powers of its own (action for non-compliance) which it may use in an attempt to terminate the infringement and, if necessary, it may refer the case to the Court of Justice. The Commission takes whatever action it deems appropriate whether in response to a complaint or after detecting indications of infringements itself.
Non-compliance means failure by a Member State to fulfill its obligations under European Union law. It may consist either of action or omission. The term State is taken to mean the Member State which infringes European Union law, irrespective of the authority - central, regional or local - to which the non-compliance is attributable.
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession
Is EU a support for lobbying better & healthier business environment? Admissibility of complaints
To be admissible, a complaint has to relate to an infringement of European Union law by a Member State. It cannot therefore concern a private dispute. It is very important for the complaint papers to be complete and accurate, particularly as regards the facts complained of in relation to the Member State in question, any steps which you have already taken at any level and, as far as possible, the provisions of European Union law which you consider to have been infringed and any involvement of a European Union funding scheme.
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
12
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession
Is EU a support for lobbying better & healthier business environment?
Stages of infringement proceedings Research phase Opening of infringement proceedings: formal
contacts between the Commission and the Member State concerned:
If the Commission considers that there may be an infringement of European Union law which warrants the opening of infringement proceedings, it will address a "letter of formal notice" to the Member State concerned, requesting it to submit its observations by a specified date. The Member State has to adopt a position on the points of fact and of law on which the Commission bases its decision to open the infringement proceedings.
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Leasing Legislation at the Cross Road of EU Directives and Countries' EU accession
Is EU a support for lobbying better & healthier business environment? In the light of the reply or absence of a reply from the
Member State concerned, the Commission may decide to address a "reasoned opinion" to the Member State, clearly and definitively setting out the reasons why it considers there to have been an infringement of European Union law and calling on the Member State to comply with European Union law within a specified period (normally two months).
In the light of the reply, the Commission may also decide not to pursue the infringement proceedings any further, for example where the Member State provides credible assurances as to its intention to amend its legislation or administrative practice. Most cases can be resolved in this way.
The procedure ensures confidentiality of source.
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
The Financial Companies Association – ALB Romania
Financial Leasing Market in RomaniaH1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Evolution of Non Performing Loans from Total Granted Credits Evolutia creditelor neperformante din total credite acordate
29.0%
25.5%
31.6%
12.5%
23.2%21.6%
29.8%
28.5%27.5%27.4%
27.8%
15.1%
17.9%
13.6%13.8%
13.2%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Jun-
07
Aug
-07
Oct
-07
Dec
-07
Feb
-08
Apr
-08
Jun-
08
Aug
-08
Oct
-08
Dec
-08
Feb
-09
Apr
-09
Jun-
09
Aug
-09
Oct
-09
Dec
-09
Feb
-10
Apr
-10
Jun-
10
Aug
-10
Oct
-10
Dec
-10
Feb
-11
Apr
-11
Jun-
11
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
16
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Growth rates / Rate de crestereEuropean Financial Leasing Market / Piata de leasing financiar in EuropaH1 2010 vs. H1 2011
Source: Leasurope
AT25.0%
BE19.4%
BG45.0%
CH9.6%
CZ16.1%
DE14.4%
EE70.8%
ES-23.9%
FI10.4%
FR10.1%
GR-51.7%
HU11.3%
IT-2.6%
LV128.5%
NL9.1%
NO14.4%
PL27.5%
PT-34.4%
RO22%
RS32.4%
RU101.3%
SE-1.9%
SI-3.6%
SK32.6%
UK5.3%
-60.0%
-40.0%
-20.0%
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
17
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Financial Leasing Market Evolution (Biannual Growth Rates) in Romania Evolutia pietei de leasing financiar (cresteri semestriale) in RomaniaH1 2005- H1 2011
776,653
1,484,822
543,719 663,314
109,320117,307
296,450184,220
1,131,779
507,149338,992 397,756
152,197
95,40756,593 81,338
H1 2006 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011
(000
eur
o)
