Raport anual 2008 - Volksbank AG

gcK6NVYqUc

Raport anual 2008 - Volksbank AG

Mai mult

decât cifre

Raport

Anual 2008

Annual Report 2008

Austria

Bosnia-Hertegovina

Croatia

Republica Ceha

Slovenia

Ungaria

ROMÂNIA

Serbia

Slovacia

Ucraina


2

Austria

Bosnia-Hertegovina

Croatia

Republica Ceha

Slovenia

Ungaria

ROMÂNIA

Serbia

Slovacia

Ucraina


CUPRINS

MESAJUL COMITETULUI DIRECTOR 4

BANCA IN CIFRE (2004 – 2008) 6

RETEAUA INTERNATIONALA 7

CONDUCEREA BANCII 8

CLIMATUL MACROECONOMIC 9

RETAIL 16

DIVIZIA CORPORATE 18

ACTIVITATEA DE TREZORERIE 20

REZULTATELE DIRECTIEI OPERATIUNI 22

DIVIZIA CONTROL RISC 23

RAPORTUL CONSILIULUI DE ADMINISTRATIE 24

SITUATII FINANCIARE CONSOLIDATE 25

Raportul auditorilor independenti 27

Contul de profit si pierdere consolidat 30

Bilantul contabil consolidat 32

Situatia consolidata a modificarilor capitalurilor proprii in 2008 34

Situatia consolidata a fluxurilor de numerar in 2008 35

NOTE EXPLICATIVE LA DECLARATIILE FINANCIARE CONSOLIDATE 39

RETEAUA NOASTRA 117

3


MESAJUL COMITETULUI DIRECTOR

Anul 2008 este pentru Volksbank Romania un an de referinta, banca reusind ca in numai un an sa ajunga de pe pozitia 8 pe

pozitia 3 in topul bancilor din Romania, dupa cele mai mari doua banci de retea.

Astfel, la sfarsitul anului 2008 banca inregistra o crestere a activelor bilantiere cu peste 68%, de la 12,64 miliarde ron inregistrate

la sfarsitul anului 2007, la 21,34 miliarde ron la sfarsitul lui 2008.

Cresterea semnifi cativa a activelor bilantiere s-a refl ectat si in profi tul inainte de impozitare, care a crescut de peste 6 ori

comparativ cu profi tul inregistrat la sfarsitul anului precedent ajungand la suma de 144,4 milioane ron. Cota de piata dupa active a

inregistrat si ea o crestere semnifi cativa, ajungand la 6,7% cu cca. 1,7% puncte procentuale crestere fata de sfarsitul lui 2007.

Rezultatele deosebite obtinute de banca in ciuda conditiilor difi cile prin care a trecut sistemul fi nanciar-bancar international

in contextul crizei economice mondiale au fost recunoscute si de catre presa, Volksbank Romania fi ind desemnata de catre grupul

de presa Finmedia ca fi ind BANCA ANULUI 2008.

Toate aceste rezultate demonstreaza înca o dată faptul ca Volksbank Romania este unul dintre cei mai dinamici jucatori de pe

piata, succesul înregistrat de banca avand la baza efortul sustinut al tinerei echipe Volksbank, extinderea canalelor de distributie si nu

in ultimul rand de atentia sporita acordată procesului de identifi care si satisfacere a nevoilor clientilor nostri.

4

Valentin Vancea

Herwig Burgstaller

Gerald Schreiner

Simona Fatu

(de la stanga la dreapta)


Pe langa obtinerea unor bune rezultate fi nanciare, eforturile noastre s-au concentrat si asupra perfectionarii managementului

riscului.

Volksbank Romania a indeplinit cu succes cerintele de raportare corespunzatoare abordarilor standard Basel II incepand cu

martie 2008, in acelasi timp facandu-se demersurile necesare pentru pregatirea trecerii la abordarea bazata pe ratinguri interne pe

riscul de credit. In acest sens au fost luate masuri pentru: monitorizarea calitatii datelor, testarea si imbunatatirea sistemelor de rating,

revizuirea procedurilor si proceselor legate de riscul de piata, riscul de credit si riscul de lichiditate.

Gerald Schreiner

Presedinte

Herwig Burgstaller

Vicepresedinte

Simona Fatu

Vicepresedinte

Valentin Vancea

Vicepresedinte

5


BANCA IN CIFRE (2004-2008)

TOTAL ACTIVE

milioane EUR

CREDITE SI AVANSURI

ACORDATE CLIENTILOR

milioane EUR

CHELTUIELI TOTALE

milioane EUR

6

266

2004 2005 2006 2007 2008

210

508

310

1,380

802

3,507

2,216

5,307

3,312

2004 2005 2006 2007 2008

8

12

22

37

53

2004 2005 2006 2007 2008

CONTURILE CLIENTELEI

milioane EUR

91

VENITURI TOTALE

milioane EUR

11

TOTAL PROFIT INAINTE DE IMPOZITARE

milioane EUR

3

117

18

3

310

39

14

535

78

25

567

2004 2005 2006 2007 2008

107

2004 2005 2006 2007 2008

38

2004 2005 2006 2007 2008


RETEAUA INTERNATIONALA

SLOVENIA

CZECH REPUBLIC

AUSTRIA

CROATIA

BOSNI

HERZEGOVINA

SLOVAKIA

HUNGARY

SERBIA

ROMANIA

UKRAINE

Volksbank Romania activeaza cu succes pe piata romaneasca din luna mai a anului 2000, principalul actionar al bancii fi ind Volksbank

International AG.

Volksbank International AG (VBI), cu sediul în Viena, Austria, este detinuta în procent majoritar de ÖVAG (51%), actiunile ramase

fi ind detinute în mod egal de bancile germane DZ BANK / WGZ BANK si de banca franceza Banque Populaire et Caisse d’Epargne

(ambele 24,5%). VBI administreaza o retea de succes cu peste 500 fi liale în noua tari central si est europene: Slovacia, Republica Ceha,

Ungaria, Slovenia, Croatia, Romania, Bosnia Hertegovina, Serbia si Ucraina.

Din 2008, activele bilantiere totale însumeaza 14,7 miliarde EUR. Mai mult de 5.800 de angajati ofera o gama completa de produse

si servicii bancare pentru clienti persoane fi zice si companii.

www.volksbank.ro

7


CONDUCEREA BANCII

CONSILIUL DE SUPRAVEGHERE

Presedinte: Ralf Weingartner, Volksbank International AG, Viena

Vicepresedinte: Gerhard Wöber, Volksbank International AG, Viena

Membri: Thomas Capka, Volksbank International AG, Viena

Jorg Poglits, Volksbank International AG, Viena

DIRECTORAT

Gerald Schreiner - Presedinte

Herwig Burgstaller - Vicepresedinte

Simona Fătu - Vicepresedinte

Valentin Vancea - Vicepresedinte

8


CLIMATUL MACROECONOMIC

1. ROMANIA A AVUT O CRESTERE ECONOMICA PESTE NIVELUL POTENTIAL IN PRIMELE

3 TRIMESTRE ALE ANULUI 2008, DAR S-A CONFRUNTAT CU O INCETINIRE BRUSCA IN

TRIMESTRUL IV

In 2008, economia Romaniei a crescut peste nivelul potential in primele trei trimestre, dar a incetinit brusc in ultimul trimestru al

anului, datorita crizei fi nanciare globale care a afectat sever tara noastra. Pe primul trimestru al anului 2008, PIB-ul real a crescut cu 8,2

% an/an, in principal datorita constructiilor (+32,5 % an/an) si comertului intern (+11 % an/an) . In urmatoarele 2 trimestre, PIB-ul real

a avut cresteri anuale de peste 9 % ( +9,3 % an/an in semestrul II si +9,2 % an/an in semestrul III) datorita cresterilor semnifi cative din

constructii, agricultura si comert intern. In perioada octombrie-decembrie s-a produs o incetinire semnifi cativa a activitatii economice,

PIB-ul crescand in termini reali doar cu 2,9 % an/an, pe fondul scaderii activitatii din industrie (-7,7 % an/an) si servicii fi nanciare ( -1,5

% an/an), in conditiile in care criza de lichiditati globala a redus substantial fl uxurile fi nanciare catre Romania.

Utilizand metoda cheltuielilor, cresterea modesta a PIB-ului in trimestrul patru 2008 se explica in special datorita scaderii

consumului fi nal cu 2,8 % fata de aceeasi perioada a anului precedent, datorita unei schimbari radicale in comportamentul gospodariilor.

Gospodariile si-au redus consumul cu 3,7 % an/an, pe fondul inrautatirii asteptarilor in conditiile crizei fi nanciare internationale.

Doar consumul adiministratiei publice a consemnat o crestere de 4,8 % an/an datorita cresterii cheltuielilor autoritatilor statului in

contextul alegerilor. Formarea bruta de capital fi x si-a redus rata de crestere de la 24,3 % an/an in trimestrul III al anului 2008 si 28 %

an/an in trimestrul IV al anului 2007 la 2,8 % an/an in ultimul trimestru al anului 2008, aratand faptul ca resursele fi nanciare se pot

dimininua in urmatoarele trimestre. Criza fi nanciara si deprecierea monedei nationale au avut un eff ect pozitiv in evolutia exporturilor

nete, importurile scazand cu 10,2 % an/an pentru prima data dupa 1990 in timp ce exporturile au crescut cu 1,6 % an/an.

Evolutiile slabe din economie in trimestrul IV, au generat o cresterea a PIB-ului per total in 2008 de 7,1 %, valoarea nominala

a acestuia fi iind de 503,96 miliarde lei ( 136,85 miliarde euro). In anul 2008, cele mai dinamice sectoare sectoare ale economiei au

fost: constructiile (+ 26,1 % an/an) si agricultura ( +21,4 % an/an). Industria a fost sectorul cel mai afectat de criza fi nanciara globala,

inregistrand o crestere modesta de 1,3 % an/an in 2008 fata de 5,1 % an/an in 2007, datorita scaderii cererii de produse industriale atat

pe piata interna cat si pe cea externa. Seviciile inca au avut o evolutie pozitiva, in special cele legate de comert, care au crescut cu 6,6

% an/an, in timp ce sectorul fi nanciar a avut o crestere modesta de 3,6 % an/an datorita reducerii lichiditatilor si existentei unor riscuri

mai mari. In 2008, consumul fi nal a crescut cu 8 % in termeni reali, incetinindu-si ritmul de crestere de la 13,7 % in primele trei trimestre

datorita scaderii consumului gospodariilor.

9


Formarea PIB dupa metoda productiei (an/an, % dinamica reala)

10

40

35

30

25

20

15

10

5

0

-5

-10

%

8.2

Q1-08

Q2-08

9.3

9.2

Q3-08

Agricultura

Industrie

Constructii

Comert

Servicii financiare, imobiliare

Alte servicii

Taxe nete

Dinamica reala a PIB

2.9

Q4-08

Sursa: INS, VBR Cercetare


Formarea PIB dupa metoda cheltuielilor (an/an, % dinamica reala)

Q1-08

Q2-08

Q3-08

Populatie

Administratia publica

Formarea bruta de capital fix

Exporturi

Importuri

Dinamica reala a PIB

Q4-08

Sursa: INS, VBR Cercetare

11


INFLATIA ANUALIZATA A COBORAT LA 6,3 % LA SFARSITUL ANULUI 2008,

PESTE TINTA DE INFLATIE A BNR

In primul semestru al anului 2008, excesul de cerere si cresterea preturilor administrate au exercitat presiuni puternice asupra

preturilor, impingand infl atia anualizata la 8,6 %. In a doua parte a anului, procesul dezinfl ationist a fost reluat datorita unei politici

monetare restrictive a bancii centrale, care a mentinut rata de politica monetara la 10,25 %, perceptia investitorilor straini asupra

pietelor emergente deteriorandu-se. Astfel, infl atia anuala a scazut de la 7,3 % la sfarsitul trimestrului III la 6,3 % la sfarsitul anului,

depasind sensibil tinta de infl atie anuntata de BNR de 3,8 % cu o marja de eroare de +/- 1 pp. Desi moneda nationala a suferit o

puternica depreciere, pierzand 7,1 % in comparatie cu nivelul din iunie 2008, presiunile infl ationiste au scazut datorita contractiei

puternice a consumului

12

%

3.3

3.0

2.7

2.4

2.1

1.8

1.5

1.2

0.9

0.6

0.3

0.0

-0.3

-0.6

-0.9

-1.2

7.3

Ian-08

Indicele preturilor de consum

8.0

Feb-08

8.6

Mar-08

8.6

Apr-08

8.5

Mai-08

8.6

Iun-08

Marfuri alimentare Marfuri nealimentare

Servicii IPC (luna/luna)

Inflatia anualizata (axa dr)

9.0

Iul-08

8.0

Aug-08

Sep-08

7.3 7.4

Oct-08

6.7 6.3

Nov-08

Dec-08

%

9.5

9.0

8.5

8.0

7.5

7.0

6.5

6.0

5.5

5.0

Sursa: INS, VBR Cercetare


IN 2008, DEFICITUL FISCAL A CRESCUT LA 4,9 %

FATA DE NIVELUL DE 2,3 % INREGISTRAT IN 2007

In 2008, defi citul bugetului general consolidat a urcat la 4,9 % din produsul intern brut (503,96 miliarde lei, aproximativ 136,85

miliarde euro), conform standardelor locale si 5,3 % din PIB conform standardelor ESA 95. In 2008, veniturile totale au reprezentat

RON 164,47 mld ( aproximativ RON 44,66 mld), reprezentand 32,6 % din PIB. Veniturile din taxe, au cea mai mare pondere in veniturile

totale au ajuns la 94,04 md RON, crescand cu 23,1 % an/an datorita cresterii economice pueternice pe fondul mentinerii nivelului

actual al impozitelor. Anul trecut, cheltuielile totale au reprezentat 37,5 % din PIB, avansand cu 38,5 % an/an, astfel ca au ajuns la

RON 189,1 mld RON (EUR 51,4 mld). Cheltuielile curente au avut cea mai mare pondere in cheltuielile totale, crescand cu 36,2 % in

comparatie cu 2007

DEFICITUL DE CONT CURRENT S-A REDUS LA 12,3 % DIN PIB IN 2008

FATA DE 13,7 % IN 2007

In 2008, defi citul de cont curent al Romaniei a ajuns la EUR 16.877 mio, avand o crestere de 1,2 % fata de nivelul din 2007. Defi citul de

cont curent s-a redus la 12,3 % din PIB in 2008 fata de 13,7 % in 2007. Defi citul de cont curent se datoreaza in mare parte dezechilibrului

balantei comerciale care reprezinta EUR 18.199 mio, mai mare cu 2,1 % fata de nivelul din 2007, desi dinamica exporturilor a devansat-o

pe cea a importurilor cu 4,4 pp. In 2008, balanta veniturilor a avut un defi cit de EUR 5.530 mio, mai mare cu 33 % an/an, datorita

repatrierii veniturilor companiilor straine. In aceeasi perioada, transferurile curente au ajuns la RON 6.016 mio, crescand cu 25 % in

comparatie cu 2007, ceea ce demonstreaza inca o data ca romanii nu s-au intors acasa in ciuda inrautatirii situatiei pe piata muncii in

toata lumea. Investitiile straine directe (ISD) ale nerezidentilor au acoperit doar 53,5 % din defi citul de cont curent, crescand cu 10 %

fata de 2007. In 2008, Romania a reusit sa atraga ISD in valoare de EUR 9.024 mio in comparatie cu EUR 7,251 mio in 2007. Investitiile

de portofoliu si profi turile reinvestite au reprezentat 50,1 % din totalul investitiilor straine, in timp ce diferenta a fost reprezentata de

imprumuturile intra-group.

La sfarsitul anului 2008, imprumuturile externe pe termen mediu si lung au totalizat EUR 51.221 mio, cu 33 % mai mult fata de sfarsitul

anului 2007. Pe 31 decembrie 2008, datoria externa public garantata era de EUR 10.733 mio, reprezentand 21 % din datoria externa

totala pe termen mediu si lung, in comparatie cu nivelul de 26,5 % la sfarsitul lunii decembrie 2007. In aceeasi perioada, datoria externa

privata a fost de EUR 35.021 mio, avand o crestere de 39,5 % fata de 31 decembrie 2007.

13


In 2008, rata serviciului datoriei externe pe termen mediu si lung a fost de 29,3 %, majorandu-se cu 6,1 % fata de nivelul din 2007.

La sfarsitul lunii decembrie 2008, gradul de acoperire a fost de 5,7 luni de importuri de bunuri si servicii fata de 6,1 luni la sfarsitul

anului 2007. In decembrie 2008, datoria pe termen scurt a ajuns la EUR 22.200.4 mio, avand o crestere de 12 % an/an. Datoria totala

a Romaniei a atins EUR 73.421 mio in 2008, mai mare cu 25,8 % fata de sfarsitul anului 2007, in timp ce ponderea datoriei pe termen

scurt in datoria totala s-a diminuat la 30,2% fata de 34 % in 2007.

14

9

7

5

3

1

-1

-3

-5

-7

-9

-11

-13

-15

-17

-19

-21

-23

-25

Balanta de cont curent (12 M basis)

mld. EUR

Ian-08

Feb-08

Mar-08

Apr-08

Mai-08

Iun-08

Iul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Bunuri

Venituri

Balanta de cont curent

Servicii

Transferuri curente

Sursa: BNR, VBR Cercetare


RATA SOMAJULUI A CRESCUT LA 4,4 % LA SFARSITUL LUNII DECEMBRIE 2008

In decembrie 2008, rata somajului a crescut la 4,4 %, majorandu-se cu 0,3 pp fata de luna precedenta, precum si fata de sfarsitul

anului 2007, datorita crizei economice globale care incepea sa afecteze piata muncii din Romania. In 2008, rata medie a somajului

s-a diminuat la 4.0 % in comparatie cu 4,3 % in 2007, deoarece in lunile de vara, rata somajului a scazut datorita cresterii economice,

ajungand la un nivel istoric de 3,7 % in perioada mai-iulie. La sfarsitul anului 2008, numarul de angajati din economie era de 4,74

milioane de persoane dintr-o populatie totala de 21,54 milioane. La sfarsitul lunii decembrie 2008, numarul somerilor a crescut la 403.4

mii persoane, cu 35,6 % mai mult in comparatie cu 2007.

In 2008, salariul mediu net din Romania a fost de RON 1.282 (aproximativ EUR 348), crescand cu 22,9 % fata de aceeasi perioada

din 2007.

4.85

4.80

4.75

4.70

4.65

4.60

4.55

4.50

Milioane

Ian-08

Evolutia ratei somajului pe baze lunare

Feb-08

Mar-08

Apr-08

Mai-08

Iun-08

Iul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

%

4.6

4.4

4.2

4.0

3.8

3.6

Numarul angajatilor

din economie (axa stg)

Rata somajului (axa dr)

Sursa: ANOFM, INS, VBR Cercetare

15


RETAIL

Incepand cu anul 2008, Volksbank Romania si-a imbunatatit si dezvoltat treptat strategia de vanzari, prin implementarea unei noi

viziuni si anume: trasformarea relatiei cu clientii, intr-un parteneriat pe termen lung, concretizat in derularea prin VBR a intregii activitati

bancare curente atat pe plan familial, cat si pe lan profesional, sau de afaceri, pe baza accesarii unui numar cat mai mare si mai variat

de produse si servicii oferite de banca.

Dispunand de un portofoliul de retail ce cuprindea, la nivelul anului 2008, un numar de aproximativ 150.000 clienti (persoane

fi zice si microcompanii), dintre care, peste 80.000 cu facilitati de credit in derulare, Volksbank Romania a extins paleta de produse si

servicii oferite clientilor sai, venind in intampinarea dorintelor si necesitatilor lor, prin aplicarea acestei noi abordari, ce a continuat si in

prima parte a anului 2009 si va continua si in urmatorii 2 ani.

Astfel, in vara anului 2008 au fost lansate pachetele de produse si servicii, ce contin, in functie de posibilitatile fi nanciare ale

fi ecarui client, o serie de facilitati si discounturi, aplicate produselor si serviciilor incluse (conturi curente, carduri de debit, produse de

credit, serviciul de internet banking gratuit), dar si operatiunilor bancare efectuate de clienti in cadrul acestor pachete (plati gratuite,

retrageri gratuite etc).

Tot in vara anului 2008 a fost lansat noul serviciu de internet banking – VB Direct, unul dintre cele mai competitive din

sistemul bancar romanesc, care ofera nu numai o utilizarea foarte usoara si efi cienta, fi ind un serviciu extrem de „prietenos” cu clientul,

ci ofera in acelasi timp si posibilitatea efectuarii oricaror tipuri de operatiuni bancare (deschidere de noi conturi, constituire depozite,

plati, transferuri, plata utilitati, efectuare schimburi valutare, verifi care solduri existente, verifi care extrase de cont, verifi care grafi ce de

rambursare aferente creditelor contractate etc).

Urmare a implementarii acestui serviciu performant de internet banking, Volksbank Romania a continuat sa se preopcupa

de cerintele si nevoile clientilor sai, venind in intampinarea acestora cu o noua paleta de produse, orientate de acesta data spre

economisire: conturile curente speciale: „Junior”, „Student”, „Bunici”, „Dinamic”.

Prin aceste produse noi banca s-a adresat atat segmentelor existente de clientela (prin contul Dinamic – oferit atat persoanelor

fi zice, cat si microcompaniilor), cat si unor segmente noi, cum sunt copiii, studentii, pensionarii, oferind pentru fi ecare categorie tinta,

conturi curente cu dobanzi atractive, ce au incluse produse, operatiuni si servicii gratuite sau cu discount-uri avantajoase.

Lansarea acestor produse de cont curent acopera in ansamblu toate ariile de interes ale persoanelor fi zice, de la conturile dedicate

incasarii/virarii salariilor si a altor tipuri de venituri, la conturile dedicate copiilor si parintilor pentru incasarea si gestionarea economica

si efi cienta a sumelor provenite din alocatiile de stat pentru copii si a alte drepturi de prestatii sociale, la conturile dedicate studentilor

pentru incasarea si economisirea burselor scolare si a altor drepturi banesti si pana la conturile dedicate pensionarilor pentru incasarea

pensiilor si altor drepturi banesti si chiar pentru economisirea resurselor disponibile.

Ca o continuare a acestui proces, la fi nele anului trecut a fost lansat un nou concept pe piata romaneasca: pachetul special de

produse si servicii – VB Direct Bank – produs ce se adreseaza clientilor persoane fi zice cu resurse de timp limitate si care urmaresc

derularea tuturor operatiunilor bancare intr-o maniera rapida, efi cienta si economica.

16


In plus, acest concept nou urmareste pe de-o parte revolutionarea si inovarea operatiunilor bancare clasice, derulate la ghiseele

bancii, iar pe de alta parte, indrumarea persoanelor fi zice catre o forma mult mai confortabila si mai efi cienta de utilizare si accesare

a produselor si serviciilor bancare - prin internet, in orice moment si in orice loc: acasa, la servici, in concediu etc.

Prin pachetul special VB Direct Bank, Volksbank le ofera clientilor sai, existenti si noi, posibilitatea:

• Economisirii si gestionarii efi ciente a timpului alocat tranzactiilor si operatiunilor bancare;

• Economisirii si gestionarii efi ciente a veniturilor si resurselor banesti – atat prin oferirea unor dobanzi extrem de atractive

la conturile curente incluse in acest produs, cat si prin aplicarea unor costuri extrem de reduse produselor, serviciilor incluse

si operatiunilor efectuate in cadrul acestui pachet (include servciul de internet banking gratuit, card debit gratuit si discount-uri

de pana la 75% la operatiuni pe cont sau card);

• Realizarii tuturor tranzactiilor bancare in timp extrem de scurt: prin accesarea servciului de internet banking inclus in pachet

din orice loc si in orice moment.

Totodata, in cursul anului 2008, Volksbank Romania si-a extins gama de produse si servicii destinate IMM-urilor fi ind lansate

pachete de produse si servicii dedicate acestora, cu costuri atractive si incluzand o serie de facilitati si discounturi, atat la produsele

si serviciile incluse, cat si la o serie de operatiuni uzuale.

In ceea ce priveste produsele de fi nantare oferite microcompaniilor, acestea au fost imbunatatite si diversifi cate, fi ind dezvoltate

produse speciale pentru microcompanii sau entitati ce activeaza in diferite profesii liberale: medici, notari, avocati, etc.

In consecinta, la fi nele anului 2008, strategia Volksbank Romania de a diversifi ca si extinde tipurile de produse oferite, precum

si de a atrage segmente noi de clientela a condus la ocuparea celei de-a treia pozitii in topul bancilor din sistemul bancar romanesc,

pozitie datorata in mare masura dinamicii si dezvoltarii activitatii de retail.

17


DIVIZIA CORPORATE

Este un fapt bine stiut ca afacerea de baza a segmentului corporat din cadrul VBR a fost reprezentata de fi nantarea SME si de

fi nantarea imobiliara. Finantarea SME ramane un segment tinta, pe tot parcursul anului 2008; fi nantarea imobiliara atingea nivelul Q3

in 2008, cand, datorita crizei internationale, strategia de grup a tarilor din cadrul Comunitatii Economice Europene a schimbat abordarea

pentru acest segment. In consecinta, conducerea VBR a decis sa opreasca fi nantarea imobiliara din Q4 2008 si a pornit o procedura

de restructurare si reprogramare pentru acest segment. Acestea fi ind spuse, activitatea din segmentul corporat pe parcursul anului

2008 a fost defi nita de dinamism, portofoliul de imprumut crescand cu cca. 36% fata de anul trecut.

In ceea ce priveste segmentul corporat si cel referitor la SME, evolutia anului 2008, transpusa in cifre, arata ca volumul de credit

corporat a crescut cu 85% din decembrie 2007, in acelasi timp mentinand un portofoliu de imprumut de inalta calitate – rata implicita

fi ind de 0,1%.

In zona tranzactiilor, trebuie mentionata lansarea VB Direct (Q2 2008) ca o platform integrata de e-banking, care a contribuit la

imbunatatirea tranzactiilor corporate, alaturi de implementarea solutiei de scanare la nivel de sucursala pentru ordine de plata pe

hartie. Aceste progrese au infl uentat in mod pozitiv calitatea si viteza procesarii platilor, determinand o migratie din sectorul platilor

pe hartie catre cel electronic.

Abordarea pentru anul 2009 va continua sa consolideze pozitia pe segmentul de afaceri referitor la SME (companii cu o cifra de

afaceri intre 1 milioane EUR si 50 milioane EUR) si se va adresa unei noi nise de piata reprezentata de fi nantarea proiectelor municipalitatii

si a acelora de infrastructura. Aceasta turnura in strategie, de inlocuire a fi nantarii imobiliare cu cea a proiectelor municipalitatii

(risc suveran) este determinata de schimbarile din climatul economic si de noua abordare a riscului din partea VBR/VBI.

In vederea obtinerii succesului in cadrul liniei de afaceri propuse de strategia corporata pentru 2009, accentul va cadea pe

urmatoarele directii majore:

Imbunatatirea continua a calitatii produselor si a serviciilor oferite clientilor-corporatii sau SME;

Lansarea unor produse corporate standard dedicate atat administrarii numerarului, cat si a cerintelor fi nanciare ale

clientilor;

Marirea profi tabilitatii in sectorul corporat si SME prin implementarea sistemului CRM, capabil sa masoare profi tabilitatea

per client si per manager de relatii;

Sporirea veniturilor provenite din activitati de cross selling, avand in vedere caracteristicile acestui segement de afaceri.

18


Biroul pentru Clienti Internationali va urmari strategia de piata a VBR de a se adresa clientilor pe baza specifi cului activitatii lor.

Astfel, Biroul pentru Clienti Internationali isi doreste sa ofere o consultanta completa si de specialitate investitorilor austrieci,

germani, italieni sau francezi, dar si investitorilor romani cu actiuni in strainatate.

Divizia este structurata pe 3 birouri internationale, in functie de originea clientului (Austria, Germania, Italia sau Franta etc.)

si aduna o serie de specialisti care sa poata aborda clientul in limba sa materna.

Mai mult, departamentele dedicate acestui tip de clienti-corporatii activeaza ca centre coordonatoare si se adreseaza principalelor

sucursale din Romania ale companiilor austriece, germane, italiene sau franceze.

Biroul pentru Clienti Internationali administreaza un portofoliu de cca. 1000 de clienti, din care 211 aveau facilitati de credit

active cu un volum total de creditare in jurul a 120 milioane EUR la sfarsitul anului 2008 - cu 30% mai mult decat la fi nele lunii

decembrie 2007.

Principalul scop pentru anul 2009 este mentinerea si cresterea bazei de date a clientilor prin crearea unei relatii de calitate si prin

croirea de solutii fi nanciare care sa se potriveasca cat mai bine mentalitatii bancare occidentale a acestei tipologii de clienti.

19


ACTIVITATEA DE TREZORERIE

Rezultatul obtinut in anul 2008 a constituit cea mai buna performanta in evolutia Diviziei Trezorerie din Volksbank Romania.

Acest rezultat este cu atat mai remarcabil cu cat s-a realizat intr-un an de maxima criza fi nanciara pe pietele valutare si monetare

internationale.

Volumul tranzactiilor realizate de Volksbank Romania pe piata valutara a fost semnifi cativ, ajungand la 6 093.7 milioane EUR.

Veniturile din tranzactiile realizate pe piata valutara au fost determinate in proportie de 60% de clientela nebancara si 40% in tranzactiile

interbancare.

In aceste conditii, veniturile din FX (exceptand profi tul din reevaluare) s-au situat la un nivel de 15.7 milioane EUR iar veniturile

rezultate din reevaluarea pozitiei valutare au fost de 2.5 milioane EUR.

Pe piata monetara, volumul tranzactiilor a crescut constant iar maturitatile au urmat tendinta pietei fi ind infl uentate de evolutia

crizei fi nanciare.

De asemenea, in anul 2008 au crescut semnifi cativ volumele tranzactiilor de tip swap pe cursul de schimb pe piata interbancara

in scopul unei mai bune gestionari a lichiditatii bancii.

Pe parcursul anului, banca a reusit sa isi pastreze in permanenta o rezerva de lichiditate ceea ce a ajutat la depasirea fara probleme

a crizei fi nanciare din a doua jumatate a anului 2008.

Veniturile din dobanzi rezultate din activitatea de trezorerie au fost determinate atat de plasamentele pe piata interbancara, cat

si de instrumentele fi nanciare cu venit fi x emise de Ministerul de Finante, atingand nivelul total de 10.1 milioane EUR.

20

Venituri realizate din activitati pe piata valutara (mii eur)

2.000

1.800

1.600

1.400

1.200

1.000

800

600

400

200

ian feb mar apr mai iun iul aug sep oct nov dec


Veniturile lunare rezultate

din plasamentele pe piata monetara (mii eur)

1.500

1.000

500

ian feb mar apr mai iun iul aug sep oct nov dec

Cererea clientilor pentru produse derivate a crescut semnifi cativ pe parcusul anului 2008 pe fondul situatiei economice

internationale. Tranzactiile de tip forward pe cursul de schimb au fost des solicitate de catre clienti in scopul protejarii la riscul valutar.

Anul 2008 a fost caracterizat si printr-o imbunatatire calitativa a activitatii de trezorerie prin demararea unui proces de

implementare a celor mai bune solutii informatice existente pe piata in acest moment.

Scopul acestui proces a fost acela de a ne permite dezvoltarea de produse noi si totodata un management mai bun al riscului.

Astfel, pe parcursul anului 2008, am implementat cu succes solutia de front- offi ce, respectiv sistemul Kondor+, si am demarat

implementarea aplicatiei de back offi ce precum si a aplicatiei de custodie pe titluri de stat care vor fi livrate in cursul anului 2009.

Volksbank Romania a continuat sa ofere o gama larga de produse de trezorerie care pot fi adaptate conform cerintelor si nevoilor

fi ecarui client prin negociere directa pe telefon sau on-line. Clientii sunt informati zilnic asupra evolutiei pietelor fi naciare cu scopul de

a-i ajuta pe acestia sa identifi ce oportunitatile existente.

21


REZULTATELE DIRECTIEI OPERATIUNI

Activitatea Directiei Operatiuni acopera o mare parte a activitatii de Back offi ce. Alaturi de departamentele: Plati, Afaceri

documentare si Corespondenti bancari, Back offi ce Carduri, Trezorerie - Back offi ce, in cursul anului 2008 au inceput sa functioneze si

departamentele Cash Management, Custodie si Suport sucursale, acoperind segmente noi, in conformitate cu nevoile clientilor si ale

organizarii interne.

In cursul anului 2008, principala realizare a Departamentului Plati a constat in implementarea unui soft de scanare, care a permis

centralizarea procesarii platilor si a schimburilor valutare, ceea ce a permis efi cientizarea activitatii de Back offi ce, in sensul realizarii

unei economii de personal de 36 FTE, aceste resurse fi ind realocate activitatii de business.

22

Urmare unor volume sporite de tranzactii, comisioanele realizate din procesarea platilor au fost de 3.5 milioane Eur.

Departamentul afaceri documentare a inregistrat si in anul 2008 o crestere a volumului de activitate, oferindu-le clientilor

corporativi si de retail suportul necesar pentru derularea de acreditive, incasso si emitere de scrisori de garantie. Profesionalismul si

asistenta de specialitate oferita clientilor a contribuit la realizarea unui volum de venituri de 0,6 milioane Eur.

Departamentul Trezorerie - Back offi ce a demarat in cursul anului 2008 implementarea unui soft dedicat, prima faza fi ind incheiata

cu succes, urmand ca in anul 2009 aceasta implementare sa continue pentru produsele complexe pe care banca doreste sa le ofere

clientilor sai, contribuind major la obtinerea unor venituri sporite.

Departamentul Custodie a fost creat cu scopul de a furniza servicii de custodie pentru pastrarea in siguranta atat a valorilor

mobiliare, cat si a titlurilor de stat, decontarea si inregistrarea acestora, colectarea veniturilor, evaluarea portofoliilor, contribuind la

diversifi carea produselor oferite clientilor si a veniturilor aferente.

Departamentul Cash Management, creat cu scopul de a efi cientiza activitatea de gestionare a numerarului, a urmarit si a realizat

in primul rand reducerea costurilor de transport si de alimentare printr-o mai buna redistribuire intre unitati si in al doilea rand cresterea

veniturilor ca urmare a plasarii optime a excedentului.


DIVIZIA CONTROL RISC

In anul 2008 activitatea Diviziei Control Risc s-a concentrat in principal pe implementarea cerintelor Basel II. Volksbank Romania

a indeplinit cu succes cerintele de raportare corespunzatoare abordarilor standard Basel II incepand cu martie 2008. In acelasi timp

s-au facut demersuri pentru pregatirea trecerii la abordarea bazata pe ratinguri interne pe riscul de credit. In acest sens au fost luate

masuri pentru: monitorizarea calitatii datelor, testarea si imbunatatirea sistemelor de rating, revizuirea procedurilor si proceselor legate

de riscul de piata, riscul de credit si riscul de lichiditate.

Divizia a contribuit la continuarea integrarii in activitatea zilnica a bancii a masurilor de risc precum RAROC, pierderi asteptate,

PD si LGD.

