Business of banking (volumul i)

FOREWORD The book “The business of banking” is addressing the students of the Economic Faculties, especially to those having a foreign affairs profile, focusing on the banking field issues At the same time, the book intends to be a support for the future economists in the banking field, as well as for the bankers, the foundation upon which they can expand their technical knowledge of the Romanian banking system; money services; foreign exchange operations; international trade; payment methods and means of payment or settlement; lending, and risks It is underlined the fact that the book is a very important work, especially for the beginners, for those which are studying for the first time the subject explained in the book Various people must be thanked for the help given: my students and my sponsor the Commercial Bank of Greece Ligia Georgescu–Goloşoiu March 2002 Presentation The aim of Business of Banking is to equip the students of the Economic Faculties with the ability to take an active part in banking activities in English The course is intended to be used by students at intermediate to advanced economic levels and is planed to get them actively understanding of economic and banking issues, not only during the classroom At the same time, Business of Banking is addressing not only the Romanian students, but also the foreign students who are studying in Romania and are interested in expanding their technical knowledge of the banking system The book consists of a variety of materials and is organized around seventeen chapters, divided into two volumes The first volume ranks from The Banking System in Romania and England to Risk management and the second volume ranks from the exchange rates to Guarantees or Bonds These seventeen are known to be frequently used by economists and bankers in the banking field The material in each chapter contains a definition, descriptive passages or extracts about the topic This provides the student with some of the structural items and vocabulary used when talking about the topic Finally, the readers will be acquired the ability to argue, to discuss, to hear and say things they have not heard before, and to be aware of what reaction is hoping to provoke In short they get a flexible ability to communicate (not only in Romanian, but in English too) in the give-and-take situation of real conversation on economic, trade or banking issues For this reason we appreciate that the book represents a real support for all those who are on their way to become economists or bankers, as well as for people who intend to start a business in this period of transition Professor Gabriela Anghelache PhD in Finance Chief of Money Department The Banking System in Romania THE BANKING SYSTEM IN ROMANIA D Objectives: After studying this chapter you should understand: 1.1 The history of the Romanian banking system - brief presentation 1.2 The banking system in Romania after 1989 1.3 The National Bank of Romania and its role in the banking system 1.4 Banks – a main part of the Romania banking system 1.5 The supervision and control of the National Bank of Romania 1.6 The balance sheet of the National Bank of Romania and of a bank, Romanian legal entity 1.7 Recent developments and perspectives The Banking System in Romania 1.1 The history of the Romanian banking system – brief presentation The first modern commercial bank was established in the Romanian Principalities in 1865 under the name of The Bank of Romania The bank was organized as a limited joint-stock company, with subscribed capital worth FF 25,000,000 The Bank of Romania was initially set up as an issuing and commercial bank by the English and French investors who governed the Banque Imperial Ottomane Four years later, the Romanian Government revoked the Bank of Romania’s monopoly of issue Accordingly, this institution operated further as a private commercial bank until its liquidation in 1948 by the communist regime The establishment of a modern-type banking system, designed to replace money lenders and trade houses that had developed healthily before the mid of the 19th century, was a slow process until the setting up of the National Bank of Romania, on the 17th of April 1880 During 1866-1880, there were established only three credit institutions: the Rural Credit Bank (1873), the Urban Credit Bank (1874), and the Commercial Bank Marmorosch Blank&Co (1874) The National Bank of Romania was established at the initiative of the Liberal Party in order to grant credits in high demand after the Independence War (1877), and providing financial stability for the country The National Bank of Romania was designed not only to play the role of state financing