Household and corporate loans remain on ice

At the end of November, non-governmental loans granted by credit institutions declined by 0.2% (-0.8% in real terms) from October, after three successive months of growth, as fx-denominated loans fell slightly while the national currency became the borrowing currency of choice in November, according to data provided by the National Bank of Romania.

Non-governmental loan granted by credit institutions totalled 200.87 billion lei (€47 billion) at the end of November, down 0.2% (-0.8% in real terms) compared to October 2009, as RON-denominated loans inched up 0.2% (down 0.5% in real terms), and fx-denominated loans fell 0.4%when expressed in lei, but rose 0.1% when expressed in euro.

The annual growth rate of loans slowed down in November, as the non-governmental loan advanced 2.9% (-1.6% in real terms) compared to the same period of last year. In the Oct 2008-Oct 2009 period, non-governmental loan increased by 4.2%.

In October, non-gov’t loans increased at the fastest monthly rate of the past nine months, by 1.2%, while the annual growth rate started to show some signs of recovery, after 12 months into the red. Household loans and corporate loans totalled 201.21 billion lei (€46.8 billion) at the end of October.

RON-denominated loans increased by 0.2% in nominal terms (fell 0.5% in real terms) month-on-month, to 79.9 billion lei (€18.7 billion). In October, RON-denominated loans dropped 0.5% from September. Year-on-year, RON-denominated loans declined 6.5% (-10.7% in real terms).

Household loans remained weak in the trailing month, with 5.6% drop year-on-year to 38.98 billion lei (€9.12 billion). Month-on-month, the decline was 0.5%.

RON-denominated corporate loans fell 7.4% year-on-year in November to 40.93 billion lei (€9.6 billion), but grew from a month earlier by 0.9%.

Leu value of fx-denominated loans dropped 0.4% in November from a month earlier, to 120.96 billion lei (€28.3 billion), at an annual rate of 10.3%.

The euro value of fx-denominated loans increased by 0.1%in November from October but fell 2.4% year-on-year.

Government credit (central government, local government and social security funds) stood 18.8 percent higher in November at RON 47,338.0 million. At end-November 2009, government credit increased 261.2 percent (245.2 percent in real terms) from the same year-ago period.

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