In zona riscului de piata s-a inceput folosirea softului Kondor+ atat pentru monitorizarea zilnica a riscurilor cat si pentru

raportari.

Avand in vedere situatia actuala, o atentie deosebita a fost acordata testelor de stress privind riscurile de rata de schimb, riscul

de rata a dobanzii, lichiditate si pretul activelor imobiliare.

De asemenea, in a doua parte a anului cadrul de monitorizare si gestionare a lichiditatii a fost intarit considerabil atat prin

cresterea frecventei de monitorizare cat si prin cooperarea mai stransa cu Diviziile Trezorerie si Financiar-Contabilitate.

23


RAPORTUL CONSILIULUI DE ADMINISTRATIE

Anul 2008 a fost pentru Volksbank anul in care banca si-a consolidat pozitia pe piata de retail banking ajungand pe locul trei in

topul bancilor din Romania.

Astfel, in numai un an, valoarea totala a activelor bilantiere ale bancii a crescut comparativ cu sfarsitul anului 2007 cu cca 68%

pana la nivelul 21,34 miliarde ron banca reusind astfel sa ajunga la o cota de piata de 6,79% si sa obtina un profi t inainte de impozitare

de 144,44 milioane ron.

Rezultatele din acest an ale Volksbank Romania au confi rmat toate asteptarile legate de potentialul pietei si au intarit increderea

Consiliului de Administratie in strategia aplicata de managementul local:concentrarea atentiei catre segmentul reprezentat de

persoanele fi zice pe de o parte si de cel reprezentat microintreprinderi sio societati mici si mijlocii pe de alta parte.

In ceea ce priveste indicatorii fi nanciari, registrele si situatiile contabile precum si celelalte rapoarte referitoare la activitatea

bancii din 2007, au fost auditate de catre fi rma de audit KPMG Audit SRL nefi nd gasite motive de obiectie, conturile fi ind aprobate fara

rezerve.

In fi nal, Consiliul de Administratie doreste sa multumeasca tuturor clientilor si colaboratorilor sai, Comitetului de Directie si

intregului personal al bancii care s-au implicat activ in obtinerea rezultatelor pozitive inregistrate de Volksbank Romania in cei 8 ani de

activitate.

Bucuresti, Apr. 2009

24


Situaţii

Financiare

Consolidate

Volksbank

România S.A.

25


RAPORTUL AUDITORILOR INDEPENDENTI

RAPORT ASUPRA SITUATIILOR FINANCIARE CONSOLIDATE

Am auditat situatiile fi nanciare consolidate anexate ale societatii Volksbank Romania S.A. („Banca“) si fi lialei sale („Grupul“),

care cuprind bilantul contabil consolidat la data de 31decembrie 2008, contul de profi t si pierdere consolidat, situatia consolidata a

modifi carilor capitalului propriu si situatia consolidata a fl uxurilor de trezorerie pentru exercitiul incheiat la aceasta data si un sumar al

politicilor contabile semnifi cative si alte note explicative.

RESPONSABILITATEA CONDUCERII PENTRU SITUATIILE FINANCIARE CONSOLIDATE

Conducerea Bancii este responsabila pentru intocmirea si prezentarea fi dela a acestor situatii fi nanciare consolidate in

conformitate cu Standardele Internationale de Raportare Financiara adoptate de Uniunea Europeana. Aceasta responsabilitate include:

proiectarea, implementarea si mentinerea sistemului de control intern asupra intocmirii si prezentarii fi dele a unor situatii fi nanciare

consolidate care sa nu prezinte denaturari semnifi cative, datorate fi e fraudei, fi e erorii; selectarea si aplicarea politicilor contabile

adecvate; elaborarea unor estimari contabile rezonabile in circumstantele date.

RESPONSABILITATEA AUDITORULUI

Responsabilitatea noastra este ca, pe baza auditului efectuat, sa exprimam o opinie asupra situatiilor fi nanciare consolidate

ale Grupului. Noi am efectuat auditul conform standardelor de audit adoptate de Camera Auditorilor Financiari din Romania. Aceste

standarde cer ca noi sa respectam cerintele etice, sa planifi cam si sa efectuam auditul in vederea obtinerii unei asigurari rezonabile ca

situatiile fi nanciare consolidate nu cuprind denaturari semnifi cative.

Un audit consta in efectuarea de proceduri pentru obtinerea probelor de audit cu privire la sumele si informatiile prezentate in

situatiile fi nanciare consolidate. Procedurile selectate depind de rationamentul profesional al auditorului, incluzand evaluarea riscurilor

de denaturare semnifi cativa a situatiilor fi nanciare consolidate, datorate fraudei sau erorii. In evaluarea acestor riscuri, auditorul ia in

considerare controlul intern relevant pentru intocmirea si prezentarea fi dela a situatiilor fi nanciare consolidate pentru a stabili procedurile

de audit relevante in circumstantele date, dar nu si in scopul exprimarii unei opinii asupra efi cientei controlului intern al entitatilor din

Grup. Un audit include, de asemenea, evaluarea gradului de adecvare a politicilor contabile folosite si rezonabilitatea estimarilor contabile

elaborate de catre conducere, precum si evaluarea prezentarii situatiilor fi nanciare consolidate luate in ansamblul lor.

Consideram ca evidentele de audit pe care le-am obtinut sunt sufi ciente si adecvate pentru a constitui baza opiniilor noastre

de audit.

27


OPINIA

In opinia noastra, situatiile fi nanciare consolidate anexate ale Grupului redau o imagine fi dela, in toate aspcetele semnifi cative,

a pozitiei fi nanciare a Grupului la data de 31 decembrie 2008, precum si a rezultatului operatiunilor sale si a fl uxurilor de numerar

pentru exercitiul incheiat la aceasta data in conformitate cu Standardele Internationale de Raportare Financiara adoptate de Uniunea

Europeana.

EVIDENTIEREA UNOR ASPECTE

Fara a ne exprima opinia cu rezerve, atragem atentia asupra faptului ca Grupul a estimat provizionul pentru deprecierea valorii

creditelor si avansurilor acordate clientilor in baza metodologiei dezvoltata intern si aplicata la 31 decembrie 2008, conform celor

prezentate in Nota 3.9.1. - 7.). Datorita limitarilor prezentate in aeeasta nota cu privire la gestiunea informatica a unor aspecte importante

ale metodologiei de estimare a fl uxurilor viitoare de numerar din credite si avansuri acordate clientilor, precum si a incertitudinii de

pe pietele fi nanciare internationale si locale referitoare la evaluarea activelor mentionate in Nota 4h la situatiile fi nanciare consolidate,

aceasta estimare ar putea fi revizuita in mod semnifi cativ ulterior datei la care au fost aprobate situatiile fi nanciare consolidate.

ALTE ASPECTE

Acest raport este adresat exclusiv actionarilor Bancii in ansamblu. Auditul nostru a fost efectuat pentru a putea raporta actionarilor

Bancii acele aspecte pe care trebuie sa le raportam intr-un raport de audit fi nanciar, si nu in alte scopuri. In masura permisa de lege, nu

acceptam si nu ne asumam responsabilitatea decat fata de Banca si de actionarii acesteia, in ansamblu, pentru auditul nostru, pentru

acest raport sau pentru opinia formata.

RAPORT DE CONFORMITATE AL RAPORTULUI DIRECTORATULUI

CU SITUATIILE FINANCIARE CONSOLIDATE

In concordanta cu Ordinul Guvernatorului Bancii Nationale a Romaniei nr. 5/2005, articolul 175, punctul 2, cu modifi carile si

completarile ulterioare, noi am citit Raportul Directoratului atasat situatiilor fi nanciare consolidate ale Volksbank Romania S.A. si fi lialei

sale („Grupul“) intocmite in conformitate cu Standardele Internationale de Raportare Financiara adoptate de Uniunea Europeana la

si pentru exercitiul incheiat la 31 decembrie 2008. Raportul Directoratului prezentat si numerotat de la pagina 1 la pagina 18 nu face

parte din situatiile fi nanciare consolidate ale Grupului. In Raportul Directoratului, noi nu am identifi cat informatii fi nanciare care sa fi e

in mod semnifi cativ neconcordante cu informatiile prezentate in situatiile fi nanciare consolidate ale Grupului la 31 decembrie 2008.

Conform cu versiunea originala

semnata in limba romana

28


Pentru si in numele KPMG Audit SRL:

Toader Serban-Cristian KPMG Audit SRL

Inregistrat la Camera Auditorilor Financiari Inregistrat la Camera Auditorilor Financiari

din Romania cu numarul 1502/2003 din Romania cu numarul 9/2001

Bucuresti, 24 Martie 2009

29


CONTUL DE PROFIT SI PIERDERE CONSOLIDAT PENTRU

EXERCITIUL FINANCIAR INCHEIAT LA 31 DECEMBRIE 2008

30

In RON Nota 2008 2007*

Venituri din dobanzi 7 961.904.194 399.815.759

Cheltuieli cu dobanzile 7 (775.142.089) (277.553.153)

__________ __________

VENITURI NETE DIN DOBANZI 186.762.105 122.262.606

Venituri din speze si comisioane 8 74.489.751 76.717.397

Cheltuieli cu speze si comisioane 8 (15.865.895) (8.822.754)

_________ _________

VENITURI NETE DIN SPEZE SI COMISIOANE 58.623.856 67.894.643

Venituri nete din conversie valutara si din derivative detinute pentru managementul riscului 9 128.161.233 54.355.199

Alte venituri operationale 10 1.997.668 985.387

__________ __________

VENITURI OPERATIONALE 375.544.862 245.497.835

Cheltuieli cu provizioanele pentru active fi nanciare 12 (58.485.288) (51.892.518)

Cheltuieli cu personalul 11 (87.131.985) (54.644.956)

Cheltuieli cu amortizarea 19,20 (11.892.191) (8.919.122)

Alte cheltuieli operationale 11 (73.554.653) (47.740.277)

___________ ___________

CHELTUIELI OPERATIONALE (231.064.117) (163.196.873)

PROFIT OPERATIONAL 144.480.745 82.300.962

(Cheltuieli)/ Venituri nete din conversia valutara 9 - (62.402.258)

__________ _________


In RON Nota 2008 2007*

PROFIT INAINTE DE IMPOZITARE 144.480.745 19.898.704

_________ _________

(Cheltuiala) cu impozitul pe profi t 13 (21.494.682) (12.991.459)

_________ _________

PROFITUL EXERCITIULUI FINANCIAR 122.986.063 6.907.245

*vezi Nota 2c

Contul de profi t si pierdere consolidat trebuie citit impreuna cu notele la situatiile fi nanciare consolidate, parte integranta a acestora,

prezentate in paginile 40 - 114.

Situatiile fi nanciare consolidate au fost aprobate de Directorat in data de 24 martie 2009 si au fost semnate in numele acestuia

de catre:

Gerald Schreiner Mara Cristea

Presedinte Director Directia Financiar-Contabilitate

31


BILANTUL CONTABIL CONSOLIDAT

LA 31 DECEMBRIE 2008

32

In RON Nota 31 Decembrie, 2008 31 Decembrie, 2007

ACTIVE

Numerar si echivalente de numerar 14 7.338.129.891 3.627.891.567

Derivative detinute pentru managementul riscului 15 4.802.356 92.979

Plasamente la banci 16 592.712.532 962.712.657

Credite si avansuri acordate bancilor 16 26.188.976 20.350.200

Credite si avansuri acordate clientilor 17 13.184.065.378 7.919.882.769

Titluri de valoare disponibile la vanzare 18 56.845.378 30.379.657

Tiluri de valoare detinute pana la scadenta 18 10.516.348 -

Participatii disponibile pentru vanzare 18 1.522.478 732.495

Imobilizari corporale 19 94.558.599 64.124.373

Imobilizari necorporale 20 9.731.475 5.580.262

Creanta privind impozitul pe profi t amanat 21 1.460.592 4.531.174

Alte active 22 21.645.382 9.315.813

___________ ___________

TOTAL ACTIVE 21.342.179.385 12.645.593.946

DATORII

Derivative detinute pentru managementul riscului 15 832.579 25.315

Depozite de la banci 23 126.314.206 285.442.076

Imprumuturi de la banci si alte institutii fi nanciare 25 17.151.101.214 8.938.510.670

Depozite de la clienti 24 2.279.996.743 1.930.292.371

Datorii subordinate 27 522.115.190 473.008.651

Datorii privind impozitul pe profi t current 6.400.479 15.925.711

Alte datorii si provizioane 26 31.723.636 14.889.627

___________ ___________

DATORII TOTALE 20.118.484.047 11.658.094.421

CAPITALURI PROPRII

Capital social 28 406.648.673 370.648.673

Rezultatul reportat 72.527.708 16.834.924

Rezerve 29 57.370.570 56.302.714

Prime de emisiune 29 687.148.387 543.148.387

Diferente de conversie valutara 29 - 564.827


In RON Nota 31 Decembrie, 2008 31 Decembrie, 2007

TOTAL CAPITALURI PROPRII 1.223.695.338 987.499.525

_____________ _____________

TOTAL DATORII SI CAPITALURI PROPRII 21.342.179.385 12.645.593.946

*vezi Nota 2c

Bilantul contabil consolidat trebuie citit impreuna cu notele la situatiile fi nanciare consolidate, parte integranta a acestora, prezentate

in paginile 40 - 114.

Situatiile fi nanciare consolidate au fost aprobate de Directorat in data de 24 martie 2009 si au fost semnate in numele acestuia

de catre:

Gerald Schreiner Mara Cristea

Presedinte Director Directia Financiar-Contabilitate

33


SITUATIA MODIFICARILOR CAPITALURILOR PROPRII

CONSOLIDATE PENTRU EXERCITIUL FINANCIAR

INCHEIAT LA 31 DECEMBRIE 2008

34

In RON Capital social

Prima de

emisiune

Diferente de

conversie

valutara

Rezultatul

reportat Alte rezerve Total

SOLD LA 1 IANUARIE 2007 234.465.915 283.324.288 (3.517.802) 31.775.658 47.434.485 593.482.544

Majorare de capital social

prin subscriere de numerar 112.000.000 224.000.000 - - - 336.000.000

Dividende platite - - - (12.027.750) - (12.027.750)

Profi tul exercitiului fi nanciar

Distributia profi tului statutar

- - - 6.907.245 - 6.907.245

la rezervele statutare - - - (5.663.102) 5.663.102 -

Diferente de conversie (vezi Nota 2c) 24.182.758 35.824.099 4.082.629 (4.157.127) 3.205.127 63.137.486

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

SOLD LA 31 DECEMBRIE 2007 370.648.673 543.148.387 564.827 16.834.924 56.302.714 987.499.525

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

SOLD LA 1 IANUARIE 2008 370.648.673 543.148.387 564.827 16.834.924 56.302.714 987.499.525

Majorare de capital social

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

prin subscriere de numerar 36.000.000 144.000.000 - - - 180.000.000

Dividende platite - - - (62.250.750) - (62.250.750)

Profi tul exercitiului fi nanciar

Distributia profi tului statutar

- - - 122.986.063 - 122.986.063

la rezervele statutare

Pierdere din modifi carea v

- - - (5.042.527) 5.042.527 -

alorii juste a titlurilor de valoare (4.539.500) (4.539.500)

Alte ajustari - - (564.827) - 564.827 -

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

SOLD LA 31 DECEMBRIE 2008 406.648.673 687.148.387 - 72.527.710 57.370.568 1.223.695.338

Situatia modifi carilor capitalurilor proprii consolidata trebuie citita impreuna cu notele la situatiile fi nanciare consolidate prezentate in

paginile 40 - 114 si care fac parte integranta din situatiile fi nanciare consolidate.

Gerald Schreiner Mara Cristea

Presedinte Director Directia Financiar-Contabilitate


SITUATIA CONSOLIDATA A FLUXURILOR DE NUMERAR

PENTRU EXERCITIUL FINANCIAR

INCHEIAT LA 31 DECEMBRIE 2008

In RON Nota 31 decembrie 2008 31 decembrie 2007

FLUX DE NUMERAR DIN ACTIVITATEA DE EXPLOATARE

Profi tul exercitiului fi nanciar 122.986.063 6.907.246

AJUSTARI PENTRU:

Cheltuieli cu amortizarea 19, 20 11.892.191 8.919.122

Provizioane si scoateri in afara bilantului ale activelor fi nanciare 59.027.107 52.560.810

Elemente aferente ale activitatilor de investitii si fi nantare - -

Alte ajustari 49.647.215 (14.935.834)

Cheltuieli cu impozit pe profi t 13 21.494.682 12.991.459

___________ ___________

PROFIT NET AJUSTAT CU ELEMENTE NEMONETARE 265.047.258 66.442.803

MODIFICARI ALE ACTIVELOR DIN EXPLOATARE:

___________ ___________

Modifi carea titlurilor de valoare (42.838.434) (9.738.143)

Modifi carea creditelor si avansurilor acordate bancilor (5.450.000) (3.509.543)

Modifi carea creditelor si avansurilor acordate clientilor (5.317.387.747) (5.375.086.416)

Modifi carea altor active (25.189.870) (2.530.594)

MODIFICARI ALE PASIVELOR DIN EXPLOATARE:

Modifi carea depozitelor la banci (158.181.982) 272.674.038

Modifi carea depozitelor de la clienti 344.708.377 878.214.718

Modifi carea altor pasive 15.525.234 3.842.113

Impozit pe profi t platit (15.087.600) (794.547)

___________ ___________

NUMERAR NET UTILIZAT IN ACTIVITATI DE EXPLOATARE (4.938.854.764) (4.170.485.571)

FLUX DE NUMERAR FOLOSIT IN ACTIVITATEA DE INVESTITII

Incasari din vanzari de imobilizari corporale 49.226 52.590

Achizitii de imobilizari corporale si necorporale (46.602.355) (37.064.132)

Modifi carea titlurilor de valoare detinute pana la scadenta (10.192.701) -

Modifi cari ale investitiilor de capital (685.376) -

35


36

In RON Nota 31 Decembrie, 2008 31 Decembrie, 2007

Dividende incasate 1.888.793 585.564

___________ ___________

NUMERAR NET UTILIZAT IN ACTIVITATEA DE INVESTITII (55.542.413) (36.425.978)

FLUX DE NUMERAR DIN ACTIVITATEA DE FINANTARE

Incasari din cresteri de capital social 180.000.000 336.000.000

Plati in cadrul contractelor de leasing (823.940) (544.837)

Dividende platite (62.250.750) (12.027.751)

Incasari din imprumuturi de la banci

si alte institutii fi nanciare, datorii subordonate, nete de plati

8.206.156.650 6.505.316.112

___________ ___________

NUMERAR NET DIN ACTIVITATEA DE FINANTARE 8.323.081.960 6.828.743.524

___________ ___________

Modifi cari privind diferentele de curs valutar - 87.562.555

___________ ___________

MAJORAREA NETA A NUMERARULUI

SI A ECHIVALENTELOR DE NUMERAR

3.328.684.783 2.709.394.530

___________ ___________

NUMERAR SI ECHIVALENTE DE NUMERAR

LA INCEPUTUL PERIOADEI

4.611.245.738 1.901.851.208

___________ ___________

NUMERAR SI ECHIVALENTE DE NUMERAR

LA SFARSITUL PERIOADEI

7.939.930.521 4.611.245.738

ANALIZA NUMERARULUI SI ECHIVALENTELOR DE NUMERAR

NUMERAR SI ECHIVALENT DE NUMERAR:

Numerar in casierie si ATM 14 114.904.812 86.183.444

Conturi curente la banci 14 15.014.500 11.467.035

Conturi curente la Banca Nationala a Romaniei 14 7.208.210.579 3.530.241.088

___________ ___________

TOTAL NUMERAR SI ECHIVALENT DE NUMERAR 7.338.129.891 3.627.891.567


In RON Nota 31 Decembrie, 2008 31 Decembrie, 2007

Active fi nanciare disponibile pentru vanzare - mai putin de 3 luni 4e 9.088.099 20.641.514

Plasamente la alte banci - mai putin de 3 luni 4e 592.712.532 962.712.657

___________ ___________

NUMERAR SI ECHIVALENT DE NUMERAR

DIN FLUXUL DE NUMERAR

FLUXUL DE NUMERAR DIN ACTIVITATILE

DE EXPLOATARE CUPRINDE:

7.939.930.521 4.611.245.738

Dobanda incasata 960.235.099 391.694.654

Dobanda platita 812.519.728 277.894.475

Situatia fl uxurilor de trezorerie consolidata trebuie citita impreuna cu notele la situatiile fi nanciare consolidate prezentate in paginile

40 - 114 si care fac parte integranta din situatiile fi nanciare consolidate.

Gerald Schreiner Mara Cristea

Presedinte Director Directia Financiar-Contabilitate

37


Note la

situatiile

financiare

consolidate

Volksbank

Romania S.A.

39


1. ENTITATEA RAPORTOARE

Grupul Volksbank Romania („Grupul”) cuprinde banca-mama, Volksbank Romania S.A. („Banca”) si fi liala acesteia cu sediul in

Romania. Situatiile fi nanciare consolidate ale Grupului pentru exercitiul fi nanciar incheiat la 31 decembrie 2008 sunt formate din

situatiile fi nanciare ale Volksbank Romania S.A. si ale fi lialei sale VBRO Services S.R.L., care impreuna formeaza Grupul. Banca detine o

participatie de 100% din capitalul social al VBRO Services S.R.L., care a fost dobandita in 2007 la infi intarea fi lialei. Grupul are urmatoarele

domenii de activitate: bancar, care este desfasurat de catre Volksbank Romania S.A. si servicii auxiliare si procesare de date desfasurate

de catre VBRO Services S.R.L.

1.1 VOLKSBANK ROMANIA S.A.

Volksbank Romania S.A. a fost infi intata in ianuarie 2000 ca persoana juridica romana si a fost autorizata de Banca Nationala a

Romaniei sa desfasoare activitati in domeniul bancar. Banca si-a demarat activitatea in mai 2000 si activitatea desfasurata de aceasta

de refera la operatiuni bancare cu persoane fi zice si juridice din Romania.

Activitatea principala a Bancii consta in furnizarea de servicii bancare destinate sectorului retail, intreprinderilor mici si mijlocii si

marilor companii. Acestea includ: deschideri de conturi, atragere de depozite, fi nantari pentru activitatea curenta si pentru investitii,

transferuri bancare interne si externe, operatiuni de schimb valutar, garantii bancare, credite documentare etc.

Banca este detinuta in proportie de 99,0522% de Volksbank International AG (Austria), cu sediul social in 10 Leonard – Bernstein -

Strabe 1220 Viena, Austria.

Sediul social al Bancii este: Soseaua Mihai Bravu nr. 171, Bucuresti, sector 2, Romania. Banca isi desfasoara activitatea prin

intermediul sediului sau social localizat in Bucuresti si prin cele 173 de sucursale si agentii in toate judetele tarii (135 la data de

31 decembrie 2007), inclusiv 32 in Bucuresti (26 la data de 31 decembrie 2007) si printr-un numar de 73 de francize.

Numarul angajatilor Bancii la 31 decembrie 2008 era de 1.477 angajati (fata de 1.170 la data de 31 decembrie 2007).

Banca este administrata in sistemul dualist de un Consiliu de Supraveghere format din 4 membri si un Directorat format din 4 membri.

Membrii Consiliului de Supraveghere sunt:

Ralf Weingartner – Presedinte

Gerhard Wöber – Vicepresedinte

Thomas Capka – Membru

Jorg Poglits – Membru

Componenta Directoratului este urmatoarea:

Gerald Schreiner – Presedinte

Herwig Burgstaller – Vicepresedinte

Simona Fatu – Vicepresedinte

Valentin Vancea – Vicepresedinte

1.2 VBRO Services S.R.L.

VBRO Services S.R.L. a fost infi intata in anul 2007, ca o societate cu raspundere limitata, conform legislatiei din Romania. Societatea isi

desfasoara activitatea prin intermediul sediului sau social localizat in Bucuresti. Societatea ofera servicii auxiliare serviciilor bancare,

precum si servicii de brokeraj imobiliar. Societatea a inceput activitatea operationala din ianuarie 2008.

40


2. BAZELE INTOCMIRII

2.1 DECLARATIE DE CONFORMITATE

Situatiile fi nanciare consolidate ale Grupului au fost intocmite in conformitate cu Standardele Internationale de Raportare Financiara

(„IFRS”) adoptate de Uniunea Europeana in vigoare la data de raportare anuala a Grupului, 31 decembrie 2008.

Pentru estimarea pierderilor din deprecierea valorii creditelor si avansurilor acordate si a investitiei nete de leasing, Grupul a aplicat

metodologia interna prezentata in Nota 3.9.1. - 7.).

Diferente intre situatiile fi nanciare IFRS si situatiile fi nanciare statutare

Evidentele contabile ale Bancii sunt mentinute in lei, in conformitate cu legislatia contabila din Romania precum si cu reglementarile

bancare in vigoare emise de Banca Nationala a Romaniei.

Filiala isi mentine evidentele contabile in conformitate cu legislatia contabila din Romania.

Toate aceste evidente contabile ale Bancii si fi lialelor sale sunt denumite in continuare conturi statutare.

Aceste conturi au fost retratate pentru a refl ecta diferentele existente intre conturile statutare si IFRS. In mod corespunzator,

conturile statutare au fost ajustate, in cazul in care a fost necesar, pentru a armoniza aceste situatii fi nanciare, in toate aspectele

semnifi cative, cu IFRS.

Modifi carile cele mai importante aduse situatiilor fi nanciare statutare pentru a le alinia Standardelor Internationale de Raportare

Financiara adoptate de Uniunea Europeana sunt:

• gruparea mai multor elemente detaliate in categorii mai cuprinzatoare;

• ajustari ale elementelor de activ si pasiv, in conformitate cu IAS 29 („Raportarea financiara in economii hiperinflationiste”)

datorita faptului ca economia romaneasca a fost o economie hiperinflationista pana la 31 decembrie 2003;

• alegerea monedei RON ca moneda functionala incepand cu 1 ianuarie 2008;

• ajustari la valoare justa si deprecierea valorii instrumentelor fi nanciare, in conformitate cu IAS 39

(„Instrumente fi nanciare – recunoastere si evaluare”);

• constituirea de provizioane pentru impozitul pe profi tul amanat;

• prezentarea informatiilor necesare in conformitate cu IFRS.

2.2 BAZELE EVALUARII

Situatiile fi nanciare consolidate au fost intocmite luand in considerare valoarea justa a instrumentelor fi nanciare derivate, creantelor

si datoriilor fi nanciare precum si a instrumentelor fi nanciare disponibile pentru vanzare prin contul de profi t si pierdere, cu exceptia

acelora pentru care valoarea justa nu a putut fi stabilita in mod credibil. Alte creante si datorii fi nanciare precum si creantele si datoriile

nefi nanciare sunt prezentate la cost amortizat, valoare reevaluata sau cost istoric.

Activele non-curente disponibile pentru vanzare sunt prezentate la valoarea cea mai mica dintre valoarea neta contabila si

valoarea justa, mai putin costurile legate de vanzare.

41


2.3 MONEDA FUNCTIONALA SI DE PREZENTARE

Conducerea Bancii a considerat ca moneda RON reprezinta moneda functionala incepand cu 01 ianuarie 2008. Schimbarea

monedei functionale a fost aplicata prospectiv de catre Grup.

Elementele incluse in situatiile fi nanciare ale fi ecarei entitati din Grup sunt evaluate folosind moneda mediului economic

principal in care entitatea opereaza („moneda functionala”). Situatiile fi nanciare consolidate ale Grupului sunt prezentate in RON,

moneda pe care conducerea Bancii a ales-o ca moneda de prezentare.

Potrivit IAS 21, intrucat moneda functionala inainte de 1 ianuarie 2008 a fost EUR, pentru conversia sumelor din EUR in RON au

fost respectate urmatoarele proceduri la data de 31 decembrie 2007:

• activele, pasivele si capitalurile proprii pentru toate elementele prezentate in bilant (inclusiv comparativele), au fost transformate

la cursul de schimb valabil pentru data bilantului (31 decembrie 2007: 3,6102 RON/EUR);

• elementele de natura veniturilor si cheltuielilor au fost convertite in cursul perioadei la cursul de schimb valabil la data efectuarii

tranzactiilor la un curs de schimb care aproximeaza cursul de schimb actual (curs mediu in 2007: 3,3373 RON/EUR);

• elementele de capitaluri proprii, altele decat rezultatul perioadei care este inclus in rezultatul reportat, au fost convertite la

cursul de schimb valabil la data bilantului prezentat (31 decembrie 2007: 3,6102 RON/EUR).

2.4 UTILIZAREA ESTIMARILOR SI JUDECATILOR SEMNIFICATIVE

Pregatirea situatiilor fi nanciare in conformitate cu IFRS adoptate de Uniunea Europeana presupune din partea conducerii

utilizarea unor estimari, judecati si presupuneri ce afecteaza aplicarea politicilor contabile, precum si valoarea raportata a activelor,

datoriilor, veniturilor si cheltuielilor. Estimarile si judecatile aferente se bazeaza pe experienta si pe numerosi factori presupusi rezonabili

in conditiile date, rezultatele acestora formand baza emiterii de judecati cu privire la valoarea contabila a activelor si datoriilor, valoare

care nu poate fi dedusa din alte surse. Rezultatele actuale pot fi diferite de valorile estimate.

Estimarile si presupunerile sunt revizuite periodic. Revizuirile estimarilor contabile sunt recunoscute in perioada in care estimarea

este revizuita, daca revizuirea afecteaza doar acea perioada, sau in perioada in care estimarea este revizuita si perioadele viitoare daca

revizuirea afecteaza atat perioada curenta, cat si perioadele viitoare.

Informatiile legate de acele estimari folosite in aplicarea politicilor contabile care au un efect semnifi cativ asupra situatiilor

fi nanciare, precum si estimarile ce implica un grad semnifi cativ de incertitudine, sunt prezentate in Notele 5 si 6.

42


3. METODE SI POLITICI CONTABILE SEMNIFICATIVE

Metodele si politicile contabile semnifi cative prezentate mai jos au fost aplicate in mod consecvent de catre entitatile din Grup

de-a lungul exercitiilor fi nanciare prezentate in situatiile fi nanciare consolidate.

Pentru ca informatiile sa fi e comparabile, anumite elemente din situatiile fi nanciare la 31 decembrie 2007 au fost reclasifi cate

pentru a fi in conformitate cu prezentarea situatiilor fi nanciare curente.

3.1 A) BAZELE CONSOLIDARII

3.1.1 Filialele

Filialele sunt entitati afl ate sub controlul Bancii. Controlul exista atunci cand Banca are puterea de a conduce, in mod direct sau

indirect, politicile fi nanciare si operationale ale unei entitati pentru a obtine benefi cii din activitatea acesteia. La momentul evaluarii

controlului trebuie luate in calcul si drepturile de vot potentiale sau convertibile care pot fi exercitate si in prezent. Situatiile fi nanciare

ale fi lialelor sunt incluse in situatiile fi nanciare consolidate din momentul in care incepe exercitarea controlului si pana in momentul

incetarii lui.

Banca consolideaza situatiile fi nanciare ale fi lialei sale, VBRO Services S.R.L., in conformitate cu IAS 27 („Situatiile fi nanciare

consolidate si individuale”).

3.1.2 Entitati asociate

Entitatile asociate sunt acele societati asupra carora Grupul poate exercita o infl uenta semnifi cativa, dar nu si control asupra

politicilor fi nanciare si operationale. Situatiile fi nanciare consolidate includ cota parte a Grupului din rezultatele entitatilor asociate

pe baza metodei punerii in echivalenta, de la data la care Grupul a inceput sa exercite infl uenta semnifi cativa si pana la data la care

aceasta infl uenta inceteaza. In cazul in care cota parte a Grupului din pierderile entitatii asociate depaseste valoarea contabila a

investitiei, valoarea contabila este redusa la zero iar pierderile ulterioare nu sunt recunoscute cu exceptia situatiei in care Grupul are

obligatii legale sau constructive in numele entitatii asociate.

Banca detine 20% din capitalul social al societatii Volsbank Leasing IFN S.A., societate care ofera servicii de leasing persoanelor

fi zice si juridice. Grupul nu exercita infl uenta semnifi cativa si nu detine control asupra politicilor fi nanciare si operationale ale Volksbank

Leasing IFN S.A., prin urmare aceasta societate nu este inclusa in perimetrul de consolidare al Grupului, nefi ind o entitate asociata.

3.1.3 Tranzactiile eliminate la consolidare

Decontarile si tranzactiile in interiorul Grupului, ca si profi turile nerealizabile rezultate din tranzactii in cadrul Grupului, sunt

eliminate in totalitate in situatiile fi nanciar contabile. Profi turile nerealizate rezultate din tranzactii cu entitati asociate sunt eliminate in

contrapartida cu investitia in societatea asociata.

43


3.2 MONEDA STRAINA

3.2.1 Tranzactii in moneda straina

Operatiunile exprimate in moneda straina sunt convertite in moneda functionala la cursul ofi cial de schimb de la data decontarii

tranzactiei. Activele si pasivele monetare inregistrate in devize la data intocmirii bilantului contabil sunt transformate in moneda

functionala la cursul ofi cial de schimb valabil la data bilantului. Castigurile sau pierderile din decontare sunt recunoscute in contul de

profi t si pierdere, cu exceptia cazurilor in care diferentele de curs provin din translatarea instrumentelor fi nanciare clasifi cate ca fi ind

disponibile pentru vanzare care sunt incluse in rezerva provenind din modifi carea valorii juste a acestor instrumente fi nanciare.

Activele si datoriile nemonetare care sunt evaluate la cost istoric in moneda straina sunt convertite in moneda functionala la

cursul de schimb de la data tranzactiei. Activele si pasivele nemonetare exprimate in moneda straina care sunt evaluate la valoarea

justa sunt convertite in moneda functionala la cursul de schimb din data la care a fost determinata valoarea justa.

Diferentele de conversie sunt prezentate in contul de profi t si pierdere cu exceptia diferentelor rezultate din conversia

instrumentelor fi nanciare clasifi cate ca fi ind disponibile pentru vanzare, care sunt incluse in rezerva provenind din modifi carea valorii

juste a acestor instrumente fi nanciare.

Ratele de schimb ale principalelor valute la 31 decembrie 2008 si 2007 au fost:

Moneda 31 decembrie 2008 31 decembrie 2007 % Crestere/ (Descrestere)

Euro (EUR) 1: RON 3,9852 1: RON 3,6102 10,38%

Dolar American (USD) 1: RON 2,8342 1: RON 2,4564 15,38%

Franc Elvetian (CHF) 1: RON 2,6717 1: RON 2,1744 22,87%

3.3 VENITURI SI CHELTUIELI DIN DOBANZI

Veniturile si cheltuielile din dobanzi aferente instrumentelor fi nanciare sunt recunoscute in contul de profi t si pierdere la cost

amortizat folosind metoda ratei de dobanda efective.