and note issuing, but also to perform purely commercial banking functions In compliance with the provisions of the law governing its establishment, the new banking institution was a joint-stock company, with the Romanian government holding 1/3 of the capital stock (shareholders holding the remainder) These provisions precluded foreign shareholders from sharing the National Bank of Romania’s capital, closely following the principle of domestic control over the national economy required by the liberals In 1901, The National Bank of Romania became a private institution Under the Liberal Party’s control, the National Bank of Romania played a significant part in the foundation of the Romanian modern type banking system and contributed to the strengthening of the Romanian bourgeoisie economic position The economic progress that accompanied the consolidation of the Romanian state and the support provided by the National Bank of Romania accelerated the establishment of private commercial banks, especially during the period that preceded the outbreak of World War I The number of commercial The Banking System in Romania banks increased to 215 in 1914, from banks existing in 1880 If the setting up of the National Bank of Romania and long-term credit institutions were done only with domestic capital, in turn, foreign capital would be involved substantially in the creation of the new private commercial banks Accordingly, in 1914, German, Austrian, French, Belgian and English banking institutions held 40 percent of the Romanian commercial banks’ capital On the eve of World War I, the Romanian banking industry was highly concentrated, being dominated by leading commercial banks, called “the big Romanian banks” In 1913, these banks held 70 percent of the total commercial banks’ resources, while 188 small and middle-sized banks held the remainder of the total resources Taking into account the origin of the capital, the composition of the group of “the big Romanian banks” was the following: banks with national capital (Banca Agricola, Banca Comertului from Craiova, Banca Romana de Scont, Banca Romaneasca), banks with foreign capital (Banca Generala Romana, Banca de Credit Romanesc, Banca Comerciala Romana, Banca Romaniei), and one bank with foreign and domestic capital (Marmorosch Blank &Co Bank) After World War I, under national oriented policies promoted by the Liberal governments, the weight of the foreign capital in the banking system declined in relative terms Despite this capital trend, the banks with foreign interests maintained significant positions in the banking system and were able to better identify profitable investments than their Romanian-controlled competitors During 1931-1932, the banking sector felt the repercussions of the economic crisis due to its close links with the industry Banks’ supervision was almost nonexistent This state of affairs contributed to the collapse of some large banks, but generally the banks with foreign interests withstood the shocks In order to strengthen the banking system, the Romanian Parliament passed “the Law on the organization and regulation of the banking commerce”, on May 8, 1934 Under this law, The National Bank of Romania was deeply involved in drafting measures for recovering the banking system by liquidating non-viable credit institutions and merging institutions weakened by the crisis Consequently, the number of banks was diminished from 893 in 1933, to 523 in 1937 and 246 in 1944 The Banking System in Romania After 1934, the state intervention in regulating the banking sector forced the foreign-controlled banks to comply with imposed requirements and to apply a policy in line with Romania’s general interests Soon, after the communists took the power in Romania according to the Decree Law no 197/1948, all the Romanian and foreign-controlled banks were liquidated, except for the National Bank of Romania, the National Company of Industrial Credit and the Savings Bank The 1934 banking law being abrogated, the remaining banks continued their activity under the provisions of the Commercial Code and their specific laws In the years that followed, the Romanian banking system was organized as a mono-bank system, typical to a centralised economy It is noteworthy that in the 70s, during a period of economic liberalization two foreign banks were allowed to establish branches in Romania: Manufacturers Hanover Trust (the branch being now part of the Chase Manhattan Bank network), and Societe Generale 1.2 The banking system in Romania after 1989 The issuing of the Law on banking activities (33/1991) and the Law concerning the Statute of the National Bank of Romania (34/1991) represented the beginning of the organization