TOTAL Equipment/Echipamente Vehicles/Vehicule Real Estate/Imobiliar
177,54%
69%
-15%
22%
17%
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market - Weight per Good Segment / Piata de Leasing Financiar in Romania - Ponderea segementelor in total finantariH1 2005 - H1 2011
28%
12%
22%22%20%17%
15%
20%
65%
71%71%76%
81%
62% 60%
18%2% 4%
7% 7%
20%
0%10
%20
%30
%40
%50
%60
%70
%80
%90
%
H1 2005 H1 2006 H1 2007 H1 2008 H1 2009 H1 2010 H1 2011
Equipment/Echipamente Vehicles/Vehicule Real Estate/Imobiliar
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Structure by Type of Lessor/Piata de leasing financiar din Romania dupa categoria societatilor de leasingH1 2009 ÷ H1 2011
60%
28%
12%
64%
22%
14%
65%
20%
15%
0%
10%
20%
30%
40%
50%
60%
70%
H1 2009 H1 2010 H1 2011
BANK S̀ SUBSIDIARES/ Subsidiare banci CAPTIVE/ Captive INDEPENDENT/ Independente
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Structure by Origin/Piata de leasing financiar din Romania dupa originea bunului H1 2009 ÷ H1 2011
71%
14% 22%
78%
10% 12%
92%
8%0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 2009 H1 2010 H1 2011
Domestic RO Domestic EU Import
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
21
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Leasing Market Structure by Acquisition Type/Piata de leasing din Romania dupa tipul achizitieiH1 2009 ÷ H1 2011
86%
14%
79%
21%
82%
18%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
(000
Eur
o)
H1 2009 H1 2010 H1 2011
BRAND NEW / Noi USED / Second Hand
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
22
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Structure by Customer Type/Piata de leasing financiar din Romania dupa categoria utilizatoruluiH1 2009 ÷ H1 2011
89%
9%
2%
91%
7%
2%
95%
4%
1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 2009 H1 2010 H1 2011
CORPORATE/ Companii RETAIL / Retail PUBLIC / Public
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
23
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Structure By Contract Duration/Piata de Leasing Financiar din Romania dupa durata contractuluiH1 2009 ÷ H1 2011
4%5%
4% 4%
9%8%
16%
19%
20%20%
24%
19%
26%
20%
26%
30%
23%
23%
0%
5%
10%
15%
20%
25%
30%
(000
eur
o)
1 YEAR/ 1 an 1 - 2 YEARS/1-2 ani
2 - 3 YEARS/2-3 ani
3 - 4 YEARS/3-4 ani
4 - 5 YEARS/4-5 ani
> 5 YEARS/ >5 ani
H1 2009 H1 2010 H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Leasing Market Equipment Financing/Piata de leasing din Romania finantarea echipamentelorH1 2010 Vs. H1 2011
Construction14%
Office 1%
Others34%
Plastics & Rubber1%
Car Service1%
IT8%Medical care
8%
Petroleum & Derivatives2%
Printing & Packaging1%
Electrical devices1%
Agriculture13%
Chemical Industry3%
Wood processing2%
Food & Beverage4%
Metal processing5%
Construction17%
Metal processing4%
Food & Beverage7%
Car Service4%
Agriculture22%
O thers19%
Electrical devices14%
Medical6%
O ffice + IT4%
Wood processing3% H1 2010
H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Vehicle Financing/Piata de leasing financiar din Romania finantarea vehiculelorH1 2009 ÷ H1 2011
58% 57%56%
17% 16%13%
19%
25%
30%
6%
2% 1%
0%
10%
20%
30%
40%
50%
60%
PASSENGERS CARS/Autoturisme
LIGHT CO MMERCIALS /Vehicule Comerciale
Usoare
HEAVY CO MMERCIALS/Vehicule Comerciale
Grele
O THERS/Alte vehicule
H1 2009 H1 2010 H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
26
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Romanian Financial Leasing Market Real - Estate Financing/Piata de leasing din Romania - finantarea sectorului imobiliarH1 2009 ÷ H1 2011
65%
18%
40%
22%
39%
18%
1% 0% 1% 0%
31%
5% 5% 5% 5%7% 7%
31%
0%
10%
20%
30%
40%
50%
60%
70%
INDUSTRIAL /Industriale
OFFICE HOTEL / Hoteluri RETAIL OUTLETS RESIDENTIAL/Rezidential
LAND/ Teren
H1 2009 H1 2010 H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
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Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Real Estate Financing By Duration of the Contract /Finantarea bunurilor imobiliare dupa durata contractului H1 2009 ÷ H1 2011
0%0% 1% 0% 1% 1% 0% 1% 1%0%
8%
0%5% 1%
20%
95%89%
77%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
(000
eur
o)
1 YEAR/ 1 an 1 - 2 YEARS/1-2 ani
2 - 3 YEARS/2-3 ani
3 - 4 YEARS/3-4 ani
4 - 5 YEARS/4-5 ani
> 5 YEARS/ >5 ani
H1 2009 H1 2010 H1 2011
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
28
Source/Sursa: ASOCIATIA SOCIETATILOR FINANCIARE – ALB ROMANIA
Real-estate Financing by Customer Type/Finantarea bunurilor imobiliare dupa categoria utilizatoruluiH1 2009 ÷ H1 2011
100%
0% 0%
100%
0%0%
100%
0%0%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
H1 2009 H1 2010 H1 2011
CORPORATE/ Companii RETAIL / Retail PUBLIC / Public