Metoda dobanzii efective este o metoda de calcul a costului amortizat al unui activ fi nanciar sau a unei datorii fi nanciare si

de alocare a venitului sau a cheltuielii din dobanzi pe o perioada relevanta de timp. Rata dobanzii efective este rata exacta care

actualizeaza estimarile de fl uxuri viitoare de numerar de platit sau de incasat pe perioada de viata a instrumentului fi nanciar, sau, cand

e cazul, pe o perioada mai scurta, la valoarea neta raportata a activului sau datoriei fi nanciare. Pentru calculul ratei dobanzii efective,

Grupul estimeaza fl uxurile viitoare de numerar luand in considerare toti termenii contractuali ai instrumentului fi nanciar (de exemplu,

plati in avans, optiuni call si alte optiuni similare), dar nu tine cont de pierderile viitoare din credit.

44


Metoda de calcul include toate spezele si comisioanele platite sau primite intre partile contractuale care sunt parte integranta

a dobanzii efective, costurile de tranzactionare, si alte prime si discounturi.

Metoda liniara reprezinta o metoda de calcul a costului amortizat al imprumuturilor acordate clientilor prin care comisioanele

generate de acordarea unui credit, primite de la partile contractante precum si cheltuielile directe aferente trebuie sa fi e incluse in rata

de dobanda efectiva si trebuie amortizare si recunoscute ca venit din dobanzi pe o perioada relevanta. Metoda de amortizare liniara

folosita la determinarea costului amortizat pentru creditele acordate clientelei reprezinta estimarea cea mai buna a managementului

iar efectul fi nanciar generat nu difera semnifi cativ de efectul care ar fi fost obtinut prin aplicarea metodei ratei de dobanda efective.

3.4 VENITURI SI CHELTUIELI DIN SPEZE SI COMISIOANE

Veniturile din speze si comisioane provin in principal din activitatea de creditare, comisioane din operatiuni cu carduri, din

servicii de administrare a numerarului, servicii de brokeraj, comisioane pentru emiterea de scrisori de garantie si deschiderea de

acreditive. Veniturile si cheltuielile din comisioane direct atribuibile activului sau datoriei fi nanciare la momentul initierii (atat venit

cat si cheltuiala), sunt incluse in calculul ratei efective a dobanzii. Comisioanele aferente angajarii creditelor sunt amortizate impreuna

cu celelalte costuri directe si recunoscute ca ajustare a ratei de dobanda efectiva a creditului. Alte venituri din comisioane si speze

provenite din servicii fi nanciare prestate de catre Grup sunt recunoscute in contul de profi t si pierdere in momentul in care serviciul

respectiv este prestat. Alte cheltuieli din speze si comisioane se refera in principal la comisioane de tranzactionare si servicii si care sunt

recunoscute in contul de profi t si pierdere in momentul in care serviciul respectiv este prestat.

3.5 VENITURI DIN CONVERSIE VALUTARA

SI DERIVATIVE DETINUTE PENTRU MANAGEMENTUL RISCULUI

Venitul net din tranzactionare este reprezentat de diferenta intre castigul si pierderea din activele si datoriile tranzactionabile si

derivativele detinute pentru managementul riscului si include modifi carile de valoare justa realizate si nerealizate, precum si diferentele

de curs valutar. Venitul net din diferente de curs valutar si derivative detinute pentru managementul riscului este prezentat in cadrul

profi tului operational.

3.6 DIVIDENDE

Veniturile din dividende sunt recunoscute in contul de profi t si pierdere la data la care este stabilit dreptul de a primi aceste

venituri. Veniturile din participatii si alte investitii fara venit fi x sunt recunoscute ca venituri din dividende atunci cand sunt angajate.

Veniturile din dividende sunt refl ectate ca o componenta a veniturilor din operatiuni. Dividendele sunt tratate ca o distribuire a

profi tului in perioada in care au fost declarate si aprobate de catre Adunarea Generala a Actionarilor. Singurul profi t disponibil pentru

repartizare este profi tul anului inregistrat in conturile statutare romanesti si este diferit de profi tul refl ectat in aceste situatii fi nanciare,

intocmite in conformitate cu IFRS adoptate de Uniunea Europeana, din cauza diferentelor intre reglementarile contabile aplicabile in

Romania si cele adoptate de Uniunea Europeana.

45


3.7 PLATI DE LEASING

Platile de leasing operational sunt recunoscute in contul de profi t si pierdere pe baza metodei liniare pe durata contractului de

leasing. Facilitatile de leasing primite sunt recunoscute ca parte integranta a cheltuielii totale de leasing, pe durata contractului de leasing.

Cheltuielile cu leasingul operational sunt recunoscute ca o componenta a cheltuielilor operationale.

Platile minime de leasing in cadrul contractelor de leasing fi nanciar sunt impartite proportional intre cheltuiala cu dobanda

de leasing si reducerea datoriei de leasing. Cheltuiala cu dobanda de leasing este alocata fi ecarei perioade de leasing in asa fel incat

sa produca o rata de dobanda constanta pentru datoria de leasing ramasa. Platile de leasing contingente sunt recunoscute prin

revizuirea platilor minime de leasing pentru perioada de leasing ramasa cand ajustarea de leasing este confi rmata.

3.8 IMPOZITUL PE PROFIT

Impozitul pe profi t aferent exercitiului cuprinde impozitul curent si impozitul amanat. Impozitul pe profi t este recunoscut in

contul de profi t si pierdere, sau in capitaluri proprii daca impozitul este aferent elementelor de capital. Impozitul pe profi t curent este

impozitul de platit aferent profi tului realizat in perioada curenta, determinat in baza procentelor aplicate la data bilantului si a tuturor

ajustarilor aferente perioadelor precedente.

Impozitul pe profi t amanat este determinat folosind metoda bilantiera pentru acele diferente temporare ce apar intre baza fi scala

de calcul a impozitului pentru active si datorii si valoarea contabila a acestora folosita pentru raportare in situatiile fi nanciare. Impozitul

amanat nu se recunoaste pentru urmatoarele diferente temporare: recunoasterea initiala a fondului de comert, recunoasterea initiala

a activelor si datoriilor provenite din tranzactii care nu sunt combinatii de afaceri si care nu afecteaza nici profi tul contabil nici pe cel

fi scal si diferente provenind din investitii in subsidiare, cu conditia ca acestea sa nu fi e reversate in viitorul apropiat. Impozitul pe profi t

amanat este calculat pe baza procentelor de impozitare care se asteapta sa fi e aplicabile diferentelor temporare la reluarea acestora,

in baza legislatiei in vigoare la data bilantului.

Creanta privind impozitul pe profi t amanat este recunoscuta numai in masura in care este probabil sa se obtina profi t impozabil

in viitor dupa compensarea cu pierderea fi scala a anilor anteriori si cu impozitul pe profi t de recuperat. Creanta privind impozitul

amanat este diminuata in masura in care benefi ciul fi scal aferent este improbabil sa se realizeze.

Cota de impozit pe profi t utilizata la calculul impozitului pe profi t curent si amanat este la 31 decembrie 2008 de 16%

(31 decembrie 2007: 16%).

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3.9 ACTIVE SI DATORII FINANCIARE

3.9.1 Clasifi care

Grupul clasifi ca activele si datoriile fi nanciare in urmatoarele categorii:

a) Active sau datorii fi nanciare la valoare justa prin contul de profi t si pierdere

Aceasta categorie are doua subcategorii: active fi nanciare sau datorii fi nanciare detinute pentru tranzactionare, si instrumente

fi nanciare clasifi cate la valoare justa prin contul de profi t si pierdere la momentul recunoasterii initiale. Un instrument fi nanciar este

clasifi cat in aceasta categorie daca a fost achizitionat in principal cu scopul de a se vinde sau daca a fost desemnat in aceasta categorie

de catre conducerea entitatii. Instrumentele derivate sunt, de asemenea, incadrate ca fi ind detinute pentru tranzactionare daca nu

reprezinta un instrument de acoperire. La 31 decembrie 2008 si 31 decembrie 2007 Grupul nu detinea in portofoliu active sau datorii

fi nanciare la valoarea justa prin contul de profi t si pierderi.

b) Activele fi nanciare disponibile pentru vanzare

Activele fi nanciare disponibile pentru vanzare sunt acele active fi nanciare care sunt desemnate ca disponibile pentru vanzare

sau care nu sunt clasifi cate drept credite si avansuri, investitii detinute pana la scadenta sau active fi nanciare la valoarea justa prin

contul de profi t si pierdere.

Instrumentele fi nanciare disponibile pentru vanzare includ titluri de plasament emise de catre stat, certifi cate de trezorerie ce

pot fi revandute Bancii Centrale, titlurile de participare ale activitatii de portofoliu care nu sunt detinute pentru tranzactionare sau

detinute pana la scadenta.

La data de 31 decembrie 2008 si 31 decembrie 2007 Grupul a inclus in aceasta categorie titlurile de trezorerie emise de Ministerul

Finantelor Publice precum si participatiile.

c) Investitiile detinute pana la scadenta

Investitiile detinute pana la scadenta reprezinta acele active fi nanciare cu plati fi xe sau determinabile si scadenta fi xa pe care

Grupul are intentia ferma si posibilitatea de a le pastra pana la scadenta. In conditiile in care Grupul procedeaza la vanzarea sau

la reclasifi carea de valori semnifi cative de titluri de investitii, in decursul exercitiului fi nanciar curent sau a doua exercitii fi nanciare

precedente, aceasta nu va putea clasifi ca niciun activ fi nanciar ca titlu de investitii (regula contaminarii). Aceasta interdictie nu se

aplica in situatia in care respectiva vanzare sau reclasifi care:

• este atat de apropiata de scadenta activului financiar (de exemplu, cu mai putin de trei luni inainte de scadenta) incat

modificarile ratei dobanzii de pe piata nu ar fi putut avea un efect semnificativ asupra valorii juste a activului financiar;

• are loc dupa ce s-a recuperat in mod substantial valoarea principalului activului financiar, prin plati esalonate sau prin rambursari

anticipate; sau

• este atribuita unui eveniment izolat, nu este repetitiv si nu putea fi anticipat in mod rezonabil.

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In situatia in care respectiva vanzare sau reclasifi care nu se incadreaza intr-unul din cazurile de mai sus, toate titlurile de investitii

vor fi reclasifi cate in categoria titlurilor de plasament. La data de 31 decembrie 2008 Grupul avea in portofoliu titluri de stat detinute

pana la scadenta. La data de 31 decembrie 2007, Grupul nu avea in portofoliu instrumente fi nanciare detinute pana la scadenta.

d) Creditele si avansurile

Creditele si avansurile sunt active fi nanciare nederivate cu plati fi xe sau determinabile care nu sunt cotate pe o piata activa, altele

decat acelea pe care Grupul intentioneaza sa le vanda imediat sau in viitorul apropiat, acelea pe care Grupul, in momentul recunoasterii

initiale, le clasifi ca ca fi ind active fi nanciare detinute pentru tranzactionare, acelea pe care Grupul, dupa recunoasterea initiala, le

desemneaza ca fi ind disponibile pentru vanzare sau acelea pentru care detinatorul ar putea sa nu recupereze substantial toata investitia

initiala, din alt motiv decat datorita deprecierii creditului. Creditele si creantele includ imprumuturile si avansurile acordate bancilor

si clientilor.

3.9.2. Recunoastere

Activele fi nanciare si datoriile fi nanciare sunt evaluate initial la valoare justa plus, in cazul activelor fi nanciare si datoriilor fi nanciare

altele decat cele la valoare justa prin contul de profi t si pierdere, costurile de tranzactionare direct atribuibile. Grupul recunoaste initial

creditele si creantele, depozitele si datoriile subordonate la data la care sunt create. Toate celelalte active si pasive fi nanciare (inclusiv

cele la valoare justa prin contul de profi t si pierdere) sunt recunoscute initial la data tranzactionarii la care Grupul a devenit parte la

prevederile contractuale ale instrumentului fi nanciar.

3.9.3. Derecunoastere

Grupul derecunoaste un activ fi nanciar atunci cand drepturile de a primi fl uxuri de numerar din acel activ fi nanciar expira, sau

atunci cand Grupul a transferat drepturile de a primi fl uxurile de numerar contractuale aferente acelui activ fi nanciar intr-o tranzactie in

care a transferat in mod semnifi cativ toate riscurile si benefi ciile dreptului de proprietate. Orice drept in activele fi nanciare transferate

care este retinut de Grup sau creat pentru Grup este recunoscut separat ca un activ sau datorie. Grupul derecunoaste o datorie

fi nanciara atunci cand s-au incheiat obligatiile contractuale sau atunci cand obligatiile contractuale sunt anulate sau expira.

3.9.4. Compensari

Activele si datoriile fi nanciare sunt compensate, iar rezultatul net este prezentat in bilant doar atunci cand exista un drept legal

de compensare si daca exista intentia decontarii lor pe o baza neta sau daca se intentioneaza realizarea activului si stingerea datoriei

in mod simultan. Veniturile si cheltuielile sunt prezentate pe baza neta numai atunci cand sunt permise de standardele contabile, sau

ca profi t si pierdere rezultate dintr-un grup de tranzactii similare cum ar fi cele din activitatea de tranzactionare a Grupului.

3.9.5. Evaluarea la cost amortizat

Costul amortizat al unei creante sau datorii fi nanciare reprezinta valoarea la care creanta sau datoria fi nanciara este masurata la

recunoasterea initiala, mai putin platile de principal, la care se adauga sau se scade amortizarea cumulata pana la momentul respectiv,

determinata folosind metoda liniara pentru creditele si avansurile acordate clientelei si metoda ratei efective a dobanzii pentru

diferentele dintre valoarea recunoscuta initial si valoarea la data maturitatii, mai putin reducerile din deprecierea activelor.

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3.9.6. Evaluarea la valoarea justa

Valoarea justa a instrumentelor fi nanciare se bazeaza pe o cotatie de pret pe o piata activa, valabila la data bilantului fara deducerea

costurilor de tranzactionare. In cazul in care nu exista o cotatie de pret, valoarea justa a instrumentelor fi nanciare se estimeaza folosind

modele pentru stabilirea preturilor sau tehnici de actualizare a fl uxurilor de numerar, tehnici bazate pe valoarea prezenta neta, metoda

comparatiilor cu instrumente similare pentru care exista un pret de piata observabil si alte metode de evaluare.

Atunci cand este folosita analiza fl uxurilor de numerar actualizate, fl uxurile de numerar viitoare se bazeaza pe cele mai bune

estimari ale conducerii si o rata de actualizare echivalenta cu ratele de rentabilitate predominante pe piata pentru instrumentele

fi nanciare care au aceeasi termeni si aceleasi caracteristici. Atunci cand se folosesc modele pentru stabilirea pretului unei optiuni,

elementele modelului se bazeaza pe valori din piata valabile la data bilantului. In cazul in care valoarea justa nu poate fi estimata in

mod credibil, participatiile pentru care nu exista o piata activa de tranzactionare sunt evaluate la cost si sunt testate periodic pentru

deprecierea valorii.

3.9.7. Identifi carea si evaluarea deprecierii de valoare

a) Active detinute la cost amortizat

La data fi ecarui bilant contabil, Grupul analizeaza daca exista vreun indiciu obiectiv, potrivit caruia activele fi nanciare sau un grup

de active fi nanciare care nu sunt tinute la valoarea justa prin contul de profi t si pierdere, sunt depreciate. Un activ fi nanciar sau un grup

de active fi nanciare este depreciat si apar pierderi din depreciere daca si numai daca exista indicii obiective cu privire la deprecierea

acestora ca rezultat al unuia sau mai multor evenimente aparute dupa recunoasterea initiala a activului (“eveniment generator de

pierderi”), iar evenimentul sau evenimentele generatoare de pierdere au un impact asupra fl uxurilor de numerar viitoare ale activului

fi nanciar sau grupului de active fi nanciare care poate fi estimat in mod credibil. Este probabil ca identifi carea unui singur eveniment

care sa fi cauzat deprecierea sa fi e difi cil de realizat. Deprecierea este posibil sa fi fost cauzata de efectul combinat al mai multor

evenimente. Pierderile asteptate ca urmare a evenimentelor viitoare, indiferent de cat de probabile sunt, nu sunt recunoscute.

Daca exista indicii obiective ca a avut loc o pierdere din deprecierea activelor fi nanciare inregistrate la cost amortizat, atunci

pierderea este masurata ca diferenta intre valoarea contabila a activului si valoarea actualizata a fl uxurilor viitoare de numerar utilizand

metoda ratei efective a dobanzii activului fi nanciar la momentul initial (rata efectiva a dobanzii calculata la momentul recunoasterii

initiale). Daca un activ fi nanciar are o rata variabila a dobanzii, rata de actualizare pentru evaluarea oricarei pierderi din amortizare este

rata variabila curenta a dobanzii, specifi cata in contract. Valoarea contabila a activului poate fi diminuata direct sau prin folosirea unui

cont de provizion. Cheltuiala cu pierderea din depreciere se recunoaste in contul de profi t si pierdere.

Daca intr-o perioada urmatoare, un eveniment care a avut loc ulterior momentului recunoasterii deprecierii determina reducerea

pierderii din depreciere, pierderea din depreciere recunoscuta anterior este reluata fi e direct, fi e prin ajustarea unui cont de provizion.

Reducerea de depreciere se recunoaste in contul de profi t si pierdere.

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) Credite si avansuri acordate clientilor

Grupul, in functie de metodologia interna de evaluare a deprecierii, a inclus informatii legate de urmatoarele evenimente

generatoare de pierdere, ca dovada obiectiva asupra deprecierii creditelor acordate clientilor sau grupurilor de clienti:

• difi cultati fi nanciare semnifi cative ale imprumutatului determinate in conformitate cu sistemul intern al Grupului de evaluare

a clientilor;

• o incalcare a contractului, cum ar fi neplata sau intarzierea la plata a principalului sau dobanzii;

• creditorul, din motive legale sau economice legate de situatia fi nanciara indoielnica a imprumutatului, acorda acestuia

anumite concesii pe care altfel nu le-ar fi acordat;

• existenta unor informatii credibile care sa indice faptul ca imprumutatul va intra in faliment sau intr-o alta forma de reorganizare

fi nanciara;

• disparitia unei piete active pentru respectivul activ fi nanciar din cauza difi cultatilor fi nanciare intampinate de imprumutat; sau

• existenta unor informatii credibile care sa indice o scadere masurabila in fl uxurile de numerar viitoare estimate ale unui grup

de active fi nanciare de la momentul recunoasterii initiale, desi scaderea nu poate fi identifi cata inca pentru fi ecare activ

fi nanciar in parte, incluzand:

- schimbari nefavorabile in comportamentul de plati al debitorilor grupului; sau

- conditii economice nationale sau locale care pot fi corelate cu pierderea/ deprecierea activelor Grupului.

La momentul initial, Grupul evalueaza daca exista indicii obiective de depreciere, conform celor prezentate mai sus, in mod

individual pentru credite acordate clientilor care sunt individual semnifi cative, sau in mod individual sau colectiv pentru credite

care nu sunt individual semnifi cative. In situatia in care Grupul considera ca nu exista indicii obiective de depreciere pentru activele

fi nanciare evaluate individual, fi e ca acestea sunt semnifi cative sau nu, acesta va include creditele acordate clientilor intr-un grup

de credite cu caracteristici ale riscului de credit similare si va testa in mod colectiv grupul de credite pentru depreciere. Creditele si

avansurile acordate clientelei care sunt testate individual pentru depreciere si pentru care o pierdere de valoare este recunoscuta sau

continua sa fi e recunoscuta nu se cuprind in evaluarea colectiva pentru depreciere. Calculul valorii actualizate nete a fl uxurilor viitoare

de numerar estimate ale unui credit garantat refl ecta fl uxurile de numerar care pot rezulta din valorifi carea garantiei minus costurile

ce provin din obtinerea si vanzarea garantiei, chiar daca executarea este probabila sau nu.

Pentru evaluarea colectiva, creditele si avansurile acordate clientilor sunt grupate pe categorii in functie de caracteristici similare

ale riscului de credit asociat, categorii care furnizeaza indicii cu privire la capacitatea debitorilor de a-si achita ratele scadente conform

termenilor contractuali (de exemplu, pe baza evaluarii riscului de credit de catre Grup sau pe baza grilei de notare a Grupului care

ia in considerare tipul de bun, industria, localizarea geografi ca, tipul garantiei, status-ul sumelor restante si alti factori). Conducerea

considera ca aceste caracteristici alese sunt cea mai buna estimare a trasaturilor relevante ale riscului de credit relevant pentru

estimarea fl uxurilor de numerar viitoare pentru grupuri de active, indicand capacitatea debitorilor de a plati toate sumele datorate in

conformitate cu termenii contractuali ai activelor evaluate.

Fluxurile viitoare de numerar aferente unui grup de credite, care sunt evaluate colectiv pentru depreciere, sunt estimate pe baza

experientei pierderilor istorice pentru creditele care fac parte din categoriile de risc cu aceleasi caracteristici. Pierderea istorica este

ajustata luand in calcul informatii curente observabile pentru a refl ecta efectele conditiilor curente care nu au afectat perioada pe care

se bazeaza calculul pierderilor istorice si pentru a inlatura efectele conditiilor existente in perioada istorica si care nu mai sunt valabile

in prezent.

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Datorita limitarilor inerente referitoare la experienta istorica in obtinerea de informatii cu privire la creditele depreciate individual,

rate de pierderi istorice si complexitatea metodologiei aplicate, precum si a incertitudinii de pe pietele fi nanciare internationale si locale

referitoare la evaluarea activelor mentionate in Nota 4h la situatiile fi nanciare consolidate, valoarea estimata a deprecierii creditelor si

avansurilor acordate clientilor poate diferi mod semnifi cativ ulterior datei la care au fost aprobate situatiile fi nanciare consolidate.

Metodologia Grupului pentru estimarea deprecierii valorii creditelor si avansurilor acordate clientilor este de asemenea limitata

de lipsa de informatii cu privire la rata de dobanda efectiva originala si estimarile pot diferi de valoarea care s-ar fi obtinut in conditiile

in care ar fi fost disponibile informatii cu privire la rata de dobanda efectiva originala. Grupul revizuieste cu regularitate metodologia si

premisele folosite pentru estimarea fl uxurilor de numerar viitoare pentru a reduce diferentele intre pierderile estimate si cele reale.

c) Active fi nanciare disponibile pentru vanzare

In cazul activelor fi nanciare disponibile pentru vanzare, atunci cand o scadere in valoarea justa a unui activ fi nanciar disponibil

pentru vanzare a fost recunoscuta direct in capitalurile proprii si exista dovezi obiective ca activul este depreciat, pierderea cumulata

ce a fost recunoscuta direct in capitalurile proprii va fi reluata din conturile de capitaluri proprii si recunoscuta in contul de profi t

si pierdere chiar daca activul fi nanciar nu a fost inca derecunoscut. Valoarea pierderii cumulate care este reluata din conturile de

capitaluri proprii in contul de profi t si pierdere va fi diferenta dintre costul de achizitie (net de rambursarile de principal si amortizare) si

valoarea justa curenta, minus orice pierdere din deprecierea acelui activ fi nanciar recunoscuta anterior in contul de profi t si pierdere.

Pierderile din deprecierea activelor recunoscute in contul de profi t si pierdere aferente unor participatii clasifi cate ca fi ind

disponibile pentru vanzare, nu vor fi reluate in contul de profi t si pierdere. In cazul in care, in perioada urmatoare, valoarea justa a unui

titlu de valoare disponibil pentru vanzare creste, iar aceasta crestere poate fi legata in mod obiectiv de un eveniment care a avut loc

ulterior recunoasterii in contul de profi t si pierdere a pierderilor anterioare, pierderea din depreciere trebuie reluata si suma trebuie

recunoscuta in contul de profi t si pierdere.

d) Active fi nanciare prezentate la cost

Daca exista indicii obiective asupra unei pierderi din deprecierea unei participatii nelistate care nu este prezentata la valoare justa

deoarece valoarea justa nu poate fi masurata in mod credibil, sau asupra unui activ fi nanciar derivat care este legat sau care urmeaza a

fi decontat printr-un astfel de instrument nelistat, valoarea pierderii din depreciere este masurata ca diferenta dintre valoarea contabila

a activului fi nanciar si valoarea actualizata a fl uxurilor viitoare de numerar utilizand rata de rentabilitate interna curenta a pietei pentru

un activ fi nanciar similar. Astfel de pierderi din depreciere nu sunt reluate in contul de profi t si pierdere.

3.9.9. Desemnarea la valoare justa prin contul de profi t si pierdere

Grupul prezinta activele si datoriile fi nanciare la valoare justa prin contul de profi t si pierdere atunci cand:

• elimina sau reduce semnifi cativ o inconsecventa de evaluare sau recunoastere („eroare contabila”) care ar fi putut sa apara din

masurarea activelor si datoriilor sau din recunosterea castigurilor sau pierderilor acestora pe principii diferite;

• sunt parte integrala a unui grup de active fi nanciare sau datorii fi nanciare gestionate, evaluate si raportate conducerii in baza

valorii juste conform documentatiei de management al riscului/strategia de investitii; sau

• sunt contracte hibride prin care o entitate poate prezenta intregul contract la valoare justa prin contul de profi t si pierdere.

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3.10. NUMERAR SI ECHIVALENTE DE NUMERAR

Numerarul si echivalentele de numerar includ: numerarul efectiv, conturi curente la Banca Nationala a Romaniei, conturile nostro

la banci . La intocmirea situatiei fl uxurilor de trezorerie consolidate, s-au considerat ca numerar si echivalente de numerar: numerarul

efectiv, conturile curente la Banca Nationala a Romaniei, numerar din conturile nostro la banci, plasamente la Banca Nationala a

Romaniei si la alte banci si titluri de valoare emise de Guvernul Romaniei cu o maturitate originala mai mica de 90 de zile.

3.11. ACTIVE SI DATORII FINANCIARE DETINUTE PENTRU TRANZACTIONARE

Activele si datoriile fi nanciare detinute pentru tranzactionare sunt cele pe care Grupul le-a achizitionat sau pe care le dobandeste

cu scopul de a le vinde sau de a le rascumpara intr-un viitor apropiat, sau cele pe care le detine ca parte a unui portofoliu care este

administrat pentru a obtine profi t pe termen scurt sau pentru a mentine o pozitie pe termen scurt. Activele si datoriile fi nanciare

detinute pentru tranzactionare sunt recunoscute initial si masurate ulterior la valoarea justa in bilant iar costurile de tranzactionare

sunt inregistrate direct in contul de profi t si pierdere. Toate schimbarile de valoare justa sunt recunoscute ca parte din profi tul net

din tranzactionare in contul de profi t si pierdere. Activele si datoriile fi nanciare detinute pentru tranzactionare nu pot fi reclasifi cate

ulterior recunoasterii lor.

3.12. INSTRUMENTE FINANCIARE DERIVATE DETINUTE

PENTRU MANAGEMENTUL RISCULUI

Instrumentele derivate detinute pentru managementul riscului includ active si datorii derivate care nu sunt clasifi cate ca active

sau datorii detinute pentru tranzactionare. Instrumentele derivate detinute pentru acoperirea riscului sunt recunoscute la valoare

justa in bilant.

Cand un instrument fi nanciar derivat nu este detinut pentru tranzactionare si nu este implicat intr-o tranzactie de acoperire a

riscului, toate schimbarile in valoarea sa justa sunt imediat recunoscute in contul de profi t si pierdere ca o componenta a venitului net

din tranzactionare. Din aceasta categorie fac parte contractele de swap pe curs de schimb incheiate atat cu banca mama precum si

cu alte institutii bancare.

3.13. CREDITE SI AVANSURI

Credite si avansurile sunt active fi nanciare nederivate cu plati fi xe sau determinabile care nu sunt cotate pe o piata activa si pe

care Grupul nu intentioneaza sa le vanda imediat sau in perioada urmatoare. Creditele si avansurile sunt recunoscute initial la valoarea

justa plus costurile directe aferente tranzactionarii si ulterior sunt masurate la cost amortizat folosind metoda dobanzii efective, cu

exceptia cazului in care Grupul alege sa contabilizeze creditele si avansurile la valoare justa prin contul de profi t si pierdere, asa cum

este prezentat in politica contabila. Creditele si avansurile sunt prezentate la valoarea neta dupa deducerea provizionului pentru

depreciere. Acesta este inregistrat pe baza creditelor si avansurilor identifi cate ca fi ind depreciate pe baza evaluarii continue, pentru a

aduce aceste active la valoarea lor recuperabila.

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3.14. TITLURI DE VALOARE

Titlurile de valoare precum certifi catele de trezorerie emise de Guvernul Romaniei si certifi catele de depozit emise de Banca

Nationala a Romaniei sunt clasifi cate ca:

• titluri de valoare detinute pana la scadenta;

• titluri de valoare disponibile pentru vanzare.

Valoarea justa a titlurile de valoare emise de Guvernul Romaniei pe piata locala a fost determinata pe baza cotatiilor din sistemul

electronic de tranzactionare Safi r. Alte participatii in societati nelistate sunt clasifi cate ca active fi nanciare disponibile pentru vanzare si

sunt inregistrate la valoarea lor justa. In cazul in care valoarea lor justa nu poate fi stabilita in mod credibil, participatiile sunt inregistrate

la cost retratat mai putin provizionul pentru deprecierea valorii. Venitul din dobanda este recunoscut in contul de profi t si pierdere

folosind rata de dobanda efectiva. Dividendele sunt recunoscute prin contul de profi t si pierdere atunci cand Grupul devine indreptatit

sa primeasca dividende. Pierderile sau castigurile din diferentele de curs valutar corespunzatoare titlurilor de valoare disponibile pentru

vanzare sunt recunoscute in contul de profi t si pierdere.

Alte modifi cari ale valorii juste sunt recunoscute direct in capitaluri proprii pana cand investitia este vanduta sau depreciata si

soldul valorii juste din capitaluri proprii este recunoscut in contul de profi t si pierderi.

3.15. IMOBILIZARI CORPORALE

3.15.1. Recunoastere si evaluare

Imobilizarile corporale sunt evidentiate la valoarea de achizitie sau la valoarea reevaluata mai putin amortizarea acumulata si

provizionul din depreciere. Imobilizarile corporale au fost ajustate in functie de reevaluarile efectuate de Grup si dispuse prin acte

normative. Costul de achizitie cuprinde pretul de cumparare, taxele nerecuperabile, cheltuielile de transport si alte cheltuieli accesorii

necesare punerii in stare de functionare sau intrarii in gestiune a activului respectiv. Imobilizarile in curs nu sunt supuse amortizarii

pana in momentul darii in folosinta.

3.15.2. Costurile ulterioare

Grupul recunoaste in valoarea contabila a unei imobilizari corporale costul de inlocuire a acesteia cand acest cost este suportat

sau daca este probabil ca benefi ciile economice incluse in acea imobilizare se vor transfera Grupului si costul acestei imobilizari poate

fi masurat in mod credibil. Toate celelalte cheltuieli sunt recunoscute in contul de profi t si pierdere in momentul efectuarii lor.

Cheltuielile generate de inlocuirea unei componente a elementelor de imobilizari corporale care este evidentiata separat, inclusiv

inspectii sau reparatii capitale, sunt capitalizate. Alte cheltuieli ulterioare sunt capitalizate in masura in care acestea imbunatatesc

performantele viitoare ale acelor elemente de imobilizari corporale. Toate celelalte cheltuieli cu reparatiile si intretinerea sunt

inregistrate in contul de profi t si pierdere in momentul efectuarii lor.

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Castigurile si pierderile la scoaterea din uz a mijloacelor fi xe se determina prin raportare la valoarea lor neta contabila si se

iau in considerare la determinarea profi tului din operatiuni. Elementele de imobilizari corporale care sunt casate sau cesionate sunt

eliminate din bilant impreuna cu amortizarea cumulata corespunzatoare. Profi tul sau pierderea rezultate dintr-o asemenea operatiune

se determina ca diferenta intre suma obtinuta si valoarea contabila neta si sunt incluse in profi tul din exploatare al perioadei. In

cazurile in care parti ale unui activ corporal (componente majore) au durate de viata diferite, acestea se contabilizeaza ca elemente

separate de imobilizari corporale

3.16. DEPRECIEREA IMOBILIZARILOR CORPORALE

Amortizarea este calculata prin metoda liniara pe perioada duratei de viata estimate pentru fi ecare element din categoria

imobilizarilor. Terenurile nu sunt supuse amortizarii. Ratele de amortizare pe tipuri de categorii de imobilizari corporale sunt

urmatoarele:

Cladiri in proprietatea Grupului 2% pe an

Cladiri cu chirie 10% - 20% pe an

Aparatura birotica si mobilier 10% pe an

Autovehicule 20% pe an

Echipamente IT 13% - 33% pe an

3.17. IMOBILIZARI NECORPORALE

3.17.1. Aplicatii informatice

Aplicatiile informatice achizitionate de catre Grup sunt evidentiate la cost, mai putin amortizarea acumulata si provizionul pentru

deprecierea valorii. Cheltuiala cu aplicatiile informatice dezvoltate intern este recunoscuta ca imobilizare necorporala daca Grupul

face dovada intentiei si capacitatii sale de a dezvolta si folosi aplicatia intr-o maniera ce-i va aduce benefi cii economice viitoare si daca

cheltuielile cu dezvlotarea aplicatiilor pot fi estimate intr-o maniera rezonabila. Costurile cu aplicatiile informatice dezvoltate intern

capitalizate includ toate costurile direct atribuibile dezvoltarii aplicatiilor si se amortizeaza pe durata de viata. Aplicatiile informatice

dezvoltate intern sunt evidentiate la costul capitalizat, din care se deduce amortizarea cumulata si provizionul pentru deprecierea

valorii. Cheltuielile ulterioare cu aplicatiile informatice se capitalizeaza doar atunci cand contribuie la sporirea benefi ciilor economice

viitoare care decurg din folosirea respectivelor active. Toate celelalte cheltuieli sunt recunoscute in contul de profi t si pierdere pe

masura ce sunt efectuate. Amortizarea se recunoaste in contul de profi t si pierdere liniar, pe toata durata de functionare a aplicatiei

informatice, incepand cu data la care aplicatia este pusa in functiune. Durata de viata estimata a aplicatiilor informatice este de 3 ani.

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3.18. ACTIVE UTILIZATE IN LEASING FINANCIAR

Contractele de leasing ale Grupului care transfera locatarului in mod substantial toate riscurile si benefi ciile aferente proprietatii

au fost clasifi cate drept leasing fi nanciar. Dupa recunoasterea initiala, platile de leasing sunt recunoscute la o valoare egala cu

minimul dintre valoarea justa si valoarea actuala a platilor minime de leasing. Ulterior recunoasterii initiale, activul este contabilizat in

conformitate cu politicile contabile aplicabile acelui activ.

3.19. DEPRECIEREA ACTIVELOR ALTELE DECAT ACTIVELE FINANCIARE

Valoarea contabila a activelor Grupului care nu sunt de natura fi nanciara, altele decat activele de natura impozitului amanat,

sunt revizuite la fi ecare data de raportare pentru a depista indicii de depreciere. Daca exista asemenea indicii, se estimeaza valoarea

recuperabila a activelor respective. O pierdere din depreciere este recunoscuta atunci cand valoarea contabila a activului sau unitatea

sa generatoare de numerar depaseste valoarea sa recuperabila.