of the banking system in accordance with the market economy principles The banking system structures and functions were different during the former system So, the National Bank, the agent of the State, had the functions of a central bank and of a commercial bank at the same time There were three banks that were specialized in different fields of activity: Banca de Investitii which granted credits for the investment projects, Banca pentru Agricultura si Industrie Alimentara which granted credits for the agricultural activities, and Banca Romana de Comert Exterior which was specialized in foreign trade operations The single institution to receive the savings of the population was Casa de Economii si Consemnatiuni During that system, there were no financial markets and no competition between banking institutions, as the Romanian legal tender was not convertible and the interest rate had only a formal role The Banking System in Romania The new banking system started its activity on December 1st, 1990 Its structure has been organized in two tier levels: the National Bank of Romania as the Central Bank of the state on one side, and the commercial banks on the other side In accordance with the provisions of its Law, the National Bank of Romania has become a real central bank It formulates and conducts monetary and credit policy within the framework of the country’s economic and financial policies, with the goal of preserving the stability of the national currency The former commercial banks have changed themselves and have become real commercial banks for the market economy In 1990, the former commercial banks have been established as follows: Banca Comerciala Romana SA, Banca Romana de Comert Exterior SA, Banca Agricola SA, Banca Romana pentru Dezvoltare SA and many other new commercial banks have also been established, such as: • State capital: Banc Post SA; • Private capital: Mind Bank SA Until December 31st, 20001, the National Bank of Romania has authorized 33 banks, Romanian legal entities, to render banking services in the national currency (Lei), as well as in foreign currency, and branches of the foreign banks (see Annex no 1) The structure of the capital of banks operating in Romania at the end of the year 2000 was the following: Source: the National Bank of Romania – Annual Report per 2000 The Banking System in Romania Banks operating in Romania, by the type of the capital Number 1994 1995 1996 1997 1998 1999 2000 I Romanian banks, of which: 20 24 31 33 36 34 33 a) fully or majority state-owned capital, out of which: 7 7 4 - fully state-owned capital 1 1 1 - majority stateowned capital 6 6 3 b) fully or majority private capital, out of which: 13 17 24 26 29 30 29 - fully or majority domestic capital 14 13 13 11 - fully or majority foreign capital 10 13 16 19 21 II Foreign bank branches 7 10 Total (I+II) 27 31 40 43 45 41 41 Source: National Bank of Romania 1.3 The National Bank of Romania and its Role in the Banking System Generally, a central bank acts as a state institution in order to establish and co-ordinate the monetary and credit policy of the economy It has an important role in maintaining the stability of the national currency/legal tender The Banking System in Romania The main functions2 of a central bank may be the following: ƒ Establishing and implementing the monetary and credit policy; ƒ Issuing money; ƒ Monitoring of the foreign exchange rates; ƒ Managing the foreign exchange reserves; ƒ Supervising the financial and banking institutions; ƒ Bankers’ bank; ƒ Lender of last resort; ƒ Acting as the state’s agent and keeping the evidence of the State’s Treasury account; ƒ Performing analyses of the economic and monetary conditions The Romanian transition to the market economy had a strong impact on the organization of The National Bank of Romania, its functions and role as a central bank The National Bank of Romania is the only institution authorized to issue banknotes and coins throughout the country Under its new law3, it establishes, implements, and is responsible for the monetary, foreign exchange, credit, and payments policy, as well as the banking licensing and prudential supervision in the framework of the general policy of the State; for this it pursues the normal operation of the banking system and the participation in the promotion of the financial system to market economy The National Bank of Romania uses procedures and instruments specific to the monetary market, lending to the banking companies, assures liquidity to the banking system, and at the same time, it is responsible for licensing and supervising all entities operating as bank entities in Romania Under the provisions of the law concerning the Statute of