O unitate generatoare de numerar este cel mai mic grup identifi cabil care genereaza numerar si care este independent fata de alte

active si alte grupuri. Pierderile din depreciere se recunosc in contul de profi t si pierdere.

Valoarea recuperabila a unui activ sau a unei unitati generatoare de numerar este maximul dintre valoarea de utilizare si valoarea

sa justa mai putin costurile pentru vanzarea acelui activ sau unitati. Pentru determinarea valorii nete de utilizare, fl uxurile viitoare

de numerar sunt actualizate folosind o rata de actualizare inainte de impozitare care refl ecta conditiile curente de piata si riscurile

specifi ce activului respectiv.

Pierderile din depreciere recunoscute in perioadele precedente sunt evaluate la fi ecare data de raportare pentru a determina daca

s-au diminuat sau nu mai exista. Pierderea din depreciere se reia daca s-a produs o schimbare in estimarile folosite pentru a determina

valoarea de recuperare. Pierderea din depreciere se reia doar in cazul in care valoarea contabila a activului nu depaseste valoarea

contabila care s-ar fi calculat, neta de amortizare si depreciere, daca pierderea din depreciere nu ar fi fost recunoscuta.

O pierdere din depreciere aferenta fondului comercial nu se reia intr-o perioada ulterioara. In cazul altor active, altele decat fondul

comercial, pierderile generate de deprecierea valorii sunt reluate daca a existat o modifi care in estimarile utilizate in determinarea

valorii recuperabile. O pierdere din deprecierea valorii activelor este reluata numai in situatia in care valoarea contabila a activului

nu depaseste valoarea contabila care ar fi fost determinata, neta de amortizare sau depreciere, in cazul in care nici o pierdere din

depreciere nu ar fi fost recunoscuta.

3.20. DEPOZITE ALE CLIENTILOR

Depozitele clientilor sunt recunoscute initial la valoarea justa inclusiv costurile aferente tranzactiei si masurate ulterior la cost

amortizat folosind metoda ratei efective de dobanda.

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3.21. PROVIZIOANE

Sunt recunoscute in bilant pe baza estimarii cheltuielilor necesare stingerii obligatiei prezente la data bilantului. Provizioanele

sunt revazute la fi ecare data a bilantului si ajustate astfel incat sa refl ecte cea mai buna estimare curenta. Provizionul este folosit numai

pentru cheltuielile pentru care provizionul a fost recunoscut initial.

3.22. IMPRUMUTURI DE LA BANCI SI INSTITUTII FINANCIARE

Imprumuturile de la banci si alte institutii fi nanciare emise sunt recunoscute initial la valoare justa ca fi ind incasarile din aceste

instrumente (valoarea justa a consideratiei primite) nete de costurile aferente tranzactiei. Imprumuturile de la alte banci si alte institutii

fi nanciare sunt ulterior inregistrate la cost amortizat. Grupul clasifi ca aceste instrumentele ca datorii fi nanciare sau capitaluri proprii in

conformitate cu termenii contractuali ai instrumentului respectiv.

3.23. GARANTII FINANCIARE

Garantiile fi nanciare sunt contracte prin care Grupul isi asuma un angajament de a efectua plati specifi ce catre detinatorul

garantiei fi nanciare pentru a compensa pierderea suferita de detinator in cazul in care un debitor anume nu reuseste sa efectueze

plata la scadenta in conformitate cu termenii prevazuti in prospectul unui instrument de datorie.

Datoria aferenta garantiilor fi nanciare este recunoscuta initial la valoarea justa, si aceasta este amortizata pe durata de viata a

garantiei fi nanciare. Datoria aferenta garantiilor fi nanciare este evaluata ulterior la valoarea cea mai mare dintre costul amortizat al

acesteia si valoarea actualizata a platilor estimate a se realiza (atunci cand plata aferenta garantiei a devenit probabila).

Grupul a inclus in politica sa de creditare produsul de risk sharing participand la riscul in legatura cu credite acordate de alte

institutii fi nanciare internationale unor clienti romani. In aceasta relatie contractuala Grupul garanteaza suportarea partiala sau totala

a pierderilor care ar putea interveni in cazul neplatii de catre imprumutat a sumelor datorate de acesta, in schimbul unor comisioane

de participare la risc. De asemenea Grupul primeste, in schimbul angajamentului de garantare, ponderea aferenta propriei participari

din dobanda primita de catre institutia fi nanciara internationala din care au fost anterior deduse costurile de lichiditate ale institutiei

fi nanciare internationale, precum si o suma proportionala cu riscul asumat din totalitatea veniturilor recuperate de institutia fi nanciara

in caz de executare a garantiilor.

3.24. BENEFICIILE ANGAJATILOR

3.24.1. Benefi cii pe termen scurt

Obligatiile cu benefi ciile pe termen scurt acordate angajatilor nu se actualizeaza si sunt recunoscute in contul de profi t si

pierdere pe masura ce serviciul aferent este prestat. Benefi ciile pe termen scurt ale angajatilor includ salariile, primele si contributiile

la asigurarile sociale. Benefi ciile pe termen scurt ale angajatilor sunt recunoscute ca si cheltuiala atunci cand serviciile sunt prestate.

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3.24.2. Planuri de contributii determinate

Banca si fi liala sa, efectueaza plati in numele angajatilor proprii catre sistemul de pensii al statului roman, asigurarile de sanatate

si fondul de somaj, in decursul derularii activitatii normale. Toti angajatii bancii si ai fi lialelor sunt membrii si de asemenea au obligatia

legala de a contribui (prin intermediul contributiilor sociale) la sistemul de pensii al statului roman. Toate contributiile aferente

sunt recunoscute in contul de profi t si pierdere al perioadei, atunci cand sunt efectuate. Banca si fi lialele sale nu au alte obligatii

suplimentare. Banca si fi lialele sale nu sunt angajate in nici un sistem de pensii independent si, in consecinta, nu au nici un fel de alte

obligatii in acest sens. Banca si fi lialele sale nu sunt angajate in nici un alt sistem de benefi cii post pensionare. Banca si fi lialele sale nu

au obligatia de a presta servicii ulterioare fostilor sau actualilor salariati.

3.25. RAPORTAREA PE SEGMENTE

Un segment este o componenta distincta a Grupului care furnizeaza anumite produse si servicii (segment de activitate) sau

furnizeaza produse si servicii intr-un anumit mediu geografi c (segment geografi c) si care este supus la riscuri si benefi cii diferite de

cele ale celorlalte segmente. Formatul principal de raportare pe segmente al Grupului este reprezentat de segmentarea pe activitati

3.26. STANDARDE, INTERPRETARI SI AMENDAMENTE LA STANDARDELE

INTERNATIONALE DE RAPORTARE FINANCIARA CARE NU SUNT INCA IN VIGOARE

Anumite standarde noi, amendamente si interpretari la standardele deja existente au fost publicate si sunt necesare a fi aplicate

pentru perioadele incepand cu 1 ianuarie 2009, sau perioadele ulterioare, iar Grupul nu le-a adoptat inca. Conducerea a considerat

relevante urmatoarele standarde noi, amendamente si interpretari la standardele deja existente:

3.26.1. Amendamente la IFRS 2 “Plata pe baza de actiuni” si IFRIC 11 IFRS 2

Tranzactii cu actiunile grupului si cu actiuni proprii. Acesta solicita atribuirea de plati pe baza de actiuni si efectuate in numerar

de catre societatea mama catre furnizorii de bunuri si servicii (inclusiv angajatii) ai unei fi liale in situatiile fi nanciare ale fi lialei. IASB nu a

specifi cat o data propusa de incepere a aplicarii, dar a propus ca amendamentul sa fi e aplicat retroactiv conform cerintelor de tranzitie

la IFRS. Acest amendament la IFRS 2 nu este in prezent aplicabil operatiunilor Grupului pentru ca Grupul nu este angajat in programe

de benefi cii cu plata pe baza de actiuni.

3.26.2. IFRS 3 (revizuit) “Combinari de inteprinderi” (aplicabil incepand cu 1 ianuarie 2009)

Standardul revizuit include o serie de schimbari potential semnifi cative inclusiv:

a) Toate elementele trasferate de catre cumparator sunt recunoscute si masurate la valoarea justa de la data achizitiei, cuprinzand

si contingentele transferate;

b) Consturile de tranzactie nu sunt incluse in contabilizarea achizitiei;

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c) Cumparatorul poate alege sa masoare orice interes fara control la valoarea justa la data achizitiei (fond comercial total), sau la

interesul proportional din valoarea justa a activelor si datoriilor identifi cabile ale partii achizitionate;

d) Achizitionarea unor interese fara control aditional dupa combinarea de inteprinderi trebuie sa fi e contabilizata ca o achizitie

de participatie. Grupul nu a fi nalizat inca analiza impactului viitor al revizuirii acestui standard asupra metodei sale de contabilizare a

combinarilor de inteprinderi dupa aplicarea acestui standard revizuit.

3.26.3. IAS 1 ( revizuit) “Prezentarea situatiilor financiare – prezentari ale capitalurilor”

(data de aplicare incepand cu 1 ianuarie 2009).

Standardul revizuit cere ca informatiile din situatiile fi nanciare sa fi e grupate pe baza unor caracteristici comune si introduce

Situatia profi tului cuprinzator. Elementele de venituri si cheltuieli si componetele altor profi turi cuprinzatoare pot fi prezentate fi e

intr-o singura situatie a profi tului cuprinzator cu subtotaluri, sau in doua situatii separate (o situatie a contului de profi t si pierdere

urmat de o situatie a profi tului cuprinzator). Grupul evalueaza momentan daca sa prezinte o singura situatie a profi tului cuprinzator,

sau doua situatii separate.

3.26.4. IAS 23 (modificat) “Costurile indatorarii” (data de aplicare incepand cu 1 ianuarie 2009)

Acesta cere unei entitati sa capitalizeze costurile indatorarii care sunt direct atribuibile achizitionarii, construirii sau producerii unui

activ califi cabil (un activ care necesita o perioada substantiala de timp pentru a fi gata in vederea utilizarii sau pentru vanzare) ca parte

componenta a costului pentru activul respectiv. Optiunea de recunoastere a costurilor indatorarii ca o cheltuiala in perioada in care ele

au aparut, va fi eliminata. Grupul va aplica IAS 23 (modifi cat), daca va fi cazul, incepand din 1 ianuarie 2009. In prezent acesta nu este

aplicabil Grupului deoarece nu exista active califi cabile.

Anumite standarde noi, amendamente si interpretari ale standardelor existente nu sunt in vigoare pentru exercitiului fi nanciar

incheiat la 31 decembrie 2008 si nu au fost aplicate in intocmirea acestor situatiilor fi nanciare.

3.26.5. Amendamentul la IFRS 2 “Plata pe baza de actiuni” (data de aplicare incepand cu 1 ianuarie 2009)

Amendamentele la acest standard clarifi ca defi nitia conditiilor pentru intrarea in drepturi si introduce conceptul de neintrare in

drepturi. Conditiile de neintrare in drepturi vor fi incluse in valoarea justa la data acordarii iar imposibilitatea indeplinirii conditiilor de

neintrare in drepturi va duce in general la tratarea acestora ca anulare. Amendamentele la IFRS 2 nu sunt relevante pentru operatiunile

Grupului deoarece Grupul nu are planuri de compensare pe baza de actiuni

3.26.6. IFRS 3 (revizuit) “ Combinari de inteprinderi” (data de aplicare incepand cu 1 iulie 2009)

Domeniul de aplicare a standardului revizuit a fost modifi cat si defi nitia afacerii a fost extinsa. Standardul revizuit include o serie

de modifi cari potential semnifi cative inclusiv:

a) toate elementele trasferate de catre cumparator sunt recunoscute si masurate la valoarea justa de la data achizitiei, inclusiv

contingentele transferate;

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) modifi carile ulterioare in contingentele transferate vor fi recunoscute in contul de profi t si pierdere;

c) costurile de tranzactie, altele decat costurile de emitere a actiunilor si datoriilor, vor fi recunoscute ca o cheltuiala;

d) cumparatorul poate alege sa masoare orice interese fara control la valoarea justa la data achizitiei (fond comercial total), sau la

interesul proportional din valoarea justa a activelor si datoriilor identifi cabile ale partii achizitionate.

Intrucat standardul revizuit nu va fi aplicat in combinari de intreprinderi inainte de data de aplicare, standardul revizuit probabil

nu va avea nici un impact asupra situatiilor fi nanciare cu privire la combinarile de intreprinderi ce au loc inainte de data de aplicare a

standardului revizuit.

3.26.7. IAS 23 (modificat), „Costurile indatorarii” (data de aplicare incepand cu 1 ianuarie 2009)

revizuit elimina optiunea de a inregistra ca si cheltuiala costurile indatorarii si solicita unei entitati capitalizarea costurilor indatorarii

care sunt direct atribuibile unui activ eligibil (un activ care necesita o perioada substantiala de timp pentru a fi gata in vederea utilizarii

sau pentru vanzare). In prezent acesta nu este aplicabil Grupului intrucat acesta nu detine active eligibile.

3.26.8. IFRS 8 “Segmente de activitate” (data de aplicare incepand cu 1 ianuarie 2009)

Acest standard introduce “abordarea managementului“ pentru segmentele de raportare si solicita prezentarea segmentelor pe

baza componentelor entitatii pe care managementul le monitorizeaza in a lua decizii operationale. Segmentele operationale sunt

componentele entitatii despre care sunt disponibile informatii fi nanciare distincte, analizate regulat de catre managementul in vederea

alocarii resurselor si evaluarii performantei fi ecarui segment. Impactul aplicarii acestui standard este inca analizat de Grup.

3.26.9. IAS 1 (revizuit) „Prezentarea situatiilor financiare” (data de aplicare incepand cu 1 ianuarie 2009)

Standardul revizuit cere ca informatiile din situatiile fi nanciare sa fi e grupate pe baza unor caracteristici comune si introduce Situatia

profi tului cuprinzator. Elementele de venituri si cheltuieli si alte componente ale profi tului cuprinzator pot fi prezentate fi e intr-o singura

situatie a profi tului cuprinzator (care combina in mod unitar contul de profi t si pierdere si toate modifi carile in capitaluri, altele decat

cele cu actionarii in capacitatea lor de actionari, intr-o singura situatie), sau in doua situatii separate (o situatie separata a contului de

profi t si pierdere, urmata de o situatie a profi tului cuprinzator). In prezent Grupul evalueaza posibilitatea prezentarii unei singure situatii a

profi tului cuprinzator sau a doua situatii separate.

3.26.10. Amendamente la IAS 27, “Situatiile financiare consolidate si individuale“

(data de aplicare incepand cu 1 ianuarie 2009))

Amendamentele elimina defi nitia de „metoda a costurilor” in prezent prevazuta in IAS 27 si in schimb cere ca toate dividendele

unei fi liale, unei entitati controlate in comun sau unei entitati asociate sa fi e recunoscute ca venituri in situatiile fi nanciare individuale

ale investitorului cand dreptul de a primi dividendul este stabilit. In plus, amendamentele ofera indrumare in cazul in care venitul

din dividende este considerat a fi un indicator de depreciere. Amendamentle la IAS 27 nu vor avea un impact asupra acestor situatii

fi nanciare; cand vor intra in vigoare aceste amendamente vor fi aplicate prospectiv.

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3.26.11. IAS 27 (revizuit) “Situatiile financiare consolidate si situatii financiare individuale“

(data de aplicare incepand 1 ianuarie 2009)

In standardul revizuit termenul de interes minoritar a fost inlocuit de interes fara control, si este defi nit ca “ participatia intr-o fi liala

care nu este atribuibila, direct sau indirect unei companii mama”. Standardul revizuit modifi ca si contabilizarea interesului fara control,

pierderea controlului intr-o fi liala, si alocarea profi tului sau pierderii si a altor profi turi cuprinzatoare intre interesul cu sau fara control

IAS 27 revizuit nu este relevant pentru operatiunile Grupului deoarece Grupul nu are interese in fi liale ce vor fi afectate de

revizuirea acestui standard.

3.26.12. IAS 32 (modificat)„Instrumente financiare: prezentare si descriere“ si IAS 1, “Cadrul general pentru

intocmirea si prezentarea situatiilor financiare anuale“ (data de aplicare 1 Ianuarie 2009).

Amedamentele introduc o exceptie pricipiului aplicabil in IAS 32 referitor la clasifi carea instrumentelor de capitaluri proprii;

amendamentul permite unor instrumente livrabile emise de o entitate care in mod normal ar fi clasifi cate ca si datorii sa fi e clasifi cate

ca si elemente de capitaluri proprii daca si numai daca acestea indeplinesc anumite conditii. Aceste amendamente nu sunt relevante

pentru situatiile fi nanciare ale Grupului deoarece nici o entitate a Grupului nu a emis in trecut instrumente livrabile care ar putea fi

afectate de aceste amendamente.

3.26.13. IAS 39 (modificat) „Instrumente financiare: Recunoastere si evaluare”

(data de aplicare incepand cu 1 iulie 2009)

Amendamentul standardului clarifi ca aplicarea principiilor existente ce determina daca riscurile specifi ce sau cota parte din cash

– fl ow sunt eligibile pentru a indica o relatie de acoperire. In indicarea relatiei de acoperire riscurile sau cota parte trebuie sa fi e separat

identifi cabile si masurate cu precizie; totusi infl atia nu poate fi indicata, cu exceptia anumitor circumstante. Amendamentul IAS 39 nu

este relevant pentru Grup intrucat aceasta nu aplica contabilitatea de acoperire.

3.26.14. IAS 40 „Investitii imobiliare”, revizuit (data de aplicare incepand cu 1 ianuarie 2009)

IAS 40 este modifi cat pentru a include proprietatile imobiliare in constructie sau dezvoltare pentru utilizarea ulterioara ca si

investitii imobiliare. Astfel, proprietatile imobiliare sunt incluse in scopul lui IAS 40; anterior acestea erau in scopul lui IAS 16.

3.26.15. IFRIC 13 “Programele de fidelizare a clientilor” (data de aplicare incepand cu 1 iulie 2008)

Interpretarile explica modul in care entitatile ce acorda facilitati de fi delizare a clientilor care cumpara bunuri si servicii trebuie

sa isi inregistreze obligatiile de acordare a bunurilor si serviciilor gratuite sau cu discount clientilor eligibili pentru aceste facilitati.

Entitatile sunt obligate sa aloce o parte a vanzarii initiale catre facilitatea de fi delizare si sa recunoasca acesta parte ca venit atunci cand

si-au indeplinit obligatiile. Grupul estimeaza ca aceasta interpretare nu are un impact asupra situatiilor fi nanciare intrucat nu deruleaza

programe de fi delizare a clientilor

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3.26.16. IFRIC 15 „Contracte de constructie a proprietatilor imobiliare” (aplicabil incepand cu 1 ianuarie 2009)

IFRIC 15 atesta ca veniturile care decurg din contracte de construire a proprietatilor imobiliare sunt recunoscute in relatie cu

stadiul de executie a contractului de activitate in urmatoarele cazuri:

a) contractul indeplineste defi nitia contractului de constructie in conformitate cu IAS 11.3;

b) contractul este doar pentru prestarea de servicii in conformitate cu IAS 18 (ex. entitatii nu i s-a cerut sa furnizeze materiale

de constructii);

c) contractul este pentru vanzarea de bunuri dar criteriile de recunoastere a veniturilor in conformitate cu IAS 18.14 sunt indeplinite

in mod continuu pe masura ce constructia inainteaza.

In toate celelalte cazuri venitul este recunoscut cand toate criteriile de recunoastere a veniturilor in conformitate cu IAS 18.14

sunt satisfacute (de exemplu la terminarea constructiei sau la livrare). IFRIC 15 nu e relevant operatiunilor pe care le desfasoara Grupul

intrucat Grupul nu ofera servicii de constructie a proprietatilor imobiliare.

3.26.17. IFRIC 16 „Acoperirea investitiei nete in operatiuni straine” (aplicabil din 1 octombrie 2008)

Interpretarea explica tipul de expunere ce poate fi acoperita, unde in cadrul unui grup elementul acoperit va fi tinut, daca metoda

de consolidare afecteaza efi cienta operatiunilor de acoperire, forma pe care instrumentul de acoperire o poate lua si ce sume sunt

reclasifi cate din capitaluri in contul de profi t si pierdere la vanzarea operatiunilor straine. Standardul nu este aplicabil Grupului.

3.26.18. IFRIC 17 „Distribuirea activelor nemonetare actionarilor”

(aplicabil prospectiv incepand cu 15 iulie 2009)

Interpretarea se aplica distribuirilor ne-reciproce de active nemonetare actionarilor in capacitatea lor de actionari. Conform

interpretarii o datorie de a plati un dividend trebuie recunoscuta atunci cand distribuirea dividendului este autorizata adecvat si nu

mai este la dispozitia entitatii si va fi masurat la valoarea justa a activelor ce urmeaza a fi distribuite. Valoarea dividendului de platit

trebuie sa fi e masurata la fi ecare data de raportare, iar modifi carile in valoarea vor fi recunoscute in capitaluri ca ajustare la valoarea

distribuita. Cand dividendul este stabilit, diferenta, daca exista, dintre valoarea activului distribuit si valoarea dividendului de plata

trebuie inregistrata in contul de profi t si pierdere. Cum interpretarea este aplicabila doar din 15 iulie 2009, nu va impacta situatiile

fi nanciare anterioare datei de aplicare a acestei interpretari.

61


4. POLITICI DE GESTIONARE A RISCULUI FINANCIAR

4.1. INTRODUCERE

62

Grupul este expus urmatoarelor riscuri ca rezultat al folosirii instrumentelor fi nanciare:

• Riscul de credit

• Riscul de lichiditate

• Riscul de piata

• Riscul aferent impozitarii

• Riscul operational

Aceasta nota prezinta informatii referitoare la expunerea Grupului fata de fi ecare risc mentionat mai sus, obiectivele Grupului,

politicile si procesele de evaluare si gestionare a riscului. Cele mai importante riscuri fi nanciare la care este expus Grupul sunt riscul de

credit, riscul de lichiditate si riscul de piata. Riscul de piata include riscul valutar si riscul de rata a dobanzii precum si riscul de pret al

instrumentelor de capital.

4.1.1. Cadrul gestionarii riscurilor

Directoratul Volksbank Romania S.A are o responsabilitate generala in ceea ce priveste stabilirea si monitorizarea cadrului general

pentru managementul riscurilor in Grup. Directoratul a delegat responsabilitati pentru dezvoltarea si monitorizarea politicilor de

gestionare a riscului Grupului in domenii specifi ce de expertiza catre Comitetul pentru Administrarea Activelor si Pasivelor (ALCO),

Comitetul de Risc si Comitetul de Credite.

Politicile Grupului de gestionare a riscului sunt stabilite pentru a identifi ca si analiza riscurile la care este expus Grupul, pentru a

stabili limitele adecvate de risc si control, si a monitoriza riscurile si respectarea limitelor de risc. Politicile si sistemul de gestionare a

riscurilor sunt revizuite periodic pentru a refl ecta schimbarile in conditiile pietii, produselor si serviciilor oferite. Grupul isi propune sa

dezvolte un mediu de control disciplinat si constructiv, in care toti angajatii isi inteleg rolurile si obligatiile, prin intermediul cursurilor

de instruire, standardelor si procedurilor de conducere implementate.

Comitetul de Audit raporteaza Directoratului si are responsabilitatea de a monitoriza respectarea procedurilor de gestiune ale

riscului. Comitetul de Audit este asistat in indeplinirea functiilor sale de catre Auditul Intern. Auditul Intern efectueaza atat revizuiri

regulate cat si ad-hoc asupra controalelor si procedurilor de gestiune a riscurilor, iar rezultatele revizuirilor sunt raportate Comitetului

de Audit si Consiliului de Supraveghere.

4.2. RISCUL DE CREDIT

4.2.1. Gestionarea riscului de credit

Grupul este expus la riscul de credit atat prin activitatile sale de tranzactionare, creditare si investitie cat si prin situatiile in care

actioneaza ca intermediar in numele clientilor sau a tertelor parti sau in calitatea sa de emitent de garantii. Riscul de credit asociat

activitatilor de tranzactionare si investitie este gestionat prin intermediul proceselor de management al riscului de piata ale Grupului.

Riscul este diminuat prin selectarea unor parteneri cu performante fi nanciare solide, prin monitorizarea activitatii acestora, prin folosirea

de limite de expunere si, acolo unde este necesar, prin solicitarea de garantii.


Expunerea cea mai mare a Grupului la riscul de credit ia nastere din acordarea de credite si avansuri clientilor. In acest caz, expunerea este

reprezenta de valoarea contabila a activelor din bilant. Grupul este expus la riscul de credit pe diferite alte active fi nanciare, incluzand instrumente

derivate si de datorie, expunerea in cazul acestor instrumente fi ind egala cu valoarea contabila a acestora prezentata in bilant. Pe langa cele

mentionate mai sus, Grupul este expus la riscul de credit extrabilantier, din angajamentele de fi nantare si emiterea de garantii (vezi Nota 31).

Pentru a minimiza riscul, Grupul are anumite proceduri menite sa evalueze clientii inaintea acordarii creditelor, sa monitorizeze

capacitatea acestora de a rambursa principalul si dobanzile aferente pe perioada derularii imprumuturilor si sa stabileasca limite de

expunere.

O divizie distincta de Risc, care raporteaza Vicepresedintelui de Risc este responsabila cu supravegherea riscului de credit al

Grupului, incluzand:

a) Formularea politicilor de credit prin acoperirea cerintelor pentru garantii, evaluarea creditului, clasificarea si raportarea riscului, proceduri

legale si de documentare, si conformitatea cu cerintele statutare regulatorii;

b) Stabilirea structurii de autorizare a aprobarii si reinnoirii facilitatilor de credit. Limitele de autorizare sunt alocate pe nivele ale

comitetului de credit. Facilitatile de credit de valori mai mari necesita aprobarea celui mai inalt nivel al Comitetului de Credit;

c) Revizuirea si evaluarea riscului de credit. Comitetul de Credit evalueaza toate expunerile de credit mai mari de limitele stabilite,

inainte ca facilitatile sa fie aprobate sau supuse spre aprobare de catre Directorat sau acordate cilentilor. Reinnoirea si revizuirea

facilitatilor se supune aceluiasi proces de evaluare;

d) Limitarea concentrarii expunerii pe terti, arii geografice si industrii (pentru credite si avansuri acordate clientilor), pe emitent

si pe rating;

e) Dezvoltarea si mentinerea sistemelor de rating pentru a clasifica expunerile in functie de nivelurile de risc ale potentialelor pierderi

financiare si pentru a se permite conducerii sa se concentreze pe riscurile care le insotesc. Sistemul de rating este folosit pentru a

determina daca sunt necesare provizioanele pentru depreciere pentru anumite expuneri de credit. Sistemul de rating reflecta diverse

nivele ale riscului de neplata. Sistemele de rating sunt implementate in aplicatii integrate la nivel de grup. Sistemele de rating sunt

mentinute centralizat de banca mama in colaborare cu expertii locali;

f) Revizuirea, verificarea conformitatii cu limitele de expunere stabilite, inclusiv cele pentru industrii si produse specifice;

g) Raportari periodice despre calitatea portofoliului de credite sunt transmise la Comitetul de Risc si sunt luate masuri adecvate;

h) Furnizarea de informatii, indrumari si expertize sucursalelor, agentiilor si departamentelor implicate in riscul de credit pentru a

promova practica cea mai adecvata in Grup in ceea ce priveste gestionarea riscului de credit.

63


Implementarea politicilor de credit si a procedurilor este realizata la nivel centralizat. Fiecare sucursala/ agentie trebuie sa

implementeze politicile si procedurile de credit ale Grupului. Fiecare sucursala este responsabila de calitatea si performanta portofoliului

propriu de credite precum si de monitorizarea si controlul asupra tuturor riscurilor de credit din portofoliul lor, inclusiv cele supuse

aprobarii in centrala.

64

Procesele de aprobare a creditelor si gestionare a creditelor pot fi descrise astfel:

• Retail – procese si produse standard gestionate centralizat;

• Corporate – procese si produse nonstandard gestionate centralizat.

Departamentul de Audit Intern efectueaza verifi cari periodice ale fi ecarei sucursale/ agentii.

4.2.2. Expunerea la riscul de credit

Concentrarile de risc de credit semnifi cative iau nastere pe tipuri de clienti in functie de creditele si avansurile acordate de Grup

si angajamentele de credit luate.

Concentrarea riscului de credit aferent instrumentelor fi nanciare exista pentru grupe de clienti sau alti terti care prezinta

caracteristici economice similare si a caror capacitate de rambursare a creditelor este similar afectata de schimbarile in mediul

economic. Principala concentrare a riscului de credit deriva din expunerea bruta individuala si pe categorii de clienti in ceea ce

priveste creditele si avansurile acordate de Grup, angajamentele de extindere a facilitatilor si garantiile emise.

In tabelul de mai jos sunt prezentate concentrarile de risc generate de credite pe sectoare economice.

In RON 31 Decembrie, 2008 31 Decembrie, 2007

CLIENTI RETAIL (PERSOANE FIZICE SI MICROINTREPRINDERI)

CLIENTI CORPORATIVI (IMM-URI SI CORPORATII MARI)

9.648.099.044 5.982.679.444

DIN CARE: 3.535.966.334 1.937.203.325

Transport 105.472.523 72.862.921

Textile 69.875.547 41.183.390

Constructii 321.691.195 213.836.835

Comert cu amanuntul si en-gross 588.009.316 335.011.041

Servicii 1.913.007.886 720.709.332

Alte sectoare economice

TOTAL CREDITE SI AVANSURI ACORDATE

537.909.867 553.599.806

CLIENTILOR, NETE DE PROVIZIOANE 13.184.065.378 7.919.882.769


La 31 decembrie 2008, totalul expunerilor bilantiere si extrabilantiere era de 14.274.588.591 RON (31 decembrie 2007:

8.825.646.134 RON).

Sumele refl ectate in paragraful anterior reprezinta pierderea contabila maxima care ar fi recunoscuta la data raportarii daca clientii

ar inceta sa mai respecte termenii contractuali iar orice garantie nu ar mai avea valoare. Valorile prezentate depasesc asadar cu mult

pierderile estimate si incluse in provizionul pentru credite constituit.

Grupul detine garantii pentru creditele si avansurile acordate clientilor sub forma de depozite colaterale, ipoteci asupra proprietatilor

imobiliare, garantii si alte gajuri asupra echipamentelor sau sumelor de bani viitoare. Estimarile de valoare justa iau in calcul valoarea

garantiei evaluata la data imprumutului si, in general, estimarile nu sunt revizuite decat in cazul in care imprumutul este testat

individual pentru depreciere. Grupul nu a retinut garantii pentru creditele si avansurile acordate bancilor.

Grupul reevalueaza intern cel putin anual garantiile ipotecare atasate creditelor Corporate si cel putin o data la trei ani cele atasate

creditelor Retail. Piata imobiliara din Romania a avut un declin pronuntat in cursul anului 2008. Grupul este in proces de realizare a unui

studiu privind evolutia pietei imobiliare si va ajusta in continuare ratele de pierdere aferente garantiilor imobiliare pe baza rezultatelor

acestuia, daca va fi cazul.

Grupul scoate din evidenta contabila un credit/ un instrument fi nanciar (si provizioanele pentru depreciere aferente) la momentul

la care se considera ca activul este nerecuperabil. Se ajunge la aceasta concluzie dupa evaluarea schimbarilor semnifi cative care au

avut loc in pozitia fi nanciara a imprumutatului/ emitentului, schimbari ce au determinat imposibilitatea de plata a obligatiei sau

insufi cienta sumelor din recuperarea garantiilor de a acoperi intreaga expunere.

Grupul foloseste rating-uri interne utilizate in procesul de acordare a creditelor atat pentru creditele testate individual cat si

pentru cele evaluate colectiv.

65


Expunerile la riscul de credit in functie de rating-urile creditelor si avansurilor acordate clientilor la 31 decembrie 2008 si 2007

sunt prezentate in continuare.

In RON

Provizion individual

Nota 31 Decembrie, 2008

Credite si avansuri

acordate clientilor

31 Decembrie, 2007

Provizion specifi c – 5B 7.630.425 -

Restructurare – 5C 12.592.167 -

Insolvabilitate – 5D 592.227 -

VALOARE BRUTA 20.814.819 -

Provizion individual (18.038.235) -

VALOARE CONTABILA NETA 2.776.584 -

PROVIZION COLECTIV

Cea mai buna calitate – 1D 9.859.803 -

Calitate excelentă - 2A - 9.106.665

Calitate excelentă - 2B 8.007.662 10.882.231

Calitate foarte bună - 2C 818.821 28.251.174

Calitate foarte bună - 2D 14.001.421 17.113.502

Calitate foarte bună - 2E 738.671.260 447.726.790

Calitate bună - 3A 1.091.084.306 770.623.983

Calitate bună - 3B 3.266.544.760 1.849.066.404

Calitate bună către medie - 3C 3.945.420.488 2.316.966.776

Calitate medie – 3D 2.057.203.926 1.349.581.221

Calitate acceptabilă - 3E 949.031.169 627.072.999

Calitate minima acceptata - 4A 190.826.789 164.972.554

Calitate minima acceptata - 4B 667.560.112 268.148.203

In observare - 4C 88.452.809 44.500.401

In observare - 4D 169.645.520 40.369.273

In observare - 4E 17.130.932 10.911.089

Scadenţă depăşită cu 90 de zile - 5A 74.197.373 12.836.222

Provizion specifi c - 5B - 14.613.676

Restructurare - 5C - 4.311.665

Scoatere in afara bilantului - 5E 6.974 -

Fara rating* 410.888 3.071.166

66


In RON Nota 31 Decembrie, 2008

Credite si avansuri

acordate clientilor

31 Decembrie, 2007

VALOARE BRUTA 13.288.875.013 7.990.125.994

Provizion colectiv (116.799.376) (70.243.225)

VALOARE CONTABILA NETA 13.172.075.637 7.919.882.769

RESTANTE DAR FARA PROVIZION 202 -

NICI RESTANTE NICI PROVIZIONATE

TOTAL VALOARE CONTABILA NETA CREDITE SI

9.212.955 -

AVANSURI ACORDATE CLIENTILOR 13.184.065.378 7.919.882.769

* Categoria „Fara rating” cuprinde persoane fi zice si intreprinderi foarte mici (microintreprinderi) pentru care Grupul nu aplica modelele

de rating.

** Pentru aceste expuneri nu a fost considerat necesara constituirea unui provizion datorita garantiilor furnizate.

Creditele si avansurile acordate bancilor in valoare de 26.188.976 RON (2007: 20.350.200 RON) precum si titlurile de valoare in

suma de 68.884.552 RON (2007: 31.112.152 RON) sunt incadrate toate in categoria „nici restante, nici provizionate”.

Grupul a acordat in 2008 credite clientilor cu rating intre 1A si 4B ce au generat expuneri (bilantiere si extrabilantiere) in suma

totala de 5.911.864.766 RON.

Pentru corporatii, intreprinderi medii si mici, institutii fi nanciare, autoritati locale si centrale, Grupul foloseste sisteme de rating

utilizate in procesul de aprobare a creditelor atat pentru creditele testate individual cat si pentru cele evaluate colectiv.