the National Bank of Romania, it formulates and conducts the credit policy within the Sometimes these responsibilities are shared with other governmental bodies Law no.101/1998 concerning the Statute of the National Bank of Romania, issued in Monitorul Oficial al Romaniei, Part I, no 203//June 1998 The Banking System in Romania framework of the country’s economic and financial policy with the goal of preserving the stability of the national currency The main functions of the National Bank of Romania are in the monetary and credit field, banking supervision, foreign exchange operations, operations with the state treasury, foreign exchange control The National Bank of Romania alone has the right to determine the nominal value, size, weight, design and other technical characteristics of banknotes and coins It elaborates the banknote and coin issue program so that the country’s requirements for cash are met strictly according to the real needs of money circulation The National Bank of Romania distributes the money issue and manages the banknotes and cash reserves It may decide to cancel or withdraw any banknotes or coins it issued, and to replace them with others of a different kind The National Bank of Romania uses procedures and instruments specific to the monetary market, lending to banks and controlling their liquidity through minimum compulsory reserves operations The National Bank of Romania may discount, acquire, accept as collateral or sell bonds, securities or other claims to the state, banks, or other legal entities The National Bank of Romania establishes the minimum compulsory reserves that banks must keep in accounts opened with the National Bank of Romania For the minimum compulsory reserves, the National Bank of Romania will grant interests at least as high as the level of the average interest rate granted for sight deposits by the banks As a part of its monetary, foreign exchange, lending and payments policies, the National Bank of Romania may lend to banks on up to 90 days term against securities that include: • Government bonds which are part of public issues redeemable within no more than a year from the time of their acquisition by the National Bank of Romania; Glossary ELECTRONIC BANKING SERVICES debit cards = cărţi de debit; Electronic banking services = servicii bancare electronice, adică servicii efectuate prin calculator; electronic cash = numerar electronic; electronic cheque = cec electronic; electronic money = monedă electronică, bani electronici; electronic signature = semnătură electronică; fraud = fraudă; network = reţea; ~ transmission = reţea de transmisie; password = parolă; PIN = Personal Identification Number = număr personal de identificare; POS = Point of Sale Terminal = locul vânzării; record (to) = a ỵnregistra; user = utilizator; telephone banking = bancă la domiciliu OTHER ELECTRONIC BANKING SERVICES Electronic Funds Transfer = EFT = Transfer Electronic de Fonduri; money transfer = transfer de bani; Automated Teller Machine = ATM = ghişeu automat de numerar; Glossary EFT-POS = Electronic Funds Transfer to the Selling Points Terminals = transferul electronic al fondurilor la locul vânzării; credit cards = cărţi de credit; store cards = carduri de magazin; debit cards = cărţi de debit; retailer = detailist; magnetic strip = bandă magnetică; cash dispensing = distribuitor de numerar; balance inquiry = solicitarea soldului contului; POS = Point of sale = punct de vânzare; keyboard = tastatură; Joint-stock banks = bănci pe acţiuni Money market = piaţă monetară BANKER - CUSTOMER RELATIONSHIP accountant = contabil; Act/charter/law = lege; adequate level of solvency = nivelul adecvat al solvabilităţii; application to open an account = cerere pentru a deschide un cont; banker/bank = bancă; Banker-customer relationship = relaţia dintre bancă şi client; banking procedures = proceduri bancare; Glossary building societies = societăţi de construcţii; creditor = creditor; current savings deposit = depozit curent de economii; customer/client = client; deal (to) = (a face o) tranzacţie (cu); debtor = debitor; deputy = (aici) delegat; adjunct; disbursement = plată, achitare; duties and rights = obligaţiuni şi drepturi; forgery = fraudă; insurance company = societate de asigurări; legal person = persoană juridică; lend (to )= a ỵmprumuta (pe); license/authorisation = licenţă / autorizaţie; licensed deposit taking institutions = instituţii acreditate să constituie/primească depozite; mortgage = ipotecă; natural person = persoană fizică; overdrawn = fără acoperire; proceeds = venituri; recognised banks = bănci acreditate; Glossary sealed = sigilat; sight interest = dobânda la vedere; solicitor = avocat; theft = furt; be entitled