67


68

O analiza a valorii garantiilor aferente creditelor acordate clientilor (bilantiere si extrabilantiere) se prezinta dupa cum urmeaza:

In RON 31 decembrie 2008 31 decembrie 2007

VALOAREA GARANTIILOR AFERENTE

CREDITELOR PROVIZIONATE INDIVIDUAL

Proprietati 2.889.180 -

Depozite colaterale/ Scrisori de garantie 719.419

Gajuri 207.231 -

Total

VALOAREA GARANTIILOR AFERENTE

CREDITELOR PROVIZIONATE COLECTIV

3.815.830 -

Proprietati 12.024.758.103 11.078.326.534

Depozite colaterale/ Scrisori de garantie 163.683.941 290.003.181

Gajuri 537.277.386 694.834.397

Total 12.725.719.430 12.063.164.112

VALOAREA GARANTIILOR AFERENTE

CREDITELOR FARA RESTANTE SI FARA PROVIZION

- -

Proprietati 4.119.135 63.504.874

Depozite colaterale/ Scrisori de garantie 3.985.246 577.629

Gajuri 68.753 230.823

Total 8.173.134 64.313.326

VALOAREA GARANTIILOR AFERENTE CREDITELOR

SI AVANSURILOR ACORDATE CLIENTILOR 12.737.708.394 12.127.477.438

Grupul detine garantii pentru credite si avansuri acordate clientelei sub forma depozitelor bancare, ipoteci asupra proprietatilor

imobiliare, garantii si alte gajuri asupra echipamentelor si / sau alte creante. Banca nu a preluat in activul propriu in anul 2008

garantii executate.


Credite si avansuri acordate clientilor depreciate

Creditele si avansurile acordate clientilor depreciate sunt acelea pentru care Grupul considera ca este probabil ca nu putea

colecta principalul si dobanda de plata in conformitate cu termenii contractuali ai contractului de credit.

Credite restante dar fara provizion

Creditele si avansurile acordate clientilor, pentru care dobanda si principalul de plata sunt restante dar Grupul considera ca

nu este cazul sa le deprecieze datorita valorii garantiei/ colateralului disponibil si/ sau a gradului de colectare a sumelor datorate

Grupului.

Credite cu termeni de renegociere

Creditele cu termeni de negociere sunt acele credite care au fost restructurate datorita deteriorarii pozitiei fi nanciare a

debitorului.

Provizioane de depreciere

Grupul stabileste un provizion pentru depreciere care reprezinta o estimare a unei pierderi din valoarea portofoliului de

credite. Componentele principale ale acestui provizion sunt o componenta specifi ca de risc care se refera la expuneri individuale si o

componenta colectiva stabilita pentru un grup de active omogene din punctul de vedere al pierderilor care au fost realizate, dar care

nu au fost identifi cate asupra creditelor care pot fi subiectul deprecierii individuale.

Politica de scoatere in afara bilantului

Grupul scoate in afara bilantului un credit /titlu (si orice pierderi din depreciere legate de acestea) atunci cand Comitetul de risc

al Grupului/ Directoratul stabileste ca aceste credite nu pot fi recuperate. Se ajunge la aceasta concluzie dupa evaluarea schimbarilor

semnifi cative care au avut loc in performanta fi nanciara a emitentului/ imprumutatului, schimbari ce au determinat imposibilitatea de

plata a obligatiei sau insufi cienta sumelor din recuperarea garantiilor in vederea acoperirii intregii expuneri

69


Concentrarea pe regiuni geografi ce a expunerilor bilantiere si extrabilantiere rezultate din credite si avansuri acordate clientilor

este detaliata mai jos:

70

Regiune 31 decembrie 2008 31 decembrie 2007

Alba Iulia 3% 3%

Baia Mare 1% 1%

Brasov 4% 4%

Bucuresti 51% 51%

Cluj 5% 6%

Constanta 4% 4%

Craiova 4% 5%

Galati 3% 3%

Iasi 5% 5%

Oradea 4% 3%

Piatra Neamt 2% 2%

Pitesti 4% 4%

Sibiu 2% 2%

Suceava 2% 2%

Targu Mures 1% 0%

Timisoara 5% 5%

TOTAL 100% 100%

Concentrarea geografi ca ridicata se datoreaza faptului ca mai mult de jumatate din portofoliu de credite si avansuri acordate

clientilor o reprezinta expunerile pe Bucuresti. Acest lucru nu este privit ca un risc avand in vedere faptul ca aproximativ 50% din

intermedierile fi nanciare ca parte a produsului intern brut sunt concentrate in Bucuresti. Structura portofoliului de credite este astfel

apropiata de structura existenta la nivel national.

4.3. RISCUL DE RATA A DOBANZII

Grupul se confrunta cu riscul de dobanda in principal datorita expunerii la fl uctuatiile nefavorabile ale ratei dobanzii pe piata.

Principalele surse ale riscului de dobanda sunt reprezentate de corelatiile imperfecte dintre data maturitatii (pentru ratele fi xe de

dobanda) sau data actualizarii pretului (pentru ratele de dobanda variabile) aferente activelor si pasivelor purtatoare de dobanda,

evolutia adversa a curbei ratei randamentului (evolutia neparalela a randamentului ratelor de dobanda a activelor si pasivelor purtatoare

de dobanda), corelatia imperfecta in ajustarea ratelor castigate si platite pentru diferite instrumente fi nanciare cu caracteristici de

actualizare a pretului asemanatoare

Volksbank Romania S.A. evaluaza si gestioneaza riscul de rata de dobanda prin monitorizarea limitei, pe care impactul unei variatii

paralele a curbelor de rata de dobanda cu 200 de puncte de baza, il va avea asupra profi tului pe urmatorul an. Volksbank Romania

S.A. masoara riscul de rata a dobanzii prin metoda GAP. Aceasta metoda nu poate lua insa in calcul faptul ca Volksbank Romania S.A.

poate schimba rata dobanzii la creditele cu dobanda fi xa. Activitatile de gestionare a activelor si datoriilor purtatoare de dobanda se

desfasoara in contextul expunerii Grupului la fl uctuatiile ratei dobanzii


Grupul incearca sa metina o pozitie neta pozitiva pentru instrumentele fi nanciare purtatoare de dobanda. Pentru a putea atinge

acest obiectiv, Grupul foloseste un mix de instrumente fi nanciare purtatoare de dobanda fi xa si variabila, pentru care incearca sa

controleze necorelarea intre datele la care dobanda activa si dobanda pasiva sunt actualizate la rata de piata sau intre datele de

maturitate ale instrumentelor active si pasive.

Ratele de dobanda pentru moneda locala si principalele monede straine la 31 decembrie 2008 si 2007 au fost urmatoarele:

Moneda Rata dobanzii 31 decembrie 2008 31 decembrie 2007

Leu (RON) Robor 1 luna 15,35% 8,24%

Leu (RON) Robor 3 luni 15,46% 8,38%

Leu (RON) Robor 6 luni 15,46% 8,44%

Euro (EUR) Euribor 1 luna 2,60% 4,29%

Euro (EUR) Euribor 3 luni 2,89% 4,69%

Euro (EUR) Euribor 6 luni 2,97% 4,71%

Dolar SUA (USD) Libor 1 luna 0,44% 4,63%

Dolar SUA (USD) Libor 3 luni 1,43% 4,73%

Dolar SUA (USD) Libor 6 luni 1,75% 4,65%

Intervale de rate de dobanda

Tabelul urmator detaliaza ratele de dobanda anuale obtinute sau oferite de catre Grup pentru activele si pasivele purtatoare de

dobanda in decursul anului 2008:

Min. %

RON

Interval

Max. % Min. %

USD

Interval

Max. % Min. %

EUR

Interval

Max. % Min. %

CHF

Interval

Max. %

ACTIV

Cont curent la BNR 2,35 5,15 0,80 1,05 1,15 2,75 - -

Plasamente 2,00 10,25 0,13 12,00 1,90 7,00 0,10 1.50

Titluri de stat 6,00 13,74 - - - - - -

Credite 4,25 20,61 2,18 14,35 2,69 15,00 2,46 8,00

PASIV

Depozite atrase de la banci 1.66 20.00 1,69 4,10 3,30 6,10 1,95 9,00

Depozite atrase de la clienti 0,10 18,50 0,01 3.75 1,00 7.70 0.02 3,5

Imprumuturi de la banci si institutii fi nanciare 8,24 12,86 - - 3,32 6,64 1,24 4,36

Nota: La sfarsitul lunii octombrie 2008, datorita crizei de lichiditate conjuncturala manifestata pe piata monetara, dobanzile pe acesta

piata au inregistrat valori foarte ridicate ajungand chiar pana la 60% p.a. pentru plasamentele in RON, dobanzi practicate temporar si

de catre Banca.

71


Tabelul urmator detaliaza ratele de dobanda anuale obtinute sau oferite de catre Grup pentru activele si pasivele purtatoare de

dobanda in decursul anului 2007:

72

RON

Interval

Min. % Max. %

USD

Interval

Min. % Max. %

EUR

Interval

Min. % Max. %

CHF

Interval

Min. % Max. %

ACTIV

Cont curent la BNR 2,10 2,50 1,15 1,20 0,90 1,35 - -

Plasamente 1,00 50,00 4,95 6,50 3,00 5,70 - -

Titluri de stat 6,00 7,00 - - - - - -

Credite

PASIVE

3,45 15,00 - - 4,25 12,01 3,45 6,34

Depozite atrase de la banci 2,00 12,50 5,26 6,50 3,30 6,05 3,00 3,10

Depozite atrase de la clienti 0,10 14,00 0,80 4,75 0,10 5,29 - -

Imprumuturi de la banci si institutii fi nanciare 2,00 12,50 5,26 6,50 3,30 6,05 3,34 3,34

In tabelul de mai jos este detaliata senzitivitatea Grupului la variatia ratei de dobanda pentru portofoliul de active si datorii

fi nanciare netranzactionabile la data de 31 decembrie 2008:

Intre

Intre

In RON Pana la 3 luni 3 luni si 1 an

1 an si 5 ani Peste 5 ani Total

Numerar si echivalente de numerar 7.338.129.891 - - - 7.338.129.891

Plasamente la banci 592.712.532 - - - 592.712.532

Credite si avansuri acordate bancilor 26.188.976 - - - 26.188.976

Credite si avansuri acordate clientilor 10.662.188.899 1.418.571.457 551.652.511 551.652.511 13.184.065.378

Titluri de valoare 39.567.622 5.570.376 10.122.768 12.100.960 67.361.726

TOTAL ACTIVE NETRANZACTIONABILE 18.658.787.920 1.424.141.833 561.775.279 563.753.471 21.208.458.503

Depozite de la banci 126.314.206 - - - 126.314.206

Depozite de la clienti

Credite de la banci

1.733.411.174 482.617.532 51.410.688 12.557.349 2.279.996.743

si alte institutii fi nanciare 13.967.881.072 3.183.220.142 - - 17.151.101.214

Datorii subordinate 522.115.190 - - - 522.115.190

TOTAL PASSIVE NETRANZACTIONABILE 16.349.721.642 3.665.837.674 51.410.688 12.557.349 20.079.527.353

POZITIE NETA 2.309.066.278 (2.241.695.841) 510.364.591 551.196.122 1.128.931.150


In tabelul de mai jos este detaliata senzitivitatea Grupului la variatia ratei de dobanda pentru portofoliul de active si datorii

fi nanciare netranzactionabile la data de 31 decembrie 2007:

In RON

Pana

la 3 luni

Intre

3 luni si 1 an

Intre

1 an si 5 ani Peste 5 ani Total

Numerar si echivalente de numerar 3.627.891.567 - - - 3.627.891.567

Plasamente la banci 962.712.657 - - - 962.712.657

Credite si avansuri acordate bancilor 20.350.200 - - - 20.350.200

Credite si avansuri acordate clientilor 6.713.862.643 494.584.288 482.496.811 228.939.027 7.919.882.769

Titluri de valoare - 8.990.089 10.314.002 11.075.566 30.379.657

TOTAL ACTIVE

NETRANZACTIONABILE 11.324.817.067 503.574.377 492.810.813 240.014.593 12.561.216.850

Depozite de la banci 285.442.076

Depozite de la clienti

Credite de la banci

857.083.559 1.055.471.209 15.933.825 1.803.778 1.930.292.371

si alte institutii fi nanciare 8.385.929.063 552.581.607 - - 8.938.510.670

Datorii subordonate 473.008.651 - - - 473.008.651

TOTAL PASIVE

NETRANZACTIONABILE 10.001.463.349 1.608.052.816 15.933.825 1.803.778 11.627.253.768

POZITIE NETA 1.323.353.718 (1.104.478.439) 476.876.988 238.210.815 933.963.082

73


4.4. RISCUL VALUTAR

Grupul este expus riscului valutar prin tranzactiile de schimb valutar pe care le realizeaza. Exista de asemenea un risc bilantier

legat de posibilitatea cresterii datoriilor monetare nete in valuta ca urmare a fl uctuatiilor cursului de schimb.

Principalele valute deţinute de Grup sunt RON, EUR si CHF. Romania continua sa prezinte unele fl uctuaţii de moneda. Grupul isi

administreaza expunerea la fl uctuatiile ratei de schimb. Pozitiile valutare deschise reprezintă o sursa de risc de schimb valutar. Pentru

a evita pierderile care decurg din miscarile cursului de schimb, Grupul aplica in prezent o politica generala de mentinere pozitie de

schimb valutar, apropiata de zero

74

Activele si datoriile monetare exprimate in principalele valute la 31 decembrie 2008 sunt prezentate mai jos:

In RON RON EUR CHF Alte valute Total

ACTIVE

Numerar si echivalente de numerar 218.952.480 7.097.679.050 8.806.842 12.691.519 7.338.129.892

Plasamente la banci 399.019.653 193.692.878 - - 592.712.531

Credite si avansuri acordate bancilor 26.188.976 - - - 26.188.976

Credite si avansuri acordate clientilor 1.309.795.409 6.285.624.145 5.577.241.445 11.404.376 13.184.065.376

Titluri de valoare 67.361.726 - - - 67.361.726

Alte active 9.855.232 7.346.645 4.370.872 72.634 21.645.382

ACTIVE MONETARE TOTALE 2.031.173.476 13.584.342.718 5.590.419.160 24.168.529 21.230.103.883

DATORII

Depozite de la banci 125.619.754 200.286 - 494.167 126.314.206

Depozite de la clienti

Credite de la banci si alte institutii

816.889.506 1.402.452.201 35.075.554 25.579.481 2.279.996.742

fi nanciare 801.661.674 10.751.967.273 5.597.472.267 - 17.151.101.214

Alte passive 27.871.181 3.584.210 (1.265) 269.510 31.723.636

Datorii subordinate - 522.115.190 - - 522.115.190

DATORII MONETARE TOTALE 1.772.042.115 12.680.319.160 5.632.546.556 26.343.158 20.111.250.989

POZITIA VALUTARA NETA 259.131.361 904.023.558 (42.127.397) (2.174.629) 1.118.852.894


Activele si datoriile monetare exprimate in principalele valute la 31 decembrie 2007 sunt prezentate mai jos:

In RON

ACTIVE

RON EUR CHF

Alte valute

straine Total

Numerar si echivalente de numerar 248.540.523 3.368.749.171 6.252.704 4.349.169 3.627.891.567

Plasamente la banci 316.664.180 637.986.472 - 8.062.005 962.712.657

Credite si avansuri acordate bancilor 20.350.200 - - - 20.350.200

Credite si avansuri acordate clientilor 1.173.925.827 4.403.689.351 2.333.346.842 8.920.749 7.919.882.769

Titluri de valoare 30.379.657 - - - 30.379.657

Alte active 3.477.413 4.138.133 1.676.078 24.189 9.315.813

ACTIVE MONETARE TOTALE 1.793.337.800 8.414.563.127 2.341.275.624 21.356.112 12.570.532.663

DATORII

Depozite de la banci 58.425.723 188.668.099 38.348.254 - 285.442.076

Depozite de la clienti

Credite de la banci si alte institutii

814.568.419 1.029.469.684 64.125.481 22.128.787 1.930.292.371

fi nanciare 318.791.604 6.423.371.312 2.196.347.754 - 8.938.510.670

Alte passive 11.841.718 2.295.693 1.227 750.989 14.889.627

Datorii subordinate - 473.008.651 - - 473.008.651

DATORII MONETARE TOTALE 1.203.627.464 8.116.813.439 2.298.822.716 22.879.776 11.642.143.395

POZITIA VALUTARA NETA 589.710.336 297.749.688 42.452.908 (1.523.664) 928.389.268

Instrumentele fi nanciare derivate folosite de Grup pentru a reduce riscul valutar sunt reprezentate de swap-uri pe curs de schimb

(vezi Nota 15).

75


4.5. RISCUL DE LICHIDITATE

Riscul de lichiditate este generat de politica de atragere de resurse fi nanciare si de gestionare a pozitiilor bilantiere de active.

Acesta include atat riscul ca Grupul sa intampine difi cultati in procurarea fondurilor necesare pentru refi nantarea activelor la scadentele

aferente cat si riscul rezultand din incapacitatea de a colecta un activ la o valoare apropriata de valoarea sa justa, intr-o perioada de

timp rezonabila.

Grupul are acces la surse de fi nantare diversifi cate. Fondurile sunt atrase printr-o gama vasta de instrumente incluzand depozite,

imprumuturi si capital social. Aceasta imbunatateste fl exibilitatea atragerii de fonduri, limiteaza dependenta fata de un singur tip de

fi nantare si conduce la o scadere generala a costurilor implicate de atragerea de fonduri.

Grupul incearca sa mentina un echilibru intre continuitatea si fl exibilitatea atragerii de fonduri, prin contractarea de datorii

cu scadente diferite. Grupul controleaza in permanenta riscul de lichiditate identifi cand si monitorizand modifi carile de fi nantari si

diversifi cand baza de fi nantare.Banca evalueaza situatia lichiditatii sale prin teste de rezistenta (stress test).

Activele si datoriile monetare ale Grupului analizate in functie de durata ramasa de la 31 decembrie 2008 pana la data scadentei

sunt urmatoarele:

76

In RON Pana la 3 luni Intre 3 luni si 1 an Intre 1 an si 5 ani Peste 5 ani Total

ACTIVE

Numerar si echivalente de numerar 7.338.129.891 - - - 7.338.129.891

Din care la BNR 7.208.210.579 - - - 7.208.210.579

Plasamente la banci 592.712.532 - - - 592.712.532

Credite si avansuri acordate bancilor 6.188.976 - 20.000.000 - 26.188.976

Credite si avansuri acordate clientilor 845.678.296 1.548.213.315 754.005.758 10.036.168.009 13.184.065.378

Titluri de valoare 9.088.098 12.294.389 37.831.158 8.148.081 67.361.726

TOTAL ACTIVE MONETARE 8.791.797.793 1.560.507.704 811.836.916 10.044.316.090 21.208.458.503

DERIVATIVE

Intrari in 2008 930.454.610 - - - 930.454.610

Iesiri in 2008 921.150.000 - - - 921.150.000


In RON Pana la 3 luni Intre 3 luni si 1 an Intre 1 an si 5 ani Peste 5 ani Total

SURPLUS/ (DEFICIT) DE LICHIDITATE

DIN OPERATIUNI CU DERIVATIVE 9.304.610 - - - 9.304.610

PASIVE

Depozite de la banci 126.314.206 - - - 126.314.206

Depozite de la clienti

Credite de la banci

1.771.601.459 481.832.634 19.864.989 6.697.661 2.279.996.743

si alte institutii fi nanciare 3.234.296 2.608.234.116 6.321.713.802 8.217.919.000 17.151.101.214

Datorii subordonate 53.990 - 522.061.200 - 522.115.190

TOTAL PASIVE MONETARE 1.901.203.951 3.090.066.750 6.863.639.991 8.224.616.661 20.079.527.353

SURPLUS / (DEFICIT) DE LICHIDITATE 6.899.898.452 (1.529.559.046) (6.051.803.075) 1.819.699.429 1.138.235.760

Activele si datoriile monetare ale Grupului analizate in functie de durata ramasa de scurs de la 31 decembrie 2007 pana la data

scadentei sunt urmatoarele:

In RON Pana la 3 luni Intre 3 luni si 1 an Intre 1 an si 5 ani Peste 5 ani Total

ACTIVE

Numerar si echivalente de numerar 3.627.891.567 - - - 3.627.891.567

Din care la BNR 3.530.241.088 - - - 3.530.241.088

Plasamente la banci 962.712.657 - - - 962.712.657

Credite si avansuri acordate bancilor - - 20.350.200 - 20.350.200

Credite si avansuri acordate clientilor 485.136.466 1.166.598.417 627.918.066 5.640.229.820 7.919.882.769

Titluri de valoare 268.904 10.240.753 10.000.000 9.870.000 30.379.657

TOTAL ACTIVE MONETARE 5.076.009.594 1.176.839.170 658.268.266 5.650.099.820 12.561.216.850

77


78

In RON Pana la 3 luni Intre 3 luni si 1 an Intre 1 an si 5 ani Peste 5 ani Total

DERIVATIVE

Intrari in 2007 362.218.600 - - - 362.218.600

Iesiri in 2007 361.020.000 - - - 361.020.000

Surplus/ (Defi cit) de lichiditate

din operatiuni cu derivative

1.198.600 - - - 1.198.600

PASIVE

Depozite de la banci 285.442.076 - - - 285.442.076

Depozite de la clienti

Credite de la banci

882.226.282 1.031.491.623 15.125.334 1.449.132 1.930.292.371

si alte institutii fi nanciare - 435.714.740 1.395.410.693 7.107.385.237 8.938.510.670

Datorii subordonate - - 234.698.949 238.309.702 473.008.651

TOTAL PASIVE MONETARE 1.167.668.358 1.467.206.363 1.645.234.976 7.347.144.071 11.627.253.768

SURPLUS / (DEFICIT) DE LICHIDITATE 3.909.539.836 (290.367.193) (986.966.710) (1.697.044.251) 935.161.682

Grupul detine instrumentele fi nanciare derivate pentru managementul riscului incheiate cu Österreichische Volksbanken

Aktiengesellschaft in suma de 100.000.000 EUR la 31 decembrie 2007 respectiv 230.000.000 EUR la 31 decembrie 2008.

4.5.1. Expunerea la riscul de lichiditate

Indicatorul folosit de Grup pentru gestionarea riscului de lichiditate este rezultatul raportului dintre activele nete lichide (numerar

si echivalente de numerar + conturi de corespondent la banci + depozite la banci + titluri de stat libere de gaj) si surse atrase / surse

imprumutate.

Detaliile acestui indicator la data raportarii si ca medie, maxim si minim ale acestuia calculati lunar, sunt urmatoarele:

2008 2007

La 31 decembrie 37,93% 33,79%

Media in perioada 36,00% 35,58%

Maxim in perioada 39,06% 37,12%

Minim in perioada 23,58% 33,79%


4.6. RISCUL DE PIATA

Riscul de piata se refera la pierderile potentiale ce pot apare ca urmare a unor miscari nefavorabile ale preturilor de pe piata.

Principalele riscuri de piata pot fi clasifi cate astfel:

• Risc de rata a dobanzii

• Risc de rata de schimb

• Risc de pret (pretul actiunilor, pretul marfurilor)

Riscurile de piata sunt gestionate separat pentru portofoliile de tranzactionare „Trading Book” si pentru portofoliul care nu

este detinut pentru tranzactionare „Banking Book”. Portofoliul de tranzactionare „Trading Book” este detinut pentru a profi ta de pe

urma fl uctuatiilor de pret. Eventualul profi t ce poate fi obtinut din acest portofoliu aduce cu sine un risc potential. Prin urmare daca

portofoliul de tranzactionare este semnifi cativ, riscurile atasate trebuie monitorizate frecvent.

Prin politica, strategia si practicile adoptate, Grupul a detinut un portofoliu de tranzactionare „Trading Book” nesemnifi cativ.

Pragul de la care portofoliul de tranzactinare „Trading Book” este considerat nesemnifi cativ si este defi nit conform normelor locale si

standardelor Basel II.

Prin urmare Grupul gestioneaza si monitorizeaza urmatoarele riscuri:

• Riscul de rata de dobanda in portofoliul de „Banking Book”

• Riscul de rata de schimb ”Trading Book” si „Banking Book”

Rezultatele analizei de risc de rata de dobanda sunt sumarizate in tabelul de mai jos, unde limita globala de expunere de 15% este

impusa de catre VBAG, iar utilizarea limitei este prezentata doar in contextul analizei senzitivitatii capitalului si profi tului la modifi carea

ratelor de dobanda cu 200 bps, la o miscare (fi e pozitiva, fi e negativa) a ratelor de dobanda de cinci ori mai mare (1.000 bps); astfel, in

acelasi tabel se prezinta si analiza de senzitivitate a valorii capitalului si a profi tului pentru o crestere paralela a curbelor de dobanda

cu 1.000 bps:

In RON Utilizare limita

31 decembrie 2008

Limita

ANALIZA DE SENZITIVITATE

LA RISCUL DE RATA A DOBANZII (200 BP)

Impact asupra capitalului (92.219.110) 5,89% 15%

Impact asupra profi tului (toate elementele) 61.025.340 - -

ANALIZA DE SENZITIVITATE

LA RISCUL DE RATA A DOBANZII (1000 BP)

Impact asupra capitalului (461.095.552) over 15% 15%

Impact asupra profi tului (toate elementele) 305.126.700 - -

79


4.6.1. Riscul de rata de schimb

Riscul de rata de schimb este cuantifi cat prin pozitia valutara deschisa. Pozitia valutara deschisa este considerata semnifi cativa

daca depaseste 2% din fondurile proprii, conform defi nitiei Bancii Nationale a Romaniei si a grupului. Grupul si-a limitat in mod explicit

pozitia valutara la 5 milioane EUR sau echivalent. Aceasta limita este mult sub pragul de semnifi catie de 2%. Asa cum se poate vedea

mai jos, Grupul a mentinut in mod constant pozitia valutara in jurul valorii 0 si in cadrul limitelor stabilite, exceptand o singura situatie,

si anume, sfarsitul anului 2008, cand pe fondul inregistrarii unei cresteri neasteptate a provizioanelor de risc de credit s-a generat o

depasire a limitei de 2%. Cu toate acestea, pozitia valutara totala, cat si pozitiile pe fi ecare valuta in parte s-au incadrat intotdeauna in

limitele de 20%, respectiv 10% din fondurile proprii impuse de catre Banca Nationala a Romaniei.

Prin urmare, in concordanta cu cerintele Bancii Nationale a Romaniei si in conformitate cu cerintele de grup, pozitia valutara este

considerata nesemnifi cativa si nu sunt realizate alte analize de senzitivitate in mod curent pentru gestionarea pozitie valutare

deschise.

Mai jos este prezentat informativ si impactul asupra profi tului la o crestere de curs valutar de 10% pe principalele trei valute ale

Grupului in luna decembrie a lui 2008:

In RON Pozitia valutara

Impact asupra profi tului la o crestere

de curs de 10% Decembrie 2008

EUR -17.915.435 -1.791.545 Diminuare profi t

CHF -16.235.224 -1.623.520 Diminuare profi t

USD 137.513 13.750 Crestere profi t

Nota: in cazul unei descresteri a cursurilor valutare impactul asupra profi tului va fi egal si de sens contrar.

4.6.2. “Analiza „Value at Risk” (VaR)

Analiza VaR (Value at Risk) reprezinta pierderea maxima pe care, in cazul Volksbank Romania S.A., o poate inregistra portofoliu de

tranzactionare, intr-un interval de timp de o zi, cu probabilitatea de 99%. Calcului VaR se bazeaza pe simularea istorica a volatilitatii.

80

Aceasta analiza a inceput sa fi e efectuata in cadrul Bancii incepand cu luna octombrie a anului 2008.

Ca urmare, este prezentata mai jos doar situatia de la 31 decembrie 2008:

In EUR VaR* Limita* Utilizare (in %)

Risc valutar 3.264 100.000 3,26%

Risc rata de dobanda 28.094 150.000 18,73%

Total 27.389 250.000 10,96%

* Masurile VaR aratate mai sus sunt calculate automat de catre sistemul de trezorerie Kondor. Acest sistem este implementat la nivelul

grupului VBAG si parametrii folositi (de exemplu volatilitatile) sunt determinate la nivel centralizat si sunt folosite pentru toate entitatile

banca mama a Grupului. Avand in vedere aplicarea acestui sistem la nivelul bancilor din grup din mai multe tari moneda de referinta

este Euro. Cifrele prezentate sunt exprimate in EUR pentru a pastra comparabilitatea in viitor. Altfel limitele folosite, desi ar ramane fi xe

in EUR, ar putea aparea diferite in RON de la an la an ca urmare a variatiei cursurilor de schimb.


4.7. RISCUL AFERENT IMPOZITARII

Incepand cu 1 ianuarie 2007, ca urmare a aderarii Romaniei la Uniunea Europeana, Grupul a trebuit sa se supuna reglementarilor

Uniunii Europene, si in consecinta s-a pregatit pentru aplicarea schimbarilor aduse de legislatia europeana. Grupul a implementat

aceste schimbari, dar modul de implemetare al acestora ramane deschis auditului fi scal timp de 5 ani.

Interpretarea textelor si implementarea practica a procedurilor noilor reglementari fi scale aplicabile, ar putea varia de la entitate

la entitate, si exista riscul ca in anumite situatii autoritatile fi scale sa adopte o pozitie diferita fata de cea a Grupului.

In plus, Guvernul Romaniei detine un numar de agentii autorizate sa efectueze auditul (controlul) companiilor care opereaza

pe teritoriul Romaniei. Aceste controale sunt similare auditurilor fi scale din alte tari, si pot acoperi nu numai aspecte fi scale dar si alte

aspecte legale si regulatorii care prezinta interes pentru aceste agentii. Este posibil ca Grupul sa continue sa fi e supusa controalelor

fi scale pe masura emiterii unor noi reglementari fi scale.

4.8. MEDIUL DE AFACERI

Procesul de ajustare a valorilor in functie de risc care a avut loc pe pietele fi nanciare internationale in 2007 si 2008 a afectat

performanta acestora, inclusiv piata fi nanciar-bancara din Romania, conducand la o incertitudine crescuta cu privire la evolutia

economica in viitor.

Criza curenta de lichiditate si creditare care a inceput la mijlocul anului 2008 a condus printre altele la un nivel scazut si acces difi cil

la fondurile de pe piata de capital, nivele scazute de lichiditate in sectorul bancar romanesc si rate de imprumut interbancare ridicate.

Pierderile semnifi cative suferite de piata fi nanciara internationala ar putea afecta capacitatea Grupului de a obtine imprumuturi noi si

refi nantari ale facilitatilor existente in conditii similare celor aplicabile tranzactiilor anterioare.

Identifi carea si evaluarea investitiilor infl uentate de o piata de creditare lipsita de lichiditati, analiza respectarii contractelor de

creditare si a altor obligatii contractuale, evaluarea incertitudinilor semnifi cative, toate acestea ridica la randul lor alte provocari.

Debitorii Grupului pot fi de asemenea afectati de situatii de criza de lichiditate care le-ar putea afecta capacitatea de a-si onora

datoriile curente. Deteriorarea conditiilor de operare a debitorilor ar putea afecta si gestionarea previziunilor de fl ux de numerar si

analiza de depreciere a activelor fi nanciare si nefi nanciare. In masura in care informatiile sunt disponibile, conducerea a refl ectat

estimari revizuite ale fl uxurilor viitoare de numerar in politica sa de depreciere. Preocuparile actuale privind posibilitatea ca deteriorarea

conditiilor fi nanciare sa contribuie intr-o etapa ulterioara la o diminuare suplimentara a increderii au determinat depunerea unor eforturi

coordonate din partea guvernelor si a Bancilor Centrale in vederea adoptarii unor masuri speciale avand drept scop contracararea

aversiunii tot mai mari fata de risc si restabilirea unor conditii normale de functionare a pietei

IIn condiitiile crizei actuale, conducerea Grupului poate estima cu un grad mare de incertitudine evenimentele care ar putea

avea un efect asupra sectorului bancar din Romania si ulterior ce efect ar putea avea asupra acestor situatii fi nanciare. Conducerea

poate estima cu un grad mare de incertitudine efectele asupra situatiilor fi nanciare ale Grupului rezultate din deteriorarea lichiditatii

pietei fi nanciare, deprecierea activelor fi nanciare infl uentate de conditii de piata nelichide si volatilitatea ridicata a monedei nationale

si a pietelor fi nanciare.

81


82

Conducerea Bancii ia toate masurile necesare pentru a sprijini cresterea actvitatii Bancii in conditiile de piata curente prin:

• pregatirea unor strategii de gestionarea a crizei de lichiditatea si stabilirea unor masuri, impreuna cu Volksbank International AG

(VBI) pentru a intampina eventuale crize de lichiditate;

• monitorizarea constanta a lichiditatii si previzionarii lichiditatii curente;

• monitorizarea zilnica a fluxurilor de numerar si evaluarea efectelor asupra creditorilor sai, a accesului la fonduri si posibilitatea

de crestere a operatiunilor in Romania.

• obtinerea unor angajamente scrise din partea proncipalilor actionari privind suportul continuu al acestora pentru operatiunile

Grupului In Romania( vezi Nota 34).

4.9. RISCURI OPERATIONALE

Riscul operational este riscul inregistrarii de pierderi directe sau indirecte rezultand dintr-o gama larga de factori asociati cu

procesele, personalul, tehnologia sau infrastructura Grupului sau factori externi altii decat cei asociati riscurilor de credit, piata sau

lichiditate cum ar fi cei care rezulta din cerintele legale si regulatorii sau din standarde general acceptate de politici corporatiste. Riscul

operational provine din toate activitatile Grupului si apare la nivelul tuturor entitatilor.

Obiectivul Grupului este de a gestiona riscul operational pentru a combina evitarea pierderilor fi nanciare si infl uenta asupra

reputatiei Grupului cu efi cacitatea costurilor si evitarea procedurilor excesive de control care restrictioneaza initiativa si creativitatea.

Responsabilitatea principala a dezvoltarii si implementarii controalelor legate de riscul operational revine conducerii fi ecarei

unitati. Responsabilitatea este sprijinita de dezvoltarea standardelor generale ale Grupului de gestionare a riscului operational pe

urmatoarele domenii:

• Cerinte de separare a responsabilitatilor, inclusiv autorizarea independenta a tranzactiilor;

• Cerinte privind responsabilizarea angajatilor prin introducerea in fisa postului a unor responsabilitati privind gestiunea riscului

operational;

• Cerinte de reconciliere si monitorizare a tranzactiilor;

• Alinierea la cerintele regulatorii si legale;

• Documentarea controalelor si procedurilor;

• Cerinte de analiza periodica a riscului operational la care este expus Grupul, si adecvarea controalelor si procedurilor pentru a

preveni riscurile identificate;

• Cerinte de raportare a pierderilor operationale si propuneri de remediere a acestora;

• Dezvoltarea unor planuri contingente;

• Dezvoltarea si instruirea profesionala;

• Stabilirea unor standarde de etica;

• Diminuarea riscului, inclusiv asigurarea impotriva acestuia, acolo unde este cazul.

Departamentul de Audit Intern si conducerea Grupului monitorizeaza respectarea standardelor Grupului prin controale regulate.

Rezultatele auditului intern sunt discutate cu conducerea unitatilor auditate iar rezumatul acestora este trimis Comitetului de Risc

(pentru analiza cost-risc), Comitetului de Audit si conducerii Grupului (pentru nerespectarea regulamentelor si stabilirea de masuri).


4.10. GESTIONAREA CAPITALULUI

Banca Nationala a Romaniei („BNR”) prin reglementarile emise stabileste cadrul legal privind cerintele de capital ale Grupului.

Pentru implementarea cerintelor actuale de capital BNR cere Grupului sa mentina un anumit indicator de capital total la total active

purtatoare de risc. Pozitia capitalului necesar Grupului conform reglementarilor statutare emise de Banca Nationala a Romaniei la 31

decembrie 2008, respectiv 31 decembrie 2007 a fost urmatoarea:

In RON 31 decembrie 2008 – Basel II 31 decembrie 2007 – Basel I

CAPITALURI DE NIVEL I - CAPITAL PROPRIU

Capital social 377.100.000 341.100.000

Prime de capital 665.610.000 521.610.000

Profi t an curent - 51.155.260

Deduceri imobilizari necorporale (9.970.906) (5.825.890)

Rezerve 90.452.119 96.452.905

Participatii la capitalul altor societati (102.210) (243.207)

TOTAL

CAPITALURI DE NIVEL II – CAPITAL SUPLIMENTAR

1.123.089.003 1.004.249.068

Rezerve din reevaluare 2.309.202 2.365.756

Imprumut subordonat 452.162.0576 462.178.050

Participatii la capitalul altor societati (102.210) (243.207)

TOTAL 454.369.048 464.300.599

TOTAL CAPITALURI PROPRII 1.577.458.051 1.468.549.667

Activele ponderate la risc n/a 6.053.363.903

Cerinta de capital pentru riscul de credit 663.954.442 n/a

Cerinta de capital pentru riscul de piata 2.735.082 n/a

Cerinta de capital pentru riscul operational

INDICI DE CAPITAL

Total capitaluri proprii exprimate procentual ca si active

40.057.988 n/a

ponderate la risc/ Necesarul de capital

Total capitaluri de Nivel 1 de baza exprimate procentual

17,9% 24,3%

ca si active ponderate la risc/ Necesarul de capital 12,7% 16,6%

Determinarea cerintelor de capital

• Riscul de credit: pana la 31 decembrie 2007, Grupul a calculat cerintele de capital in conformitate cu prevederile acordului

Basel I. Incepand cu anul 2008, prevederile acordului Basel II referitoare la calcularea cerintelor de capital sunt obligatorii pentru

sistemul bancar romanesc, Grupul alegand modelul standardizat pentru riscul de credit;

• Riscul de piata: determinarea cerintelor de capital pentru riscul valutar se calculeaza in baza modelului standardizat, in contexul

implementarii cerintelor acordului Basel II;

• Riscul operational: incepand cu 2008 Grupul a calculat cerintele de capital pentru riscul operational in baza modelului

indicatorului de baza, in contexul implementarii cerintelor acordului Basel II.

83


5. ESTIMARI CONTABILE SI JUDECATI SEMNIFICATIVE

Grupul face estimari si ipoteze care afecteaza valoarea activelor si datoriilor raportate in decursul exercitiului fi nanciar urmator.

Estimarile si judecatile sunt evaluate continuu si sunt bazate pe experienta anterioara si pe alti factori, incluzand asteptari cu privire la

evenimentele viitoare considerate a fi rezonabile in circumstantele date. Grupul foloseste metode de determinare a valorii reale pentru

instrumente fi nanciare derivate si pentru titluri de valoare disponibile pentru vanzare.

In tabelul de mai jos sunt analizate instrumentele fi nanciare determinate la valoarea reala prin metode de evaluare

la 31 decembrie 2008:

84

In RON Nota

Cotatia de pret

pe o piata activa

Tehnici de

evaluare - intrari

observabile

Tehnici de

evaluare - intrari

neobservabile Total

31 DECEMBRIE 2008

ACTIVE

Titluri de valoare disponibile pentru vanzare

Instrumente fi nanciare derivate

18 56.845.378 - - 56.845.378

pentru managementul riscului 15 - 4.802.356 - 4.802.356

TOTAL 56.845.378 4.802.356 - 61.647.734

DATORII

Instrumente fi nanciare derivate

pentru managementul riscului 15 - 832.579 - 832.579

TOTAL - 832.579 - 832.579

5.1. PIERDERI DIN DEPRECIEREA CREDITELOR SI AVANSURILOR ACORDATE CLIENTILOR

Grupul revizuieste portofoliul de credite pentru a evalua deprecierea acestor active periodic. Pentru a determina daca ar trebui

inregistrata o pierdere din depreciere, Grupul emite judecati cu privire la existenta de date observabile care sa indice o diminuare a

fl uxurilor de numerar viitoare estimate ale unui portofoliu de credite inainte ca diminuarea sa poata fi identifi cata pentru un credit

individual din portofoliu. De exemplu, datele observabile pot fi de tipul schimbarilor nefavorabile in comportamentul de plata a

unor debitori dintr-un grup sau a conditiilor economice, nationale sau locale care se coreleaza cu incidente de plata din partea

grupului de debitori.


Conducerea foloseste estimari bazate pe experienta din trecut a pierderilor din credite cu caracteristici similare ale riscului de

credit atunci cand isi programeaza fl uxurile viitoare de numerar. Metodologia si ipotezele folosite pentru a estima atat suma cat si

data realizarii fl uxurilor viitoare de numerar sunt revizuite regulat pentru a reduce decalajele existente intre datele estimate si valorile

actuale.

5.2. SENZITIVITATEA PROVIZIOANELOR LA ESTIMARILE FOLOSITE

Provizioanele depind in principal de doi factori:

• ratele de pierdere;

• probabilitatile de default.

Senzitivitatea provizioanelor la acesti factori este detaliata mai jos:

5.2.1. Senzitivitatea provizioanelor la ratele de pierdere

Aproximativ 89% din expunerile generate de credite sunt garantate cu ipoteci. Pentru calculul provizioanelor aferente acestor

expuneri, Banca foloseste o rata de pierdere determinata atat pe baza experientelor istorice cat si pe baza estimarilor specialistilor interni.

O fl uctuatie a preturilor activelor imobiliare poate avea impact asupra ratelor de pierdere si prin urmare, asupra provizioanelor.

Mai jos este prezentat impactul unor scenarii de scadere a preturilor activelor imobiliare asupra provizioanelor:

SCADEREA PRETULUI IMOBILIARELOR 15% 30% 50%

Provizioane suplimentare (RON) 15.110.595 52.887.082 105.774.164

Modul de realizare a acestei analize si ipotezele folosite sunt descrise pe scurt mai jos:

• Pentru anul 2008 Banca a finantat in medie 80% din valoarea bunurilor aduse in garantie;

• Rata de pierdere folosita pentru calculul provizioanelor aferente expunerilor garantate cu imobiliare pentru anul 2008 a fost de 17%;

• Pe perioada 2001-2008 preturile activelor imobiliare au crescut anual cu o medie de 13% (considerand anul 2001 ca baza fixa);

• Ratele de recuperare pentru activele imobiliare se mentin, insa valoarea activelor scade.

85


5.2.2. Senzitivitatea provizioanelor la probabilitatile de default

Senzitivitatea provizioanelor la probabilitatile de default prezentata mai jos a fost realizatata independent de analiza facuta

pentru analiza impactului scaderii pretului activelor imobiliare.

CRESTERE RELATIVA A PROBABILITATII DE DEFAULT 10% 15% 20%

Provizioane suplimentare (RON) 2.220.364 3.330.546 4.440.728

Nota: cresterile probabilitatilor de default sunt relative si nu absolute, de exemplu o probabilitate de default de 20% in cazul

primului scenariu (crestere de 10%) ar ajunge la 22% si nu la 30%. Probabilitatile de default au fost plafonate la 100% in toate

scenariile.

5.2.3. Valoarea justa a instrumentelor fi nanciare

Valoarea justa a instrumentelor fi nanciare care nu sunt tranzactionate pe o piata activa (spre exemplu, titluri de stat, obligatiuni si

certifi cate de depozit nelistate) este determinata folosind tehnici de evaluare. Conducerea foloseste judecati pentru a selecta metoda

de evaluare si emite ipoteze bazate in principal pe conditiile pietei existente la data intocmirii bilantului. Grupul a folosit analiza

fl uxurilor de numerar actualizate pentru activele fi nanciare disponibile pentru vanzare care nu au fost tranzactionate pe piete active.

5.2.4. Instrumente fi nanciare detinute pana la maturitate

Grupul se ghideaza dupa reglementarile IAS 39 „Instrumente fi nanciare: recunoastere si evaluare” si clasifi ca activele fi nanciare

ne-derivate cu plati fi xe sau determinabile si maturitati fi xe ca instrumente detinute pana la maturitate. Aceasta clasifi care presupune

exercitarea de judecati semnifi cative. La emiterea unor asemenea judecati, Grupul isi evalueaza intentia si capacitatea sa de a pastra

instrumentele fi nanciare pana la maturitate.

86


6. CLASIFICARI CONTABILE

LA VALOAREA JUSTA / ACTIVE SI DATORII FINANCIARE

Valoarea justa este suma la care un activ ar putea fi schimbat sau la care o datorie ar putea fi stinsa intre parti interesate si in

cunostinta de cauza, intr-o tranzactie desfasurata in conditii obiective. La 31 decembrie 2008, activele si pasivele la valoarea justa se

prezentau astfel:

Detinute

pana la

scadenta Credite si avansuri

Disponibile

pentru

vanzare

Altele la cost

amortizat Valoare totala Valoare justa

31 decembrie 2008

In RON

ACTIVE

Numerar, conturi curente,

plasamente la banci

Credite si avansuri

- 7.338.129.891 - - 7.338.129.891 7.338.129.891

acordate clientilor - 13.184.065.378 - - 13.184.065.378 11.981.626.770

Titluri de valoare 10.516.348 - 56.845.378 - 67.361.726 67.361.726

TOTAL ACTIVE 10.516.348 20.522.195.269 56.845.378 -

20.589.556.995 19.387.118.387

DATORII

Depozite de la banci

Credite de la banci

- - - 126.314.206 126.314.206 126.314.206

si alte institutii fi nanciare - - - 17.151.101.214 17.151.101.214 17.151.101.214

Depozite de la clienti - - - 2.279.996.743 2.279.996.743 2.250.950.151

TOTAL DATORII - - - 19.57.412.163 19.57.412.163 19.528.365.571

a) Numerarul si echivalentele de numerar

Valoarea nominala reprezinta valoarea justa.

b) Plasamentele la banci si creditele acordate bancilor

Plasamentele la banci si creditele acordate bancilor sunt active pe termen scurt si prin urmare valoarea din bilant reprezinta o buna aproximare

a valorii juste..

c) Credite si avansuri acordate clientilor

Valoarea justa a creditelor acordate clientilor a fost determinata pe baza fl uxurilor de numerar pe care acestea le vor genera.

Aceste fl uxuri de numerar au fost actualizate cu dobanda cu care tipurile de credite respective ar fi fost acordate la data situatiilor

fi nanciare. Pentru produsele ce nu mai sunt oferite de banca si pentru care nu mai este disponibila o dobanda de piata au fost facute

urmatoarele aproximatii:

• Pentru creditele in CHF – s-a pornit de la dobanda creditelor in EUR si s-a ajustat cu diferenta intre EURIBOR 3M si Libor 3M

(CHF). Presupunerea folosita a fost ca marja aferenta creditelor in EUR sa fie acelasi cu cel aplicat creditelor in CHF, singura

diferenta fiind ratele de referinta diferite.

• •Pentru creditele pe care grupul nu le mai ofera s-a folosit dobanda practicata la produsele similare.

87


d) Depozite de la banci

Depozitele de la banci au maturitate scurta si astfel valoarea nominala reprezinta o aproximare corecta a valorii juste.

e) Imprumuturi de la banci si alte institutii fi nanciare si datoriile subordonate

Refi nantarile primite de grup sunt legate de indici de referinta Euribor 3M si Libor 3M (CHF) si au data de revizuire trimestrial. Prin

urmare ratele de dobanda pentru aceste refi nantari au fost revizuite la data situatiilor fi nanciare si deci valoarea nominala este egala cu

valoarea justa.

f) Depozitele de la clienti

Valoarea justa pentru depozitele clientilor a fost determinata pe baza fl uxurilor de numerar viitoare pe care acestea le vor genera.

Aceste fl uxuri de numerar au fost actualizate cu dobanzile practicate la depozite similare la data situatiilor fi nanciare.

88

Valoarea justa pentru depozitele la vedere a fost considerata egala cu valoarea nominala.

7. VENITURI NETE DIN DOBANZI

In RON 31 Decembrie, 2008 31 Decembrie, 2007

DOBANZI DE PRIMIT

Conturi curente si depozite la banci 142.556.914 46.946.951

Credite si avansuri acordate clientilor 816.280.846 349.731.939

Obligatiuni si alte titluri cu venit fi x 3.066.434 3.136.869

TOTAL DOBANZI DE PRIMIT 961.904.194 399.815.759

DOBANZI DE PLATIT

Depozite de la banci 23.847.971 26.585.460

Depozite de la clienti 99.445.614 45.446.020

Imprumuturi de la banci si alte institutii fi nanciare 624.126.811 191.303.129

Imprumuturi subordonate 27.670.944 14.176.098

Alte cheltuieli cu dobanzile 50.749 42.446

TOTAL DOBANZI DE PLATIT 775.142.089 277.553.153

VENITURI NETE DIN DOBANZI 186.762.105 122.262.606


8. VENITURI NETE DIN SPEZE SI COMISIOANE

In RON 31 Decembrie, 2008 31 Decembrie, 2007

VENITURI DIN SPEZE SI COMISIOANE

Operatiuni bancare 17.218.208 14.743.562

Administrare credite si emitere de garantii 52.880.153 61.299.314

Alte operatiuni 4.391.390 674.521

TOTAL VENITURI DIN SPEZE SI COMISIOANE 74.489.751 76.717.397

CHELTUIELI CU SPEZE SI COMISIOANE

Tranzactii interbancare 7.598.966 665.371

Credite si garantii primite de la banci 7.974.847 7.850.603

Alte operatiuni 292.082 306.780

TOTAL CHELTUILEI CU SPEZE SI COMISIOANE 15.865.895 8.822.754

VENITURI NETE DIN SPEZE SI COMISIOANE 58.623.856 67.894.643

9. (CHELTUIELI)/ VENITURI NETE DIN CONVERSIE VALUTARA

SI DERIVATIVE DETINUTE PENTRU MANAGEMENTUL RISCULUI

In RON 31 Decembrie, 2008 31 Decembrie, 2007

VENITURI NETE DIN DERIVATIVE DETINUTE

PENTRU MANAGEMENTUL RISCULUI 1) 128.161.233 54.355.199

Rezultat net din reevaluarea activelor si datoriilor in valuta 76.096.792 9.014.110

Rezultat net din tranzactii spot cu bancile (14.058.673) (1.887.096)

Rezultat net din tranzactii forward cu bancile 16.055.746 5.166.777

Rezultat net din schimburi cu clientela nebancara 50.067.368 42.061.408

(CHELTUIELI)/ VENITURI NETE DIN CONVERSIE VALUTARA 2) - (62.402.258)

(CHELTUIELI)/ VENITURI NETE DIN CONVERSIE VALUTARA

SI DIN DERIVATIVE DETINUTE PENTRU MANAGEMENTUL RISCULUI 128.161.233 (8.047.059)

1) Veniturile nete din derivative detinute pentru managementul riscului includ castiguri si pierderi realizate din contracte spot si forward, din instrumente ale pietei

interbancare si din swap-uri pe valute;

2) (ii) (Cheltuielile)/ Veniturile nete din conversia valutara provin din conversia creantelor si datoriilor exprimate in moneda straina in conformitate cu IAS 21 in perioada in

care moneda functionala a Bancii era EUR.

89


10. ALTE VENITURI

90

In RON 31 decembrie, 2008 31 decembrie, 2007

Castig net din vanzarea mijloacelor fi xe 49.226 52.590

Venituri din dividende 1) 1.888.793 585.564

Alte venituri 59.649 347.233

TOTAL ALTE VENITURI OPERATIONALE 1.997.668 985.387

1) In cursul anului 2008 s-au incasat dividende de la Volksbank Leasing IFN S.A. in valoare de 1.400.000 RON, de la Societatea Transfond S.A. in valoare de 443.381 RON si de

Biroul de Credit in valoare de 45.412 RON. (In anul 2007 valoarea dividendelor primite de la Societatea Transfond a fost de 556.255 RON si valoarea dividendelor primite

de la Societatea Biroul de Credit S.A. a fost de 29.309 RON).

11. CHELTUIELI OPERATIONALE

In RON 31 decembrie, 2008 31 decembrie, 2007

Salarii 66.848.624 41.721.052

Contributia unitatii la asigurarile sociale 12.468.091 7.585.632

Contributia unitatii pentru ajutorul de somaj 748.462 910.907

Contributia angajatorului pt. asigurarile sociale de sanatate 3.741.237 2.560.841

Cheltuieli cu tichetele de masa 2.504.289 1.531.550

Alte cheltuieli cu personalul 821.282 334.974

CHELTUIELI CU PERSONALUL 87.131.985 54.644.956

Protocol si publicitate 3.154.217 2.322.076

Chirii 23.074.390 14.394.315

Alte cheltuieli operationale 44.203.021 28.238.664

Alte impozite si taxe 3.123.025 2.785.222

ALTE CHELTUIELI OPERATIONALE 73.554.653 47.740.277

TOTAL CHELTUIELI OPERATIONALE 160.686.638 102.385.233

Din totalul cheltuielilor cu salariile, Grupul a inregistrat in anul 2008 suma de 1.860.284 RON reprezentand salariile managementului

(2007: 323.209 RON).


12. CHELTUIELI NETE CU PROVIZIONUL PENTRU DEPRECIEREA

VALORII ACTIVELOR FINANCIARE

In RON 31 decembrie, 2008 31 decembrie, 2007

Cheltuieli cu provizioane pentru deprecierea creditelor si avansurilor acordate clientilor 58.140.970 50.896.409

Cheltuieli cu provizioane pentru credite inregistrate in afara bilantului 2.297 1.615.788

Reluari de provizioane pentru credite inregistrate in afara bilantului (541.819) (571.066)

Alte (reluari)/ cheltuieli cu provizioane nete 883.840 (48.613)

TOTAL CHELTUIELI NETE CU PROVIZIONUL

PENTRU DEPRECIEREA VALORII ACTIVELOR FINANCIARE 58.485.288 51.892.518

13. CHELTUIALA CU IMPOZITUL PE PROFIT

In RON 31 decembrie, 2008 31 decembrie, 2007

Impozitul pe profi t de 16% calculat conform legislatiei romanesti 18.424.100 18.817.111

Cheltuieli/ (Venituri) privind impozitul amanat 3.070.582 (4.763.306)

Diferente de conversie (vezi Nota 2 c) - (1.062.346)

Total cheltuiala cu impozitul pe profi t 21.494.682 12.991.459

13.1. Reconcilierea profi tului inainte de impozitare cu impozitul pe profi t din contul de profi t si pierdere

In RON 31 decembrie, 2008 31 decembrie, 2007

PROFIT INAINTE DE IMPOZITARE 144.480.745 19.898.705

IMPOZIT IN CONFORMITATE CU COTA STATUTARA DE 16% (2007: 16%) 23.116.919 3.183.793

Cheltuieli nedeductibile 23.155.065 219.207

Venituri neimpozabile (2.846.814) (93.690)

Alte deduceri - (946.433)

Efectul originarii si reluarii diferentelor temporare 3.070.582 (4.763.306)

Diferente permanente - 15.031.823

Diferente de conversie (vezi Nota 2 c) - 360.065

IMPOZITUL PE PROFIT IN CONTUL DE PROFIT SI PIERDERE 21.494.682 12.991.459

91


14. NUMERAR SI ECHIVALENTE DE NUMERAR

92

In RON 31 decembrie, 2008 31 decembrie, 2007

Numerar in casierie si ATM 114.904.812 86.183.444

Rezerva minima obligatorie 1) 7.208.210.579 3.530.241.088

Conturi curente la alte banci 2) 15.014.500 11.467.035

TOTAL 7.338.129.891 3.627.891.567

1) La 31 decembrie 2008, rezerva minima obligatorie tinuta la Banca Nationala a Romaniei era stabilita la 18% pentru fonduri denominate in RON si 40% pentru fonduri

denominate in USD sau EUR (31 decembrie 2007: 20% pentru RON si 40% pentru USD sau EUR). Soldul rezervei minime obligatorii poate varia de la o zi la alta. La 31

decembrie 2008, dobanda platita de Banca Nationala a Romaniei pentru rezervele mentinute de banci este de 5,15% pe an pentru rezervele denominate in RON, 2,75%

pe an pentru rezervele denominate in EUR si 1,05% pe an pentru rezervele denominate in USD. Rezerva obligatorie poate fi folosita de catre Grup pentru activitati zilnice

cu conditia ca soldul mediu lunar sa fi e mentinut in limitele prevazute de lege;

2) Conturile curente deschise la banci sunt in permanenta la dispozitia Grupului si nu sunt restrictionate. .

15. INSTRUMENTE FINANCIARE DERIVATE DETINUTE

PENTRU MANAGEMENTUL RISCULUI

31 decembrie 2008

31 decembrie 2007

Valoare Justa

Valoare Justa

In RON Notional

Active Notional

Active

Swap-uri pe curs de schimb 906.234.480 4.802.356 361.020.000 92.979

TOTAL 906.234.480 4.802.356 361.020.000 92.979

31 decembrie 2008

31 decembrie 2007

Valoare Justa

Valoare Justa

In RON Notional

Datorii Notional

Datorii

Swap-uri pe curs de schimb 7.462.442 832.579 334.373 25.315

TOTAL 7.462.442 832.579 334.373 25.315


Instrumentele fi nanciare derivate prezentate in tabelele de mai sus au fost incheiate cu Österreichische Volksbanken

Aktiengesellschaft.

Anumite elemente monetare denominate in moneda straina sunt protejate economic impotriva fl uctuatiilor cursurilor de

schimb folosind contracte swap, asa cum este prezentat mai sus. Grupul nu utilizeaza contabilitatea de acoperire a riscului valutar

pentru instrumentele fi nanciare derivate pe curs de schimb.

Valoarea justa a instrumentelor fi nanciare derivate se determina pe baza cotatiilor existente pe piata sau prin metoda fl uxurilor

de numerar actualizate, dupa cum este cazul. Tranzactiile de schimb valutar sunt evaluate prin actualizarea fl uxurilor de numerar

viitoare la o rata de piata; cotatiile disponibile pe Reuters si cotatiile Bancii Nationale a Romaniei reprezinta sursele Grupului pentru

determinarea ratelor de piata.s

16. CREDITE SI AVANSURI ACORDATE BANCILOR

In RON 31 decembrie 2008 31 decembrie 2007

Depozite la vedere la alte banci 292.680.720 836.050.794

Depozite la termen la alte banci 300.031.812 126.661.863

TOTAL DEPOZITE LA ALTE BANCI 592.712.532 962.712.657

CREDITE ACORDATE BANCILOR

Credit acordat bancii Creditcoop SA 5.457.476 -

Credit acordat Procredit Bank S.A. 20.731.500 20.350.200

TOTAL CREDITE ACORDATE BANCILOR 26.188.976 20.350.200

Depozitele deschise la banci sunt in permanenta la dispozitia Grupului si nu sunt restrictionate.

La 31 decembrie 2008 si 31 decembrie 2007 Grupul nu a recunoscut provizioane pentru deprecierea creditelor si avansurilor

acordate bancilor datorita riscului de credit scazut al contrapartidei.

93


17. CREDITE SI AVANSURI ACORDATE CLIENTILOR

Activitatea de creditare comerciala a Grupului se concentreaza in principal pe acordarea de imprumuturi persoanelor fi zice

si juridice avand rezidenta in Romania. Riscurile de concentrare pe sectoare economice asociate portofoliului de credite la data de

raportare se prezinta in felul urmator:

94

In RON 31 decembrie 2008 31 decembrie 2007

CLIENTI RETAIL (PERSOANE FIZICE SI MICROINTREPRINDERI) 9.746.773.207 6.035.741.176

CLIENTI CORPORATIVI (IMM-URI SI CORPORATII), DIN CARE: 3.572.129.782 1.954.384.818

Transport 106.551.224 73.509.159

Textile 70.590.186 41.548.655

Constructii 324.981.233 215.733.402

Comert cu amanuntul si en-gross 594.023.073 337.982.330

Servicii 1.932.572.824 727.101.465

Alte sectoare economice 543.411.242 558.509.807

TOTAL CREDITE SI AVANSURI ACORDATE CLIENTILOR INAINTE DE PROVIZIOANE 13.318.902.989 7.990.125.994

Minus provizionul pentru deprecierea creditelor si avansurilor acordate clientilor (134.837.611) (70.243.225)

TOTAL CREDITE SI AVANSURI ACORDATE CLIENTILOR, NETE DE PROVIZION 13.184.065.378 7.919.882.769


Provizionul pentru deprecierea creditelor si avansurilor acordate clientilor poate fi analizat dupa cum urmeaza:

In RON 2008 2007

SOLD LA INCEPUTUL ANULUI 70.243.225 14.544.063

Provizion individual - 1.236.864

Provizion colectiv 70.243.225 13.307.199

CHELTUIELI CU DEPRECIEREA

PRIN CONTUL DE PROFIT SI PIERDERE 211.855.274 129.956.500

Provizion individual 18.038.235 -

Provizion colectiv 193.817.039 129.956.500

VENITURI DIN RELUAREA PROVIZIOANELOR

PRIN CONTUL DE PROFIT SI PIERDERE (153.714.303) (79.060.091)

Provizion individual - (1.236.864)

Provizion colectiv (153.714.303) 77.823.227

Diferente nete de conversie 6.453.415 4.802.753

SOLD LA SFARSITUL ANULUI 134.837.611 70.243.225

Provizion individual 18.038.235 -

Provizion colectiv 116.799.376 70.243.225

95


18. TITLURI DE VALOARE

96

In RON 31 decembrie 2008 31 decembrie 2007

TITLURI DE VALOARE DISPONIBILE PENTRU VANZARE

Titluri de valoare disponibile pentru vanzare 1) 56.845.378 30.379.657

Titluri de investitii 2) 10.516.348 -

TOTAL TITLURI DE VALOARE DISPONIBILE PENTRU VANZARE 67.361.726 30.379.657

Actiuni cu venit variabil 3) 1.172.645 382.662

Participatii 4) 349.833 349.833

TOTAL PARTICIPATII DISPONIBILE LA VANZARE 1.522.478 732.495

TOTAL INVESTITII DISPONIBILE PENTRU VANZARE 68.884.204 31.112.152

1) La 31 decembrie 2008 Grupul detinea titluri clasifi cate ca fi ind active disponibile pentru vanzare in valoare totala de 56.845.378 RON, dupa cum urmeaza:

• Ministerul Finantelor Publice - titluri in valoare de 6.629.190 RON cu rata de dobanda 12,80% p.a. si termen scadent 12 iunie 2009;

• Ministerul Finantelor Publice - titluri in valoare de 16.547.013 RON cu rata de dobanda 8,00% p.a. si termen scadent 25 octombrie 2011 ;

• Ministerul Finantelor Publice - titluri in valoare de 12.162.319 RON cu rata de dobanda 8,25% p.a. si termen scadent 5 martie 2013 ;

• Ministerul Finantelor Publice - titluri in valoare de 2.117.195 RON cu rata de dobanda 8,50% p.a. si termen scadent 27 februarie 2009 ;

• Ministerul Finantelor Publice - titluri in valoare de 2.119.754 RON cu rata de dobanda 8,65% p.a. si termen scadent 27 februarie 2009 ;

• Ministerul Finantelor Publice - titluri in valoare de 4.490.045 RON cu rata de dobanda 6,00% p.a. si termen scadent 25 octombrie 2010.

• Ministerul Finantelor Publice - titluri in valoare de 4.631.780 RON cu rata de dobanda 6,50% p.a. si termen scadent 5 martie 2012 ;

• Banca Europeana de Investitii - titlu la valoarea de 8.148.082 RON cu rata dobanzii de 7,00% p.a. termen scadent 12 mai 2014.

2) La 31 decembrie 2008 Grupul detinea titluri clasifi cate ca fi ind titluri detinute pana la scadenta in valoare de 10.516.348 RON si sunt emise de urmatoarele institutii

publice:

• Ministerul Finantelor Publice - titluri la valoarea de 5.665.199 RON cu rata dobanzii de 12,40% p.a., termen scadent 12 iunie 2009;

• Ministerul Finantelor Publice - titluri la valoarea de 4.851.149 RON cu rata dobanzii de 13,74% p.a., termen scadent 20 martie 2009.

3) Volksbank Romania S.A. detine un numar total de 160 actiuni nominative, in valoare totala de 160.000 RON reprezentand 2,38% din capitalul social al Societatii Nationale

de Transfer de Fonduri si Decontari – TransFonD S.A. si un numar de 3.861.059 actiuni nominative, in valoare totala de 881.977 RON, reprezentand 9,38% din capitalul social

al societatii Biroul de Credit S.A.; sumele se afl au in sold la 31 decembrie 2008.

4) Partile in cadrul societatilor comerciale legate existente in sold, in valoare de 234.420 RON sunt reprezentate de aportul Volksbank Romania S.A la capitalul social al

societatii comerciale Volksbank Leasing Romania IFN S.A. in proportie de 20%, in suma de 204.420 RON (31 decembrie 2007: 204.420 RON) si la capitalul social al societatii

comerciale VBRO Services SRL in proportie de 100%, in suma de 30.000 RON (31 decembrie 2007: 30.000 RON).

Volksbank Leasing Romania IFN S.A. are sediul social in Sos. Bucuresti-Ploiesti, nr. 17-21, etaj 2, Sector 1, Bucuresti, Romania. VBRO

Services S.R.L. are sediul social in Sos. Mihai Bravu, nr. 171, etaj 5, biroul nr.1, Sector 2, Bucuresti, Romania.


Miscarea titlurilor de valoare in anul fi nanciar 2008 poate fi sintetizata astfel:

In RON 31 decembrie, 2008 31 decembrie, 2007

SOLD LA INCEPUTUL ANULUI 31.112.152 30.608.491

Intrari 62.451.301 30.379.657

Iesiri (24.679.249) (29.922.358)

Diferente de conversie - 46.362

SOLD LA SFARSITUL ANULUI 68.884.204 31.112.152

19. IMOBILIZARI CORPORALE

In cursul anului 2008 Grupul a efectuat investitii in special in amenajarea de spatii pentru deschiderea de noi sucursale precum si

modernizarea celor existente. De asemenea, Grupul a achizitionat un teren in valoare totala de 18.550.740 RON in vederea construirii

unui imobil in scopul desfasurarii activitatii.

In RON

Terenuri si

constructii

Mobilier

si calculatoare Masini

Mijloace fi xe

in curs Total

COST

Sold la 1 ianuarie 2007 9.364.496 24.526.091 9.833.335 7.948.433 51.672.355

Intrari 6.334.633 13.812.930 1.286.271 11.264.242 32.698.076

Iesiri - (135.731) (161.415) - (297.146)

Diferente de conversie (vezi Nota 2 c) 1.157.734 640.162 787.723 1.458.197 4.043.816

Sold la 31 decembrie 2007 16.856.863 38.843.452 11.745.914 20.670.872 88.117.101

Sold la 1 ianuarie 2008 16.856.863 38.843.452 11.745.914 20.670.872 88.117.101

Intrari 10.809.095 (3.058.409) 2.819.837 30.246.359 40.816.882

97


19. IMOBILIZARI CORPORALE (CONTINUARE)

Terenuri si

Mobilier

Mijloace fi xe

In RON

constructii

si calculatoare Masini

in curs Total

Iesiri - (3.786.306) (61.533) - (3.847.839)

Diferente de conversie (vezi Nota 2 c) - - - - -

Sold la 31 decembrie 2008 27.665.958 31.998.737 14.504.218 50.917.231 125.086.144

98

AMORTIZARE SI PIERDERI DIN DEPRECIERE

Sold la 1 ianuarie 2007 870.712 9.531.745 4.826.424 - 15.228.881

Cheltuiala anului 1.041.889 4.864.659 1.389.195 - 7.295.743

Iesiri - (135.731) (161.415) - (297.146)

Diferente de conversie (vezi Nota 2 c) 144.032 1.130.722 490.496 - 1.765.250

Sold la 31 decembrie 2007 2.056.633 15.391.395 6.544.700 - 23.992.728

Balance at January 1, 2008 2.056.633 15.391.395 6.544.700 - 23.992.728

Cheltuiala anului 1.427.378 7.190.418 1.645.352 10.263.148

Iesiri - (3.715.226) (13.105) (3.728.331)

Sold la 31 decembrie 2008 3.484.011 18.866.587 8.176.947 - 30.527.545

Valoare contabila neta

La 1 ianuarie 2007 8.493.784 14.994.346 5.006.911 7.948.433 36.443.474

La 31 decembrie 2007 14.800.230 23.452.057 5.201.214 20.670.872 64.124.373

La 1 ianuarie 2008 14.800.230 23.452.057 5.201.214 20.670.872 64.124.373

La 31 decembrie 2008 24.181.947 13.132.150 6.327.271 50.917.231 94.558.599


20. IMOBILIZARI NECORPORALE

La 31 decembrie 2008 si 31 decembrie 2007 Banca detinea ca imobilizari necorporale in principal licente si software achizitionate

in scopul desfasurarii activitatii.