to (to) = a fi ỵmputernicit (să); be supplied with (to) = a fi alimentat cu; complete/conclude a contract (to) = a ỵncheia un contract; finish/terminate/cancell a contract (to) = a rezilia un contract; mortgage (to) = a ipoteca; open an account with (to) = a deschide un cont; pass on (to) = a statua; vest somebody to something (to) = a investi pe cineva să facă ceva; Trustee Savings Bank = bănci de ỵncredere specializate ỵn deţinerea economiilor (un fel de CEC); RISKS MANAGEMENT credit institution = instituţie de credit; risks management = administrarea riscurilor; financial risks = riscuri financiare; foreign exchange risk = risc valutar; liquidity risk = risc de lichiditate; Glossary interest rate risk = riscul ratei dobânzii; operational risk = risc operaţional; own funds = fonduri proprii; commitments = angajamente; solvency = solvabilitate; banking rating system and the early warning system = sistem de avertizare timpurie şi de stabilire a rating-ului de ţară; level of large exposures = nivelul expunerilor mari; minimum level of the capital = nivelul minim al capitalului; administrative procedures = proceduri administrative; internal control procedures = proceduri de control intern; classification of credits = clasificarea creditelor; large loans = ỵmprumuturi mari; loans granted to the debtors in special relations with a bank = ỵmprumuturi acordate debitorilor care se află ỵn relaţii speciale cu banca; liquidity = lichiditate; debt service = serviciul datoriei; doubtful credit = credit ỵndoielnic; interest rate risk = riscul ratei dobânzii; off balance sheet items = elemente ỵn afara bilanţului contabil; prudential measures = măsuri de prudenţialitate; Glossary credit risk = riscul de credit; watch credit = credit în observaţie; doubtful credit = credit îndoielnic; loss credit = credit de pierdere; shareholder = acţionar; own capital = capital propriu; grant a credit (to) = a acorda un credit; financial-accounting department = departamentul financiar-contabil; assets = active; BANKS AND LENDING accountant = contabil; auction credit =credit de licitaţie; borrowed funds = fonduri atrase (ỵmprumutate); capability = ability = capacitate; abilitate; currency risk = riscul de schimb valutar; fixed interest rate loan = ỵmprumut cu rata dobânzii fixă; floating interest rate loan = ỵmprumut cu rata dobânzii flotanta; legal person = persoană juridică; lending = ỵmprumut; Glossary lending facilities = facilităţi legate de acordarea ỵmprumutului; liabilities = pasive; liquidity risk = riscul de lichiditate; Lombard credit = credit lombard; loss = pierdere; market risk = riscul pieţei; minimum capital = capital minim; operational risk = riscul operaţional own capital = capital propriu; paid up capital = capital vărsat; physical person = persoană fizică; preferential credit = credit preferenţial; purpose = destination = scop / destinaţie; repayment = plată; solicitor = avocat; (amer procuror); solvency ratio = rata solvabilităţii; special credit = credit special; standard credit = credit standard; structural credit = credit structural; substandard credit = credit substandard; Glossary supplementary capital = capital suplimentar; weight (to) = a pondera; variable interest rate loan = ỵmprumut cu rata dobânzii variabilă; watch credit = (aici) credit ỵn observare Bibliography BIBLIOGRAPHY ABRAHAM FROIS, Gilbert Economia politică, Editura Humanitas, 1994 BASNO, Cezar, DARDAC, Nicolae, FLORICEL, C BASNO, Cezar, DARDAC, Nicolae, FLORICEL, C Monedă, credit, bănci, Editura Didactică şi Pedagogică, RA, Bucureşti, 1994 BRANCH, E Alan Export-Import Documentation, Publishing House: CNAPMAN and HALL BUTTER W., CORSETTI, G., PESENTI, P Financial markets and European monetary cooperation, 1998, published by the Press Syndicate of the University of Cambridge, U.K DAVIES, Audrey & KEARNS, Martin Banking operations, Pitman Publishing, London, 1992 GAFTONIUC, Simona Finanţe internaţionale, Editura Economică, Bucuresti, 1995 GAFTONIUC, Simona Practici bancare internaţionale, Editura Economică, Bucureşti, 1995 Monedă, credit, 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Directive 2000/12/EC of the European Parliament and of the Council of 20 March 2000 relating to the taking up and pursuit of the business of credit institutions, published in the Official Journal... structure of the bank; • The tasks of every bank department and the relations among them; • The tasks of the branches and other secondary offices of the bank; • The tasks of the risk committee, of the... history of the Romanian banking system - brief presentation 1.2 The banking system in Romania after 1989 1.3 The National Bank of Romania and its role in the banking system 1.4 Banks – a main part of