In RON

COST

Imobilizari necorporale Avansuri Total

Sold la 1 ianuarie 2007 6.711.847 175.811 6.887.658

Intrari 1.331.799 3.639.666 4.971.465

Iesiri - - -

Diferente de conversie (vezi Nota 2 c) 252.952 136.003 388.955

Sold la 31 decembrie 2007 8.296.598 3.951.480 12.248.078

Sold la 1 ianuarie 2008 8.296.598 3.951.480 12.248.078

Intrari 2.598.109 3.182.147 7.780.256

Iesiri - - -

Diferente de conversie (vezi Nota 2 c) - -

Sold la 31 decembrie 2008 10.894.707 7.133.627 18.028.334

AMORTIZARE SI PIERDERI DIN DEPRECIERE

Sold la 1 ianuarie 2007 4.649.165 - 4.649.165

Cheltuiala anului 1.623.379 - 1.623.379

Iesiri - - -

Diferente de conversie (vezi Nota 2 c) 395.272 - 395.272

Sold la 31 decembrie 2007 6.667.816 - 6.667.816

Sold la 1 ianuarie 2008 6.667.816 - 6.667.816

Cheltuiala anului 1.629.043 - 1.629.043

Iesiri - - -

Diferente de conversie (vezi Nota 2 c) - - -

Sold la 31 decembrie 2008 8.296.859 - 8.296.859

VALOARE CONTABILA NETA

La 1 ianuarie 2007 2.062.682 175.811 2.238.493

La 31 decembrie 2007 1.628.782 3.951.480 5.580.262

La 1 ianuarie 2008 1.628.782 3.951.480 5.580.262

La 31 decembrie 2008 2.597.848 7.133.627 9.731.475

99


21. CREANTE SI DATORII PRIVIND IMPOZITUL AMANAT

100

Datoriile privind impozitul amanat la 31 decembrie 2008 sunt atribuibile elementelor detaliate in tabelul urmator:

In RON Active Pasive

31 decembrie 2008

Net

Provizioane pentru deprecierea creditelor 10.193.062 - 10.193.062

Retratarea investitiilor de capital - (276.081) (276.081)

Retratarea imobilizari corporale si necorporale - (464.633) (464.633)

Provizioane titluri - (323.647) (323.647)

Alte ajustari - - -

Total 10.193.062 (1.064.361) 9.128.701

Datoria cu impozitul amanat 16% 1.460.592

Creantele din impozitul amanat la 31 decembrie 2007 sunt atribuibile elementelor detaliate in tabelul urmator:

In RON Active Pasive

31 decembrie 2007

Net

Provizioane pentru deprecierea creditelor 30.567.618 - 30.567.618

Retratarea investitiilor de capital - (276.081) (276.081)

Retratarea imobilizari corporale si necorporale - (575.950) (575.950)

Alte ajustari - (1.395.750) (1.395.750)

Total 30.567.618 (2.247.781) 28.319.837

Datoria cu impozitul amanat 16% 4.531.174


22. ALTE ACTIVE

In RON 31 decembrie 2008 31 decembrie 2007

Sume in tranzit 2.827.007 289.096

Plati in avans 1) 3.485.254 3.142.308

Debitori diversi 2) 5.570.223 343.513

Obiecte de inventar 127.283 150.771

Venituri de primit 3) 8.727.009 4.950.143

Altele 938.042 444.278

Total alte active inainte de provizionare 21.674.818 9.320.109

Minus provizion pentru deprecierea altor active 29.436 4.296

Total alte active nete 21.645.382 9.315.813

1) Cheltuielile inregistrate in avans, cuprind cheltuieli cu chiriile efectuate in avans, precum si comisioane de angajament platite pentru imprumutul de 5.000.000 EUR

incheiat cu Oberbank si imprumutul subordonat de 66.000.000 EUR incheiat cu Ostereichische Volksbanken Aktiengesellschaft, ce se amortizeaza pana la maturitatea

acestor imprumuturi;

2) Debitori diversi includ in principal, sume varsate catre Bugetul de Stat si Bugetul pentru Asigurari Sociale, inregistrate in contul unic la Ministerul Finantelor Publice,

urmand a fi decontate pe baza confi rmarii primite de la acesta ca sumele au fost incasate;

3) Veniturile de primit cuprind comisioane de neutilizare credite acordate clientelei, comisioane de penalizare, comisioane de risc,comisioane pentru rezerva minima,

comisioane de administrare credite, etc.

Provizioanele pentru deprecierea altor active pot fi analizate dupa cum urmeaza:

In RON 31 decembrie 2008 31 decembrie 2007

Sold la inceputul anului 4.296 52.881

Cheltuieli cu deprecierea prin contul de profi t si pierdere (89.767) (14.656)

Venituri din reluarea provizioanelor prin contul de profi t si pierdere 65.054 63.269

Diferente de curs (427) (28)

Sold la sfarsitul anului 29.436 4.296

101


23. DEPOZITE DE LA BANCI

In RON 31 decembrie, 2008 31 decembrie, 2007

Conturi de corespondent loro 5.938.945 6.142.555

Depozite la vedere - 10.000.000

Depozite la termen 120.375.261 269.299.521

Total 126.314.206 285.442.076

24. DEPOZITE DE LA CLIENTI

In RON 31 decembrie 2008 31 decembrie 2007

Rambursabile la cerere

Clienti retail 482.269.755 415.922.679

Clienti corporativi 265.798.527 219.441.811

Total 748.068.282 635.364.490

Depozite la termen

Clienti retail 1.129.505.163 893.797.178

Clienti corporativi 402.423.298 401.113.736

Total 1.531.928.461 1.294.910.914

Conturi de economii

Clienti retail - 16.967

Total - 16.967

Total depozite de la clienti 2.279.996.743 1.930.292.371

102


25. IMPRUMUTURI DE LA BANCI SI ALTE INSTITUTII

FINANCIARE

In RON 31 decembrie 2008 31 decembrie 2007

Volksbank International AG 1) 12.418.835.387 7.106.944.641

Österreichische Volksbanken Aktiengesellschaft 2) 4.665.654.537 1.763.032.058

Raifeissen Landesbank KAERNTEN 3) 39.855.955 36.107.380

OberBank 4) 19.930.006 18.053.690

Banca Europeana pentru Reconstructii si dezvoltare 5) 6.825.329 14.372.900

Total 17.151.101.214 8.938.510.670

1) La 31 decembrie 2008 Banca avea in sold un credit multicurrency de la Volksbank International in suma de 1.950.000.000 EUR - maturitate: 2018 Tragerile au fost in suma

de 1.160.000.000 EUR si 1.010.000.000 CHF (31 decembrie 2007: 2.100.000.000 EUR);

Un imprumut multicurrency in suma de 810.000.000 EUR– maturitate 31 decembrie 2013 a fost incheiat cu Volksbank International. Tragerile au fost in suma de

312.005.220 EUR si 950.000.000 CHF;

Un imprumut in suma de 329.994.780 EUR a fost incheiat cu Volksbank International in 2008 cu scadenta 31 decembrie 2009. Tragerile au fost : 220.000.000 EUR,

101.994.780 EUR 8.000.000 EUR.

2) La fi nele anului 2008, Grupul avea un acord de imprumut cu Österreichische Volksbanken Aktiengesellschaft in suma de 280.000.000 EUR cu data scadenta 2012

(2007: 400.000.000 EUR) precum si un imprumut in RON in suma de 318.500.000 RON cu data scadentei 2012. In cursul anului 2008 grupul a incheiat un imprumut cu

Österreichische Volksbanken Aktiengesellschaft in RON in suma de 482.820.000 cu scadenta 31 ianuarie 2013;

Grupul a incheiat in anul 2008 un imprumut in suma de EUR 200.000.000 de la Österreichische Volksbanken Aktiengesellschaft (transa I – EUR 60.000.000 cu maturitate

30 iunie 2009; transa II - EUR 140.000.000 cu maturitate 30 noiembrie 2012);

De asemenea grupul a incheiat in anul 2008 un imprumut in suma de EUR 250.000.000 de la Österreichische Volksbanken Aktiengesellschaft (transa I – EUR 25.000.000

cu maturitate 30 septembrie 2009; transa II – EUR 225.000.000 cu maturitate 31 august 2018);

Tot in anul 2008 grupul a incheiat un imprumut multicurrency in suma de 240.000.000 EUR cu Österreichische Volksbanken Aktiengesellschaft (transa I – 148.980.583

EUR scadenta 31 octombrie 2009 si transa II in suma de 135.000.000 CHF cu scadenta 31 octombrie 2009;

3) De asemenea, la 31 decembrie 2008 Grupul detinea in sold un credit de la Raifeissen Landesbank KAERNTEN in suma de EUR 10.000.000 cu maturitate 2011 (31

decembrie 2007: 10.000.000 EUR)

4) La fi nele anului 2008 Grupul detinea in sold un imprumut in suma de 5.000.000 EUR obtinut de la OberBank cu maturitate in 2011 (31 decembrie 2007: 5.000.000 EUR);

5) La 31 decembrie 2008 Grupul avea in sold un credit de fi nantare primit de la BERD in valoare de 1.666.667 EUR cu data de scadenţă 2010 (31 decembrie 2007: 3.888.888 EUR);

La 31 decembrie 2008 ratele de dobanda aferente imprumuturilor pe termen mediu si lung prezentate mai sus sunt indexate la

indicele de referinta EURIBOR, CHF LIBOR si ROBOR la care se adauga marje cuprinse intre 0,35% si 2,71%.

103


26. ALTE DATORII SI PROVIZIOANE

In RON 31 decembrie 2008 31 decembrie 2007

Datorii leasing - 716.109

Alte taxe datorate 1) 13.258.813 6.664.136

Diversi creditori - 2.773.652

Cheltuieli de platit 3.345.697 1.342.149

Alte pasive 2) 15.119.126 3.393.581

Total 31.723.636 14.889.627

1) In pozitia Alte taxe datorate sunt cuprinse datoriile catre stat cu contributiile salariale, TVA de plata, impozit catre nerezidenti.

2) In pozitia Alte pasive sunt cuprinse sumele in tranzit datorate catre clienti si banci, facturi inregistrate si neplatite la 31 decembrie 2008.

In RON 31 decembrie 2008 31 decembrie 2007

Rate de leasing

Sub un an - 174.492

Intre un an si cinci ani - 555.246

Peste cinci ani - -

Total rate de leasing - 729.738

Minus dobanda viitoare - -13.629

Valoarea prezenta a ratelor de leasing - 716.109

27. DATORII SUBORDONATE

La 31 decembrie 2008 Volksbank România SA are datorii subordonate la termen în sumă totală de 15.000.000 EUR (data

maturitatii: 2011), şi de 50.0000.000 EUR scadenta: 2012, de la Volksbank International AG, şi 66.000.000 EUR (data maturitatii: 2013) de

la Österreichische Volksbanken Aktiengesellschaft.

La 31 decembrie 2007 Volksbank România SA avea datorii subordonate la termen în sumă totală de 65.000.000 EUR (data

maturitatii: 2011), şi de 66.000.000 EUR (data maturitatii: 2013) de la Investkredit Bank AG.

104


28. CAPITALUL SOCIAL

La data de 31 decembrie 2008, capitalul social statutar este format din 3.771.000.000 actiuni avand o valoare nominala de 0,1

RON pe actiune (din care 2.828.250.000 sunt actiuni ordinare si 942.750.000 sunt actiuni preferentiale). La data de 31 decembrie 2007,

capitalul social este format din 3.411.000.000 actiuni avand o valoare nominala de 0,1 RON pe actiune (din care 2.558.250.000 sunt

actiuni ordinare si 852.750.000 sunt actiuni preferentiale).

In cursul anului 2008, capitalul social statutar a fost majorat, conform hotararii Adunarilor Generale Extraordinare a Actionarilor,

de la 341.100.000 RON la 377.100.000 RON prin virarea aportului actionarilor la capitalul social in suma de 36.000.000 RON ( 8 februarie

2008). Pretul platit de actionari pentru actiunile noi emise a fost de 180.000.000 RON iar diferenta de 144.000.000 RON platita in plus

fata de valoarea nominala a actiunilor a fost inregistrata ca prime de capital.

In cursul anului 2007, capitalul social a fost majorat, conform hotararii Adunarilor Generale Extraordinare a Actionarilor, de la 229.100.000

RON la 341.100.000 RON prin virarea aportului actionarilor la capitalul social in suma de 112.000.000 RON (8 august 2007). Pretul platit

de actionari pentru actiunile noi emise a fost de 336.000.000 RON iar diferenta de 224.000.000 RON platita in plus fata de valoarea

nominala a actiunilor a fost inregistrata ca prime de capital.

Detinatorii actiunilor ordinare sunt indreptatiti sa primeasca dividende periodic si au dreptul la un vot in Adunarea Generala a

Actionarilor. Detinatorii actiunilor preferentiale nu au drept de vot in Adunarea Generala a Actionarilor. Fata de detinatorii actiunilor

ordinare, ei au dreptul la dividende suplimentare in suma de 1% din valoarea nominala a actiunilor, inmultita cu numarul de actiuni

preferentiale detinute.

Actionarii Grupului sunt urmatorii:

31 decembrie 2008

31 decembrie 2007

In RON

%

%

Volksbank International AG 99,0522 98,9522

Banca Popolare del Emiglia Romagna 0,4739 0,5239

Banca Popolare di Vicenza 0,4739 0,5239

Total 100 100

Reconcilierea capitalului social intre standardele contabile IFRS si statutar este prezentata mai jos:

In RON 31 decembrie 2008 31 decembrie 2007

Capitalul social conform cu standardele contabile statutare 377.100.000 341.100.000

Efectul hiperinfl ationist – IAS 29 29.548.673 29.548.673

Total 406.648.673 370.648.673

105


29. ALTE REZERVE

In RON 31 decembrie 2008 31 decembrie 2007

Riscuri bancare generale 46.860.040 46.860.040

Rezerva legala

Alte rezerve pentru deprecierea de valoare

14.485.176 9.442.674

a instrumentelor fi nanciare disponibile pentru vanzare (3.974.646)

Total alte rezerve 57.370.570 56.302.714

Prime de emisiune 687.148.387 543.148.387

Diferente de conversie valutara - 564.827

Total prime de emisiune 687.148.387 543.713.214

Total rezerve si prime de emisiune 744.518.957 600.015.928

29.1. REZERVE PENTRU RISCURI BANCARE GENERALE

In RON 31 decembrie, 2008 31 decembrie, 2007

La 1 ianuarie 46.860.040 43.894.132

Transfer in rezultatul reportat - 2.965.908

La 31 decembrie 46.860.040 46.860.040

29.2. REZERVE LEGALE

In RON 31 decembrie, 2008 31 decembrie, 2007

La 1 ianuarie 9.442.675 3.540.353

Repartizarea profi tului 5.042.527 5.663.101

Transfer in rezultatul reportat (25) 239.220

La 31 decembrie 14.485.177 9.442.674

106

• Rezerva reprezentand fondul pentru riscuri bancare generale s-a constituit, incepand cu exercitiul fi nanciar al anului 2004 pana

la sfarsitul exercitiului fi nanciar al anului 2007, din profi tul contabil determinat inainte de deducerea impozitului pe profi t –

profi tul brut, in cotele si limitele prevazute de lege.

• Rezervele legale reprezinta transferuri acumulate din rezultatul reportat, in conformitate cu reglementarile bancare locale care

specifi ca ca 5% din profi tul net al Grupului sa fi e transferat intr-un cont de rezerva nedistribuibila pana in momentul in care

rezerva atinge nivelul de 20% din capitalul social al entitatilor din Grup.

Rezervele legale nu sunt distribuibile actionarilor.


30. TRANZACTII CU PARTI

AFLATE IN RELATII SPECIALE CU GRUPUL

30.1. TRANZACTII CU ACTIONARII

Un numar de tranzactii bancare intre Grup si actionarii sai (Volksbank International AG, Banca Popolare Dell’Emiglia Romagna,

Banca Popolare Di Vicenza) au avut loc in cursul normal al derularii operatiunilor. Aceste tranzactii au fost incheiate pe baza de contracte

comerciale la pretul pietei.

In RON 31 decembrie, 2008 31 decembrie, 2007

Conturi de corespondent Nostro 32.584 472.688

Depozite la banci - -

Creante in sold 32.584 472.688

Conturi de corespondent Loro 274.733 154.384

Depozite de la banci - -

Inmprumuturi de la banci 12.418.835.387 7.106.944.641

Datorii subordonate 259.064.789 234.698.949

Datorii in sold 12.678.174.909 7.341.797.974

Angajamente extrabilantiere date - -

Angajamente extrabilantiere primite 630.920.306 508.841.654

Venituri din dobanzi si venituri asimilate 2.913 7.731

Cheltuieli din dobanzi si cheltuieli asimilate (427.243.838) (103.474.113)

Venituri(cheltuieli) nete de comisioane 52.615 (1.661)

Alte venituri - 36

Alte cheltuieli (5.143.563) (52.269.132)

107


30.2. TRANZACTII CU ENTITATI IN CARE ACTIONARII GRUPULUI DETIN PARTICIPATII

Grupul a efectuat un numar de tranzactii bancare, cu subsidiarii actionarilor acestuia (Magyaroszagy Volksbank, Immoconsult,

WGZ Bank AG West Deutsche Genossens, Europolis ALB-EDB Services Gmbh, Dexia, Investkredit, etc.), in cursul normal al derularii

operatiunilor. Aceste tranzactii au fost incheiate pe baza de contracte comerciale la pretul pietei.

In RON 31 decembrie 2008 31 decembrie 2007

Conturi de corespondent Nostro 12.525.104 8.989.065

Depozite la banci 178.775.001 624.635.384

Credite si avansuri acordate 9.863.631 -

Operatiuni de schimb la termen 4.802.356 92.979

Creante in sold 205.966.092 633.717.428

Conturi de corespondent Loro 1.928.161 1.129.409

Imprumuturi de la banci 4.665.654.537 1.763.032.058

Conturi curente 10.683.679 7.966.630

Depozite de la clienti 1.984.534 33.862.530

Depozite de la banci 120.375.261 162.869.518

Datorii subordonate 263.050.401 238.309.702

Operatiuni de schimb la termen 832.579 23.315

Datorii in sold 5.064.509.152 2.207.195.162

Angajamente extrabilantiere date 4.045.907 -

Angajamente extrabilantiere primite 15.015.112 739.673.583

Instrumente fi nanciare derivate 913.696.922 361.354.373

Venituri din dobanzi si venituri asimilate 1.852.135 444.643

Cheltuieli din dobanzi si cheltuieli asimilate (248.529.787) (111.159.337)

Venituri(cheltuieli) nete de comisioane 616.650 539.699

Alte venituri 103.022.749 16.687.708

Alte cheltuieli (45.166.502) (13.302.644)

108


30.3. TRANZACTII CU ENTITATI IN CARE GRUPUL DETINE PARTICIPATII

Grupul detine participatii in diverse companii locale cu care a desfasurat tranzactii bancare in cursul normal al activitatii. Aceste

tranzactii s-au desfasurat in termeni comerciali si la preturi de piata.

Soldurile tranzactiilor cu entitatile in care Grupul detine participatii sunt urmatoarele:

In RON 31 decembrie 2008 31 decembrie 2007

Conturi curente 127.646 94.832

Depozite atrase 89.929.028 26.946.463

Alte pasive 14.129

Datorii in sold 90.070.803 27.041.295

Credite si avansuri acordate -

Alte active

Creante in sold

-

Angajamente extrabilantiere date 524.991 -

Angajamente extrabilantiere primite - -

Venituri din dobanzi si venituri asimilate 45.358 3.925

Cheltuieli din dobanzi si cheltuieli asimilate (4.601.778) (1.502.143)

Venituri(cheltuieli) nete de comisioane 147.113 203.038

Alte venituri 2.120.025 1.036.277

Alte cheltuieli (106.139) (170.953)

30.4. TRANZACTII CU MANAGEMENTUL GRUPULUI

Angajatii afl ati in functii de conducere sunt acei angajati care au autoritatea si responsabilitatea de a planifi ca, directiona si

controla activitatile Grupului, direct sau indirect, incluzand orice director (executiv sau nu) al Grupului. In desfasurarea curenta a

activitatii, exista situatii in care se deruleaza tranzactii cu angajatii afl ati in functii de conducere. Aceste tranzactii includ, in principal,

credite, depozite, tranzactii de schimb valutar, garantii. Volumul tranzactiilor cu angajatii cheie este prezentat in tabelele de mai jos:

109


In RON 31 decembrie 2008 31 decembrie 2007

Credite si avansuri acordate 3.200.751 -

Alte active 17.277 14.269

Creante in sold 3.218.028 14.269

Conturi curente 249.535 153.737

Depozite 1.114.098 259.611

Datorii in sold 1.363.633 413.348

Venituri din dobanzi si venituri asimilate 173.505 2

Cheltuieli din dobanzi si cheltuieli asimilate (30.876) (8.516)

Venituri(cheltuieli) nete de comisioane 794 120

Alte venituri 26.724 1.415

Alte cheltuieli (21.988) (462)

CREDITE

Sold initial - -

Credite acordate anterior 2008 1.615.103 -

Credite acordate in 2008 1.585.648 -

Sold fi nal 3.200.751 -

DEPOZITE

Sold initial 413.348 194.389

Depozite constituite in an 700.750 3.083.157

Depozite retrase - (2.864.198)

Sold fi nal 1.114.098 413.348

Angajamente extrabilantiere date - -

Angajamente extrabilantiere primite 3.616.928 -

Compensatiile acordate managementului Grupului reprezentand salarii si alte benefi cii pe termen scurt au fost in suma de

1.860.284 RON (2007: 323.909 RON).

110


31. ANGAJAMENTE EXTRABILANTIERE,

ACTIVE SI DATORII CONTINGENTE

Grupul a acordat anumite credite care nu au fost utilizate in totalitate de clienti. Perioada de valabilitate a acestor angajamente

nu depaseste durata contractului, iar utilizarea lor este conditionata de respectarea conditiilor contractuale.

Grupul emite, de asemenea, scrisori de garantie si acreditive documentare in favoarea clientilor.

In conformitate cu Ordonanta de Urgenta a Guvernului nr 22/23 martie 2006, Grupul a semnat un contract Stand-by cu Fondul

Roman de Garantare a Depozitelor in Sistemul Bancar in suma maxima de 12.103.376 RON. Pana in prezent nu au fost trase sume din

aceasta facilitate.

Valoarea contractuala a instrumentelor fi nanciare extrabilantiere ale Grupului este evidentiata in tabelul de mai jos:

In RON 31 decembrie 2008 31 decembrie 2007

Scrisori de garantie 81.132.985 85.041.449

Alte garantii acordate institutiilor fi nanciare 1) 324.446.989 259.084.040

Angajamente in favoarea altor banci 14.801.441 34.242.500

Deschideri de credite documentare 489.227.637 426.366.892

Deschideri de credite confi rmate 737.262 6.846.972

Alte angajamente acordate clientilor 19.150.311 3.588.087

Total 929.496.625 815.169.940

1) La 31 decembrie 2008 garantiile acordate institutiilor de credit reprezinta riscuri preluate de la alte banci pentru creditele acordate de Investkredit Bank si Volksbank

International AG.

La 31 decembrie 2007 garantiile acordate institutiilor de credit reprezinta riscuri preluate de la alte banci pentru creditele

acordate de Investkredit Bank, Raiff eisen Bank SA si Volksbank International AG.

Obligatiile aferente contractelor de chirie a sediilor aferente unitatilor Grupului la 31 decembrie 2008 si 31 decembrie 2007 pot

fi analizate dupa cum urmeaza

In RON 31 decembrie 2008 31 decembrie 2007

Rate aferente contractelor de inchiriere

Sub un an 26.047.821 20.406.143

Intre un an si cinci ani 85.749.617 70.303.530

Peste cinci ani 61.215.922 55.979.263

Total rate aferente contractelor de inchiriere 173.013.360 146.688.936

111


32. RECONCILIEREA PROFITULUI DETERMINAT

CONFORM IFRS CU CEL DETERMINAT CONFORM STANDARDELOR ROMANESTI DE

CONTABILITATE, IN CONFORMITATE CU ORDINUL 5/2005 EMIS DE BANCA NATIONALA

A ROMANIEI

In RON 31 decembrie 2008 31 decembrie 2007

Profi t net conform Standardelor Romanesti de Contabilitate 100.934.682 96.452.904

Ajustari aferente imobilizarilor corporale si necorporale conform IAS 21 (71.891) 4.230.553

Ajustari aferente capitalului social conform IAS 21 - (24.182.760)

Ajustari aferente primelor de capital conform IAS 21 - (35.824.099)

Ajustari aferente rezervelor legale conform IAS 21 - (3.205.128)

Ajustari aferente soldului initial al rezultatului reportat in conformitate cu IAS 21 - 639.327

Ajustari aferente investitiilor de capital conform IAS 21 - 46.362

Ajustari aferente creditelor 20.374.556 (35.448.368)

Ajustari aferent titlurilor 4.819.298

Venit /(cheltuiala) privind impozitul amanat (3.070.582) 4.763.306

Infl uenta cursului de schimb - (564.851)

Profi t net conform IFRS 122.986.063 6.907.246

112


33. RECONCILIEREA CAPITALURILOR PROPRII

DETERMINATE CONFORM IFRS CU CELE DETERMINATE CONFORM STANDARDELOR

ROMANESTI DE CONTABILITATE, IN CONFORMITATE CU ORDINUL 5/2005 EMIS DE

BANCA NATIONALA A ROMANIEI

In RON 31 decembrie 2008 31 decembrie 2007

Capitaluri proprii conform Standardelor Romanesti de Contabilitate 1.231.363.450 1.012.683.964

Ajustari aferente imobilizarilor corporale si necorporale 464.282 575.951

Ajustari aferente investitiilor de capital 276.429 276.081

Ajustari aferente titlurilor 323.647 0

Ajustari aferente creditelor (10.193.062) (30.567.645)

Impozit pe profi t amanat 1.460.592 4.531.174

Capitaluri proprii conform IFRS 1.223.695.338 987.499.525

34. EVENIMENTE ULTERIOARE DATEI BILANTULUI

34.1 MISCARI ALE CAPITALULUI

Consiliul Director a propus ca profi tul anului 2008 sa fi e repartizat in rezerve.

34.2 MODIFICARI ALE STRUCTURII MANAGEMENTULUI

In baza deciziei Adunarii Generale a Actionarilor din 9 februarie 2009 a fost numit in functia de administrator al VBRO Services SRL

domnul Alin Merer in locul doamnei Laura Berezitchei.

113


ALTELE

Prin Ordinul Guvernatorului Bancii Nationale a Romaniei nr. 13/2008 aplicabil incepand cu 01 ianuarie 2009 a fost abrogat

Ordinul BNR nr.5/2005 pentru aprobarea reglementarilor contabile conforme cu directivele europene, cu modifi carile si completarile

ulterioare.

La 9 februarie 2009, Banca obtine din partea Bancii Centrale a Ciprului autorizatia de functionare a sucursalei Volksbank Cipru.

Sucursala Cipru nu este inca operationala.

La 26 ianuarie 2009, Banca a semnat un acord de fi nantare stand-by cu Osterreichische Volksbanken-Aktiengesellschaft, Viena cu

limita de 200.000.000 EUR. Scopul acestui imprumut este asigurarea fi nantarii pe termen scurt a nevoilor de lichiditate ce pot aparea

in cazul unei situatii de criza de lichiditate. Aceasta facilitate a fost acordata cu o rata a dobanzii de Euribor la 3 luni + 6,5% p.a. si un

comision de neutilizare de 0,6% p.a. Rambursarile se vor face dupa o perioada de gratie de un an de la data tragerii, in conformitate

cu scadentarul de rambursare ce urmeaza a fi emis dupa fi ecare tragere. Nici o tragere nu a fost initiata pana in prezent din aceasta

facilitate.

Banca Nationala a Romaniei a decis in sedinta Consiliului de Administratie din data de 31 martie 2009 reducerea ratei

de rezerva minima obligatorie la zero pentru pasivele in valuta cu scadenta reziduala mai mare de 2 ani incepand cu perioada

24 mai – 23 iunie 2009.

114

Gerald Schreiner Mara Cristea

Presedinte Director Directia Financiar-Contabilitate


115


116


Reţeaua

noastră

Volksbank

România S.A.

117


SEDIU CENTRAL

Volksbank Romania S.A.

Bd. Dacia nr. 79, sector 1

RO-020051, Bucureşti

T +40 21303 2396

F +40 21316 1192

SUCURSALE

Bucureşti 13 Septembrie

Calea 13 Septembrie

nr. 137, bl. T1C, parter

sector 5, Bucureşti

T +40 21411 3637

Bucureşti Aerogării

Bd. Aerogării nr. 2-8

bl. II/1, sector 1, Bucureşti

T +40 21303 9306

Bucureşti Apolodor

Str. Apolodor nr. 42

Sector 5, Bucureşti

T +40 21301 8600

Bucureşti Banu Manta

Bd. Banu Manta nr. 1

bloc 1B, parter

sector 1, Bucureşti

T +40 21201 6861

118

FILIALA

VB Leasing S.A.

Bd. Dacia nr. 79, sector 1

RO-020051, Bucureşti

T +40 21204 4444

F +40 21233 3227

Bucureşti Bd. Timişoara

Bd. Timişoara nr. 92

sector 6, Bucureşti

T +40 21236 2135

Bucureşti Brâncoveanu

Bd. Constantin Brâncoveanu

nr. 10, bl. B3, parter

sector 4, Bucureşti

T +40 21440 0947

Bucureşti Buzeşti

Str. Buzeşti nr. 50-52

parter, sector 1, Bucureşti

T +40 21332 6405

Bucureşti Camil Ressu

Bd. Camil Ressu nr. 68

bl. 1 B, lot. 2/2, parter

sector 3, Bucureşti

T +40 21201 6711

FILIALA

VB Services S.A.

Str. Lehliu 12-20, sector 2

RO-023262, Bucureşti

T +40 21303 2339

F +40 21253 0975

Bucureşti Colentina

Şos. Colentina nr. 81

bl. 84/1, parter

sector 2, Bucureşti

T +40 21255 5422

Bucureşti Colţei

Str. Colţei nr. 8

sector 3, Bucureşti

T +40 21311 3760

Bucureşti Dinicu Golescu

Bd. Dinicu Golescu nr. 11

parter, sector 1, Bucureşti

T +40 21332 6499

Bucureşti

Drumul Taberei

Drumul Taberei nr. 93

sector 6, Bucureşti

T +40 21440 0937

FILIALA

VB Direct Bank S.A.

Şos. Mihai Bravu nr. 171, sector 2

RO-021323, Bucureşti

T +40 21300 0040

Bucureşti Ghencea

Bd. Ghencea nr. 30, bl. C 76

parter, sector 6, Bucureşti

T +40 21440 3312

Bucureşti Ion Mihalache

Bd. Ion Mihalache nr. 128

bl. 1, sector 1, Bucureşti

T +40 21224 3317

Bucureşti Iuliu Maniu

Bd. Iuliu Maniu nr. 190

bl. C1, sector 6, Bucureşti

T +40 21207 9000

Bucureşti Louis Blanc

Str. Louis Blanc nr. 1, parter

sector 1, Bucureşti

T +40 21231 5073


Bucureşti Mihai Bravu

Şos. Mihai Bravu nr. 171

sector 2, Bucureşti

T +40 21209 4400

Bucureşti Moşilor

Calea Moşilor nr. 298

bloc 48, sector 2

Bucureşti

T +40 21201 6865

Bucureşti Olteniţei

Şos. Olteniţei nr. 125 B

parter, sector 4, Bucureşti

T +40 21332 6404

Bucureşti Otopeni

Calea Bucureştilor nr. 87 A

parcela A 1940

Otopeni, jud. Ilfov

T +40 21350 2134

Bucureşti Pantelimon

Şos. Pantelimon nr. 285

bl. 11, sector 2, Bucureşti

T +40 21255 5435

Bucureşti Real Berceni

Str. Dealul Bisericii

nr. 67-109

Centrul Comercial Real

sector 4, Bucureşti

T +40 21460 0539

Bucureşti Real Vitan

Calea Vitan nr. 236

Centrul Comercial Real

Bucureşti

Bucureşti Regina Maria

Bd. Regina Maria nr. 29

sector 4, Bucureşti

T +40 21408 6120

Bucureşti

Şos. Alexandriei

Şos. Alexandriei nr. 102

bl. L 29, sector 5, Bucureşti

T +40 21420 2770

Bucureşti

Ştefan cel Mare

Şos. Ştefan cel Mare nr. 4

bloc 14, parter

sector 1, Bucureşti

T +40 21201 6710

Bucureşti Unirea

Bd. Unirii nr. 25-27

bloc 14-15, parter

sector 4, Bucureşti

T +40 21301 8600

Bucureşti Aviaţiei

Şos. Pipera nr. 7

bl. 2 D, sector 1, Bucureşti

T +40 21233 3449

Bucureşti Mărăşeşti

Bd. Mărăşeşti nr. 135

sector 4, Bucureşti

T +40 21330 2319

Bucureşti I. C. Brătianu

Bd. I. C. Brătianu nr. 44

sector 3, Bucureşti

T +40 21300 3403

Bucureşti Costache Negri

Str. Costache Negri nr. 2

sector 5, Bucureşti

T +40 21401 0910

Bucureşti

Premium Plaza

Str. Dr. Felix nr. 63-69

sector 1, Bucureşti

T +40 21310 8264

Bucureşti Giuleşti

Calea Giuleşti nr. 123

sector 6, Bucureşti

T +40 21221 7681

Bucureşti Dacia

Private Banking

Bd. Dacia nr. 79

sector 2, Bucureşti

T +40 21303 2392

Bucureşti Vitan

Calea Vitan nr. 117

bl. 21 A, Bucureşti

T +40 21303 2383

119


Adjud

Bd. Republicii nr. 14, bl. 65

sc. 1, Adjud, jud. Vrancea

T +40 23764 1140

F +40 23764 1146

Aiud

Str. Cuza Vodă nr. 26, ap. 1

Aiud, jud. Alba

T +40 25886 5031

F +40 25886 5034

Alba Iulia

Bd. Transilvania nr. 27

bl. 3EFG, Alba-Iulia, jud. Alba

T +40 25883 0957

Alexandria

Str. Dunării, bl. BM 1

Alexandria, jud. Teleorman

T +40 24731 1632

Arad

Bd. Revoluţiei nr. 83, ap. 3 Arad,

jud. Arad

T +40 25728 1331

Arad 2

Str. Borsec nr. 4

bloc 512, Arad

T +40 25721 1171

Bacău

Str. 9 Mai nr. 31, sc. C

Bacău jud. Bacău

T +40 23455 4274

Bacău 2

Str. Republicii nr. 76

Bacău jud. Bacău

T +40 23458 3170

120

Baia Mare

Str. Progresului nr. 62

Baia Mare, jud. Maramureş

T +40 26220 6294

Baia Mare 2

Bd. Bucureşti nr. 16, ap. 8

Baia Mare, jud. Maramureş

T +40 26225 0445

Baia Mare 3

Bd. Republicii nr. 17

Baia Mare, jud. Maramureş

T +40 26225 0188

Bârlad

Str. Moldovei nr. 1

Bârlad, jud. Vaslui

T +40 23541 0054

Beiuş

Calea Bihorului nr. 22

Bihor, jud. Bihor

T +40 25943 8075

F +40 25886 5034

Bistriţa

Bd. Republicii nr. 55

Bistriţa, jud. Bistriţa-Năsăud

T +40 26321 6133

Blaj

Bd. Republicii nr. 27

Blaj, jud. Alba

T +40 25871 2534

Botoşani

Str. Cuza Vodă nr. 2, scara F

Botoşani, jud. Botoşani

T +40 23153 0667

Botoşani 2

Str. Primăverii nr. 24, sc. A

Botoşani, jud. Botoşani

T +40 23158 4201

F +40 23158 4202

Brad

Str. Republicii, bl. 24, parter

Brad, jud. Hunedoara

T +40 25461 2833

Brăila

Str. Şcolilor nr. 52, bl. B15 Brăila,

jud. Brăila

T +40 23962 0287

Braşov

Bd. Eroilor nr. 27

Braşov, jud. Braşov

T +40 26850 6170

Braşov 2

Bd. Muncii nr. 4, scara CT+D

Braşov, jud. Braşov

T +40 26831 8015

F +40 26831 8010

Braşov 3

Bd. Victoriei nr. 6, bl. 42

Braşov, jud. Braşov

T +40 26840 6435

F +40 26840 6437

Braşov 4

Calea Bucureşti nr. 59

Braşov, jud. Braşov

T +40 26832 3076

F +40 26832 3074

Buşteni

Bd. Libertăţii nr. 186

Buşteni, jud. Prahova

T +40 24432 0717

F +40 24432 0747

Buzău

Bd. Unirii, bl. 16G

Buzău, jud. Buzău

T +40 23871 6355

Buzău 2

Str. Unirii, bl. P13

Buzău, jud. Buzău

T +40 23871 1690

Călăraşi

Str. Ştirbei Vodă nr. 6

bl. M2 (C1), sc. A

Călăraşi, jud. Călăraşi

T +40 24233 2577

Câmpina

Str. Carol I nr. 65, bl. 17C

Câmpina, jud. Prahova

T +40 24437 6878

Câmpulung

Str. Negru Vodă nr. 122

Câmpulung, jud. Argeş

T +40 24851 0535

Caracal

Str. Antonius Caracalla nr. 29 bl.

30, Caracal, jud. Olt

T +40 24951 1218

F +40 24951 1215

Caransebeş

Str. Mihai Viteazu nr. 13

bl. 1, sc. A, Caransebeş

jud. Caransebeş

T +40 25551 3802

Carei

Str. Corneliu Coposu nr. 3 Carei,

jud. Satu Mare

T +40 26186 4454


Cernavodă

Str. Vasile Alecsandri nr. 12

Cernavodă, jud. Constanţa

T +40 24123 5434

F +40 24123 5437

Cluj

Str. Regele Ferdinand nr. 18

Cluj-Napoca, jud. Cluj

T +40 26420 6975

Cluj 2

Str. Bucureşti nr. 77

Cluj-Napoca, jud. Cluj

T +40 26448 4680

F +40 26448 4681

Cluj 3

Str. Primăverii nr. 11, bl. B

Cluj-Napoca, jud. Cluj

T +40 26442 1865

F +40 26442 1863

Cluj 4

Str. Aurel Vlaicu nr. 1

Cluj-Napoca, jud. Cluj

T +40 26440 6747

F +40 26440 6748

Cluj 5

Str. Mirăslău nr. 4

Cluj-Napoca, jud. Cluj

T +40 26458 3004

F +40 26458 3002

CLUJ 6

Bd. Eroilor nr. 19, ap. 1

Cluj-Napoca, jud. Cluj

T +40 26440 6907

F +40 26440 6905

Codlea

Str. Lungă nr. 141, corp A

Codlea, jud. Braşov

T +40 26825 0736

Constanţa

Str. Mircea cel Bătrân nr. 99

Constanţa, jud. Constanţa

T +40 24150 8361

Constanţa 2

Bd. Alexandru Lăpuşneanu

nr. 77, bl. LV6

Constanţa, jud. Constanţa

T +40 24164 0026

Constanţa 3

Bd. Aurel Vlaicu nr. 41B

(fost nr. 85)

Constanţa, jud. Constanţa

T +40 24161 9483

Craiova

Str. Alexandru Ioan Cuza

nr. 52, bloc 14A

Craiova, jud. Dolj

T +40 25131 5641

Craiova 2

Str. N. Titulescu, bl. I6

Craiova jud. Dolj

T +40 25142 2342

Craiova 3

Cartier Brazda lui Novac

bl. M7, Craiova, jud. Dolj

T +40 25143 1022

F +40 25143 1033

Curtea de Argeş

Bd. Basarabilor, bl. E3

Curtea de Argeş, jud. Argeş

T +40 24872 6254

Dej

Str. Mihai Viteazu nr. 1

Dej, jud. Cluj

T +40 26421 4747

Deva

Bd. Decebal, bloc R, ap. 3 Deva,

jud. Hunedoara

T +40 25423 4942

Deva 2

P-ţa Arras, bl. A1, sc. A-C

Deva, jud. Hunedoara

T +40 25422 3216

F +40 25422 3218

Dorohoi

Str. Dimitrie Pompeiu nr. 3

bl. B3, Dorohoi, jud. Botoşani

T +40 23161 0077

Drobeta Turnu Severin

Bd. Tudor Vladimirescu nr. 269

Drobeta Turnu Severin

jud. Mehedinţi

T +40 25232 0021

Drăgăşani

Str. Gib Mihăescu nr. 20

bl. 52, Drăgăşani, jud. Vâlcea

T +40 25081 1180

Făgăraş

Str. M. Eminescu nr. 2

Făgăraş, jud. Braşov

T +40 26821 0514

Fălticeni

Str. Republicii, bl. 31

Fălticeni, jud. Suceava

T +40 23054 0331

Feteşti

Str. Călăraşi, bl. 72

(Sp. Com. Mag. Auto-Moto)

Feteşti, jud. Ialomiţa

T +40 24336 6110

Focşani

Str. Cuza-Vodă nr. 28-30

Focşani, jud. Vrancea

T +40 23721 3105

Galaţi

Str. Domnească nr. 24

bl. Modern

Galaţi, jud. Galaţi

T +40 23641 0088

Galaţi 2

Str. Brăilei nr. 165A

Galaţi, jud. Galaţi

T +40 23630 6370

Găeşti

Str. 13 Decembrie nr. 2

Găeşti, jud. Dâmboviţa

T +40 24571 1335

Gherla

Str. Bobâlna nr. 8-10, ap. 2

Gherla, jud. Cluj

T +40 26424 7635

F +40 26424 7636

Giurgiu

Şos. Bucureşti

bl. 202/5D, sc. C

Giurgiu, jud. Giurgiu

T +40 24622 1912

Hunedoara

Bd. Dacia nr. 39, bl. 47

Hunedoara, jud. Hunedoara

T +40 25471 1222

Huşi

Str. Piaţa Victoriei

bl. B3, sc. B parter

Huşi, jud. Vaslui

T +40 23547 0751

121


Iaşi

Bd. Independenţei nr. 14

bl. 12, Iaşi, jud. Iaşi

T +40 23240 6206

Iaşi 2

Bd. Alexandru cel Bun

nr. 50-52, bl. B1-2

Iaşi, jud. Iaşi

T +40 23221 5810

Iaşi 3

Str. Elena Doamna nr. 61A

Iaşi, jud. Iaşi

T +40 23220 6704

F +40 23220 6707

Iaşi 4

Bd. Tudor Vladimirescu nr. 3

Iaşi, jud. Iaşi

T +40 23227 7971

Iaşi 5

Bd. Nicolae Iorga nr. 37

bl. N2, Iaşi, jud. Iaşi

T +40 23226 6991

Luduş

Str. Gheorghe Bariţiu nr. 6

ap. I, Luduş, jud. Mureş

T +40 26541 1798

F +40 26541 1775

Lugoj

Str. Nicolae Bălcescu nr. 14

Lugoj, jud. Timiş

T +40 25633 6540

Mangalia

Bd. 1 Decembrie 1918 nr. 4

bl. M5, Mangalia

jud. Constanţa

T +40 24174 0801

122

Medgidia

Str. Independenţei nr. 47

bl. 27, sc. B, Medgidia

jud. Constanţa

T +40 24182 0874

Mediaş

Str. G. Enescu nr. 1

Mediaş, jud. Sibiu

T +40 26984 4256

Miercurea Ciuc

Str. George Coşbuc nr. 16

Miercurea Ciuc, jud. Harghita

T +40 26631 7152

Mioveni

Bd. Dacia bl. P22, sc. D

Mioveni, jud. Argeş

T +40 24826 0783

Moineşti

Str. Schelei nr. 2 bis

Moineşti, jud. Bacău

T +40 23436 3390

F +40 23436 3391

Năvodari

Str. Midiei, bl. C1

Magazinul nr. 30

Năvodari, jud. Constanţa

T +40 24176 0451

Odorheiu Secuiesc

P-ţa Primăriei nr. 10, ap. 3

Odorheiu Secuiesc

jud. Harghita

T +40 26621 9861

Oneşti

Str. G-ral Radu R. Rosetti nr. 4

Oneşti, jud. Bacău

T +40 23431 0944

Oradea

P-ţa Independenţei nr. 33

Oradea, jud. Bihor

T +40 25940 6727

Oradea 2

Str. Morii nr. 1, bl. AN1

Oradea, jud. Bihor

T +40 25942 0100

F +40 25942 0101

Oradea 3

Str. Decebal nr. 1, bl. C16

parter, Oradea, jud. Bihor

T +40 25942 0107

Orăştie

Str. Eroilor, bl. E

Orăştie, jud. Hunedoara

T +40 25424 5006

Paşcani

Str. Gării, bl. 3-4

Paşcani, jud. Iaşi

T +40 23276 6774

Petrila

Str. Republicii nr. 26

Petrila, jud. Hunedoara

T +40 25455 0211

Petroşani

Str. 1 Decembrie 1918, bl. 67

Petroşani, jud. Hunedoara

T +40 25454 0239

Piatra-Neamţ

Str. Mihai Eminescu nr. 31

Piatra-Neamţ, jud. Neamţ

T +40 23321 1644

Piatra-Neamţ 2

Bd. Decebal, bl. I4 (tronson 1)

Piatra Neamţ, jud. Neamţ

T +40 23322 3658

Piteşti

Str. Craiovei, bloc E3B

Piteşti, jud. Argeş

T +40 24821 0004

Piteşti 2

Str. Bibescu Vodă, bl. A

Piteşti, jud. Argeş

T +40 24825 0285

F +40 24825 0287

Ploieşti

Str. Carpaţi,

Ansamblul Republicii II/5H

bl. 33 GH, Ploieşti

T +40 24452 9562

Ploieşti 2

Şos. Nordului nr. 9

Complex Mic Nord

Ploieşti, jud. Prahova

T +40 24453 5405

Rădăuţi

Str. Piaţa Unirii nr. 29, ap. I

Rădăuţi, jud. Suceava

T +40 23056 0385

F +40 23056 0386

Râmnicu Sărat

Str. Tudor Vladimirescu

nr. 12, ap. 1

Râmnicu Sărat, jud. Buzău

T +40 23856 1126

Râmnicu Vâlcea

Str. Ştirbei Vodă nr. 5, bl. P2

Râmnicu Vâlcea, jud. Vâlcea

T +40 25073 3214


Râmnicu Vâlcea 2

Str. Calea lui Traian

nr. 171 E, bl. 7

Râmnicu Vâlcea, jud. Vâlcea

T +40 25074 0056

Real Bacău

Galeriile Comerciale Real

Calea Republicii nr. 181

Bacău, jud. Bacău

T +40 23455 2289

Real Baia Mare

Galeria Comercială Real

Bd. Bucureşti nr. 144

Baia Mare, jud. Maramureş

T +40 262 22 0805

F +40 26222 0804

Real Braşov

Galeria Comercială Real

Str. Cărămidărei-Bazaltului

nr. 2, Stand nr. 9

Braşov, jud. Braşov

Real Constanţa

Galeria Comercială Real

Şos. Mangalia nr. 195A

Stand nr. 9, Constanţa

T +40 24165 1007

Real Cluj

Galeriile Comerciale Real

Bd. Muncii nr. 1-15

Cluj-Napoca, jud, Cluj

Real Craiova

Galeria Comercială Real

Calea Severinului nr. 5A

Stand nr. 5

Craiova, jud. Craiova

Real Deva

Galeriile Comerciale Real

Calea Zărandului nr. 87

Deva, jud. Hunedoara

Real Galaţi

Galeria Comercială Real

Bd. Galaţi nr. 3A, Galaţi

T +40 23644 6600

F +40 23644 6601

Real Oradea

Galeria Comercială Real

Str. Ogorului nr. 171

Stand nr. 19, Oradea, jud. Bihor

T +40 25941 0213

Real Satu mare

Galeriile Comerciale Real

Str. Drum Carei nr. 77-79

Stand nr. 16, Satu Mare

T +40 26175 8364

Real Sibiu

Galeria Comercială Real

Stand 4, Şos. Sibiului, 31

Com. Şelimbăr, jud. Sibiu

T +40 26924 4282

Real Tg. Mureş

Centrul Comercial Real

Str. 1 Decembrie 1918 nr. 291

Târgu Mureş, jud. Mureş

Real Timişoara

Galeria Comercială Real

Str. Calea Aradului nr. 56/a

Stand nr. 7, Timişoara

T +40 25622 7736

Reşiţa

Bd. Republicii, bl. 4, ap. 42/a

Reşiţa, jud. Caraş-Severin

T +40 25523 1000

Roman

Str. Nicolae Titulescu, bl. 10

Roman, jud. Neamţ

T +40 23374 0421

Satu Mare

P-ţa Libertăţii nr. 10

Satu Mare, jud. Satu Mare

T +40 26171 3092

Satu Mare 2

Drumul Careiului

Unit. 38/2/IE, bloc C 6-8

Satu Mare, jud. Satu Mare

T +40 26172 7215

Sebeş

Str. Lucian Blaga nr. 8

Sebeş, jud. Alba

T +40 25873 5714

Sf. Gheorghe

Str. Grof Mikó Imre nr. 1

Sf. Gheorghe, jud. Covasna

T +40 26731 6242

Real Timişoara 2

Sibiu

Galeria Comercială Real Bd. Vasile Milea nr. 22

Calea Şagului nr. 223, Timişoara Sibiu, jud. Sibiu

T +40 25629 4551

F +40 25629 4552

T +40 26920 610

Reghin

Str. Mihai Viteazu nr. 21

Reghin, jud. Mureş

T +40 26551 4003

Sibiu 2

Str. Nicolae Iorga nr. P 13A

parter, Sibiu, jud. Sibiu

T +40 26922 3002

F +40 26922 3003

Sibiu 3

Şos. Alba Iulia nr. 52, bl. 16

parter, Sibiu, jud. Sibiu

T +40 26924 4480

F +40 26924 4481

Sighişoara

Str. Hermann Oberth nr. 32

Sighişoara, jud. Mureş

T +40 26577 1616

Sinaia

Bd. Ferdinand nr. 2

Sinaia, jud. Prahova

T +40 24431 1514

Slatina

Str. Văilor, bl. 20, sc. C

Slatina, jud. Olt

T +40 24941 1136

Slatina 2

Bd. Al. I. Cuza nr. 46A

Slatina, jud. Olt

T +40 24941 1105

Slobozia

Bd. Matei Basarab, bl. MB9

sc. B, Slobozia, jud. Ialomiţa

T +40 24323 1429

Suceava

Str. Mărăşeşti nr. 14, bl. A1

Suceava, jud. Suceava

T +40 23055 1791

Suceava 2

Str. Universităţii nr. 42A

parter, Suceava, jud. Suceava

T +40 23020 6459

F +40 23026 4464

123


Târgovişte

Bd. Libertăţii nr. 7, bl. C1

Târgovişte, jud. Dâmboviţa

T +40 24564 0397

Târgu Mureş

Str. Tudor Vladimirescu

nr. 56/A

Târgu Mureş, jud. Mureş

T +40 26523 1133

Târgu Mureş 2

Str. Pandurilor nr. 52, parter

Târgu Mureş, jud. Mureş

T +40 26525 4451

F +40 26525 4471

Târgu Mureş 3

Str. Republicii nr. 28

Târgu Mureş, jud. Mureş

T +40 26521 0284

Târgu Mureş 4

Str. Gheorghe Doja nr. 182

Târgu Mureş, jud. Mureş

T +40 26525 2026

Târgu Neamţ

Bd. Mihai Eminescu, bl. M8

Târgu Neamţ, jud. Neamţ

T +40 23379 1744

F +40 23379 1742

124

Târgu Secuiesc

P-ţa Gábor Áron nr. 22

Târgu Secuiesc, jud. Covasna

T +40 26736 0553

Târnăveni

Str. Republicii nr. 54

Târnăveni, jud. Mureş

T +40 26544 0293

F +40 26544 0292

Tecuci

Str. 1 Decembrie 1918 nr. 41

Tecuci, jud. Galaţi

T +40 23681 0317

F +40 23681 0329

Târgu Jiu

Bd. Constantin Brâncuşi

bl. 51, Târgu Jiu, jud. Gorj

T +40 25322 4094

Târgu Jiu 2

Bd. Ecaterina Teodoroiu

bl. C3, Târgu Jiu, jud. Gorj

T +40 25321 1307

Timişoara

Str. Piatra Craiului nr. 2

Timişoara, jud. Timiş

T +40 25640 6106

Timişoara

Str. Piatra Craiului nr. 2

Timişoara, jud. Timiş

T +40 25640 6106

Timişoara 3

Piaţa Consiliul Europei nr. 1-3

Timişoara, jud. Timiş

T +40 25630 0172

Timişoara 4

Str. Iuliu Maniu nr. 3

Timişoara, jud. Timiş

T +40 25645 5070

Timişoara 5

Calea Sever Bocu nr. 39

Timişoara, jud. Timiş

T +40 25621 4122

F +40 25621 4123

Tulcea

Str. Mahmudiei nr. 48

bl. I, sc. TE

Tulcea, jud. Tulcea

T +40 24051 7002

Turda

Calea Victoriei nr. 100

bl. B120

Turda, jud. Cluj

T +40 26431 4633

Urziceni

Calea Bucureşti nr. 66

Urziceni, jud. Ialomiţa

T +40 24325 4325

Vaslui

Str. Ştefan cel Mare nr. 123

bl. 95, Vaslui, jud. Vaslui

T +40 23532 1414

Vatra Dornei

Str. Mihai Eminescu nr. 30

Vatra Dornei, jud. Suceava

T +40 23037 0103

Zalău

P-ţa Iuliu Maniu nr. 3-5, ap. 3

Zalău, jud. Sălaj

T +40 26061 2833


VOLKSBANK INTERNATIONAL AG IN EUROPA CENTRALA SI DE EST

Austria

Volksbank International AG

Leonard-Bernstein-Strasse 10

A-1220 Vienna, Saturn Tower

T +43 (0) 50 4004-0

F +43 (0) 50 4004-3905

office@vbi.at

www.vbi.at

Bosnia-Herţegovina

Volksbank BH d.d.

Fra Anđela Zvizdovića 1

BiH-71000 Sarajevo

T +387 33 295 601

F +387 33 295 603

info@volksbank.ba

www.volksbank.ba

Ungaria

Magyarországi Volksbank Zrt.

Rákóczi út 7

H-1088 Budapest

T +36 1 328 66 66

F +36 1 328 66 04

volksbank@volksbank.hu

www.volksbank.hu

Slovenia

Banka Volksbank d.d.

Dunajska cesta 128 a

SI-1000 Ljubljana

T +386 1 5307 400

F +386 1 5307 555

info@volksbank.si

www.volksbank.si

Volksbank a.d., Banja Luka

Jevrejska ulica bb

BiH-78000 Banja Luka

T +387 51241 100

F +387 51213 391

office@volksbank-bl.ba

www.volksbank-bl.ba

România

Volksbank România S.A.

Şos. Mihai Bravu nr.171, sector 2

RO-021323, Bucureşti

T +40 21209 4400

F +40 21209 4490

marketing@volksbank.ro

www.volksbank.ro

Ucraina

OJSC Electron Bank

Grabovskogo 11

UA-79000 Lviv

T +38 032 297 1303

F +38 032 297 1382

contact@elbank.lviv.ua

www.elbank.com.ua

Croaţia

Volksbank d.d.

Varšavska 9

HR-10000 Zagreb

T +385 1 4801 300

F +385 1 4801 365

info@volksbank.hr

www.volksbank.hr

Serbia

Volksbank a.d.

Bulevar Mihaila Pupina 165 g

RS-11070 Beograd

T +381 11 2013 200

F +381 11 2013 270

info@volksbank.co.yu

www.volksbank.co.yu

Republica Cehă

Volksbank CZ, a.s.

Lazarská 8

CZ-12000 Praha

T +420 221 9699 11

F +420 221 9699 51

mail@volksbank.cz

www.volksbank.cz

Slovacia

Volksbank Slovensko, a.s.

Vysoká 9

SK-810 00 Bratislava

T +421 12 5965 1111

F +421 12 5441 2453

market@volksbank.sk

www.volksbank.sk

125


Publicat de

VOLKSBANK ROMÂNIA S.A.

Bd. Dacia nr. 79, sector 1

RO - 020051, Bucureşti

T +402 (1) 3032 396

F +402 (1) 3161 192

marketing@volksbank.ro

www.volksbank.ro

126


More than

just numbers

Annual

Report 2008

Raport anual 2008

Austria

Bosnia-Herzegovina

Croatia

Czech Republic

Slovenia

Hungary

ROMANIA

Serbia

Slovakia

Ukraine


2

Austria

Bosnia-Herzegovina

Croatia

Czech Republic

Slovenia

Ungaria

ROMANIA

Serbia

Slovakia

Ukraine


CONTENTS

THE MANAGING BOARD’S REPORT 4

THE BANK IN NUMBERS (2004 – 2008) 6

INTERNATIONAL NETWORK 7

GOVERNING BODIES 8

GENERAL BUSINESS ENVIRONMENT 9

RETAIL BUSINESS 16

CORPORATE BUSINESS 18

TREASURY ACTIVITY 20

OPERATIONS 22

RISK CONTROLLING 23

REPORT OF THE SUPERVISORY BOARD 24

CONSOLIDATED FINANCIAL STATEMENTS 25

Independent auditor’s report 27

Consolidated profit and loss account 30

Consolidated balance sheet 32

Consolidated statement of changes in equity for 2008 34

Consolidated cash flow statement for 2008 35

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 39

OUR NETWORK 117

3


THE MANAGING BOARD’S REPORT

4

Valentin Vancea

Herwig Burgstaller

Gerald Schreiner

Simona Fatu

(from left to right)

2008 represents for Volksbank Romania a reff erence year, the bank achieving to come third in the Romanian bank top, following

the two largest network banks, after previously reaching the 8th place.

Thus, the bank registered a growth in balance assets with over 68%, from 12.64 billion RON at the end of 2007, to 21.34 billion

RON at the end of 2008. The signifi cant increase in balance assets refl ected into the profi t before tax as well, which has multiplied

by 6 its last year’s value, totalling 144.4 million RON. The assets market share has also registered a signifi cant growth reaching 6.7 %,

1.7 % more than at the end of 2007.

The outstanding results obtained by the bank, despite harsh conditions in the international fi nancial banking system, in the

context of the global economic crisis, have also been acknowledged by the press, as Volksbank Romania was assigned by press-group

Finmedia the BANK OF THE YEAR 2008 title.

All of these results prove, once again, the fact that Volksbank Romania is one of the most dynamic market presences, basing its

success on the sustained eff ort of its young team, by means of expanding distribution channels and, not least, the careful consideration

paid to the process of identifying and satisfying clients’ needs.


Along with obtaining good fi nancial results, our eff orts concentrated on optimising risk management.

Volksbank Romania has successfully accomplished the report tasks corresponding to Basel II standard approaches, following

march 2008, making, at the same time, the necessary steps in order to prepare the transition to the approach based on internal credit

risk ratings. In this respect, measures have been taken in terms of: monitoring data quality, testing and improving the rating systems,

revising processes and procedures concerning the market risk, the credit risk and the liquidity risk.

Mr. Gerald Schreiner

President

Mr. Herwig Burgstaller

Vice President

Mrs. Simona Fatu

Vice President

Mr. Valentin Vancea

Vice President

5


TOTAL ASSETS

in million EUR

LOANS TO CUSTOMERS

in million EUR

OPERATING EXPENSES

in million EUR

6

266

2004 2005 2006 2007 2008

210

508

310

1,380

802

3,507

2,216

5,307

3,312

2004 2005 2006 2007 2008

8

12

22

37

53

2004 2005 2006 2007 2008

AMOUNTS OWED TO CUSTOMERS

in million EUR

91

OPERATING INCOME

in million EUR

11

TOTAL PROFIT BEFORE TAX

in million EUR

3

117

18

3

310

39

14

535

78

25

567

2004 2005 2006 2007 2008

107

2004 2005 2006 2007 2008

38

2004 2005 2006 2007 2008


INTERNATIONAL NETWORK

SLOVENIA

CZECH REPUBLIC

AUSTRIA

CROATIA

BOSNI

HERZEGOVINA

SLOVAKIA

HUNGARY

SERBIA

ROMANIA

UKRAINE

Volksbank Romania S.A. is present in the Romanian market since may 2000. The bank’s main shareholder is Volksbank International AG.

Volksbank International AG (VBI), located in Vienna, Austria, is majority-owned by VBAG (51 %), the remaining shares are equally

held by the German DZ BANK / WGZ BANK and the French Banque Populaire et Caisse d’Epargne (both 24.5 %). VBI is managing

a successful and steadily expanding network of more than 600 outlets in nine Central and Eastern European countries: Slovakia,

Czech Republic, Hungary, Slovenia, Croatia, Bosnia-Herzegovina, Serbia, Romania and Ukraine.

As of 2008 the total assets of VBI Group amount to EUR 14.7 billion. More than 5,800 employees off er a full range of modern

banking products and services to both private and corporate clients.

www.volksbank.ro

7


GOVERNING BODIES

SUPERVISORY BOARD

Chairman: Ralf Weingartner, Volksbank International AG, Vienna

Deputy Chairman: Gerhard Wöber, Volksbank International AG, Vienna

Members: Thomas Capka, Volksbank International AG, Vienna

Jorg Poglits, Volksbank International AG, Vienna

THE MANAGING BOARD

Gerald Schreiner - President

Herwig Burgstaller - Vice President

Simona Fătu - Vice President

Valentin Vancea - Vice President

8


GENERAL BUSINESS ENVIRONMENT

1. ROMANIA HAS GROWN OVER POTENTIAL IN THE FIRST 3 QUARTERS OF 2008,

BUT SLOWED DOWN ABRUPTLY IN Q4

In 2008, the Romanian economy grew over potential in the fi rst three quarters, but decelerated abruptly in the last quarter of the

year, as the international fi nancial crisis has aff ected deeply our country. In Q1 2008, gross domestic product (GDP) has grown by 8.2

% y/y in real terms, driven mainly by constructions (+ 32.5 % y/y) and domestic trade (+ 11.0 % y/y). In the next two quarters of 2008,

the real growth dynamics of GDP outpaced 9 % (+ 9.3 % y/y in Q2 and 9.2 % y/y in Q3), as constructions, agriculture and internal trade

posted high increase rates. However, the economic activity has slowed down sharply during October-December, advancing in real

terms by only 2.9 % y/y, due to the deceleration in industry (- 7.7 % y/y) and fi nancial services (- 1.5 % y/y), as the liquidity shortage

worldwide has reduced substantially the fi nancial fl ows towards Romania.

On the expenditure approach, the modest increase of GDP in Q4 2008 was driven by a steep fall in fi nal consumption by –

2.8 % since the same timeframe last year, mainly to a radical change in households’ consumption behaviour. Households reduced

consumption by 3.7 % y/y, due to worsening expectations triggered by the international fi nancial crisis. Only the consumption of

public administration grew by 4.8 % y/y, due to accelerated spending of state authorities amid election period. In the same timeframe,

the increasing pace of gross fi xed capital formation raised decelerated to + 2.8 % y/y from 24.3 % in Q3 2008 and 28 % in Q4 2007,

denoting that fi nancing resources are likely to diminish in the next quarters. The fi nancial crisis and currency depreciation had a

positive impact on the net exports evolution, as the imports dynamics decreased by 10.2 % y/y for the fi rst time since 1990, while

export advanced by 1.6 % y/y.

The poor dynamics of the economy in Q4, dragged whole year GDP growth to 7.1 % y/y, bringing nominal GDP to RON 503.96

bn (some EUR 136.85 bn). During 2008, the most dynamic sectors of economy were construction (+ 26.1 % y/y) and agriculture (+ 21.4

% y/y). Industry was largely hit by the global fi nancial crisis, as its growth pace decelerated to 1.3 % y/y from 5.1 % in 2007, due to a

decrease in demand for industrial output on both local and external markets. Services still posted a good growth dynamics, especially

trade activities, which increased by 6.6 % y/y, while fi nancial sector posted a modest growth (+ 3.6 % y/y) due to the restraint of

liquidities and higher risks. In 2008, fi nal consumption increased by 8.0 % in real terms, slowing from 13.7 % during Q1-Q3, mainly due

to a deceleration of households’ consumption.

9


GDP by Production Approach (y/y, % real dynamics)

10

40

35

30

25

20

15

10

5

0

-5

-10

%

8.2

Q1-08

Q2-08

9.3

9.2

Q3-08

Agriculture

Industry

Constructions

Trade

Financial services

Other services

Net taxes

GDP dynamics

2.9

Q4-08

Source: NIS, VBR Research


GDP by Expenditure Approach (y/y, % real dynamics)

Q1-08

Q2-08

Q3-08

Households

Public adm

Gross fixed capital formation

Exports

Imports

GDP dynamics

Q4-08

Source: NIS, VBR Research

11


HEADLINE INFLATION SLOWED DOWN TO 6.3 % AT END-2008, BUT MAINTAINED ABOVE

NBR’S INFLATION TARGET

In the fi rst semester of 2008, the strong excess demand and administrated prices hikes had exerted strong upward pressures on

consumer prices, pushing headline infl ation to 8.6 %. In the second half of the year, the disinfl ation process has resumed, as the Central

Bank conducted a tight monetary policy, keeping the key rate at 10.25 %, the more so as the sentiment of foreign investors towards

emerging markets had deteriorated. Therefore, annualized infl ation decelerated to 7.3 % at end-Q3 and down to 6.3 % by the end

of the year, outpacing sensibly NBR’s infl ation target of 3.8 %, +/- 1 pps. Although the local currency suff ered a strong depreciation,

loosing 7.1 % vs. June-2008, the infl ationary pressures decreased, as consumption had contracted steeply

12

%

3.3

3.0

2.7

2.4

2.1

1.8

1.5

1.2

0.9

0.6

0.3

0.0

-0.3

-0.6

-0.9

-1.2

7.3

Jan-08

Evolution of Consumer Price Index

8.0

Feb-08

8.6

Mar-08

8.6

Apr-08

8.5

May-08

8.6

Jun-08

Edible goods Non-edible goods

Services CPI m/m

9.0

Jul-08

8.0

Aug-08

Sep-08

7.3 7.4

Oct-08

6.7 6.3

Headline inflation (rhs) Source: NIS, VBR Research

Nov-08

Dec-08

%

9.5

9.0

8.5

8.0

7.5

7.0

6.5

6.0

5.5

5.0


IN 2008, FISCAL DEFICIT ROSE TO 4.9 % IN 2008 VS. 2.3 % IN 2007

In 2008, the defi cit of general consolidated budget surged to 4.9 % of whole year gross domestic product (RON 503.96 bn ~ EUR

136.85 bn), according to local standards, while according to ESA 95 standards Romania ran a fi scal defi cit of 5.3 % of GDP. During 2008,

the overall revenues amounted to RON 164.47 bn (some EUR 44.66 bn), representing 32.6 % of GDP. Tax revenues, with the largest

contribution to total revenues, reached RON 94.04 bn, increasing by 23.1 % y/y, due to the robust growth of the economy in 2008, as

tax levels were maintained unchanged. Last year, total expenses accounted for 37.5 % of GDP, widening by 38.5 % on yearly basis to

reach RON 189.1 bn (around EUR 51.4 bn). Current expenses accounted for the largest part of overall expenses, higher by 36.2 % as

compared with 2007.

C/A DEFICIT NARROWED TO 12.3 % OF GDP IN 2008 FROM 13.7 % IN 2007

In 2008, the Romania’s current account defi cit reached EUR 16,877 mn, going upward with 1.2 % versus the level registered in

2007. The current account defi cit narrowed to approximately 12.3 % of GDP in 2008 as compared to 13.5 % of GDP in 2007. The defi cit

of current account was largely attributed to the shortrun of trade balance that reached EUR 18,199 mn, higher by 2.1 % as compared

to 2007, although the dynamic of exports advanced imports’ by 4.4 percentage points. In 2008, the balance of incomes recorded a

gap of EUR -5,530 mn, higher by 33 % y/y, as a result of profi t repatriation of foreign companies. In the same time, the net balance of

current transfer amounted to EUR 6,016 mn, increasing by 25 % as compared to 2007, which proves once more that Romanians did

not return home, despite the tightening of labour markets worldwide.

Foreign direct investments of the non-residents in Romania have covered just a share of 53.5 % of the current account defi cit,

increasing by 10 % versus 2007. In 2008, Romania managed to attract FDIs worth EUR 9,024 vs. EUR 7,251 mn in 2007. In the same

timeframe, the equity stakes and the reinvested earnings stood at 50.1 % of the total of FDIs, whereas the intra-group loans accounted

for the remaining part.

At the end of 2008, medium/long term (MLT) external debt totalised EUR 51,221 mn, higher by 33 % as compared to end-2007.

As of 31 December 2008, the public and publicly guaranteed external debt reached EUR 10,733 mn, representing 21 % of the MLT

external debt against 26.5 % at the end of December 2007. In the same timeframe, the private MLT external debt stood at EUR 35,021

mn, increasing by 39.5 % versus 31 December 2007

13


In 2008, the ratio of MLT external debt service stood at 29.3 %, rising by 6.1 % versus the level from 2007. At the end of December

2008, the goods and services import cover reached 5.7 months compared with 6.1 months at the end of 2007.

At end-2008, short term external debt stood at EUR 22,200.4 mn, increasing by 12 % vs. 2007. Romania’s total external debt

reached EUR 73,421 mn in 2008, higher by 25.8 % as compared to end-2007, while the share of short term external debt decreased to

30.2 % of total external debt vs. 34 % in 2007.

14

9

7

5

3

1

-1

-3

-5

-7

-9

-11

-13

-15

-17

-19

-21

-23

-25

Current account balance (12M basis)

EUR bn

Jan-08

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

Trade in goods

Incomes

C/A balance

Trade in services

Current transfers

Source: NIS, VBR Research


UNEMPLOYMENT RATE SOARED TO 4.4 % AT END DECEMBER 2008

In December-2008, the unemployment rate soared to 4.4 %, increasing by 0.3 percentage points vs. the previous month and

end-2007, as the global economic crisis was starting to aff ect the Romanian labour market. In 2008, the average unemployment rate

decelerated to 4.0 % vs. 4.3 % in 2007, as in the summer months, unemployment had fallen due to fast economical growth, even

reaching a historical low of 3.7 % during May-July. At end-2008, the number of employees in the economy stood at 4,738 thousand

persons from a total population of 21.54 million people. At end-December 2008, the number of unemployed person rose to 403.4

thousand persons, higher by 35.6 thousands as compared to 2007.

In 2008, the average net earnings in Romania stood at RON 1,282 (some EUR 348), increasing by 22.9 % vs. average level

from 2007.

4.85

4.80

4.75

4.70

4.65

4.60

4.55

4.50

Million

Jan-08

Evolution of unemployment rate on monthly basis

Feb-08

Mar-08

Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

Oct-08

Nov-08

Dec-08

%

4.6

4.4

4.2

4.0

3.8

3.6

Number of employees

in the economy (lhs)

Unemployment rate (rhs)

Source: NIS, VBR Research

15


RETAIL BUSINESS

Starting off with 2008, Volksbank Romania has gradually improved and developed its sales’ strategy by implementing a new

vision, namely transforming its relationship with the clients into a long-term partnership represented by the engagement of all

banking activity on both the family and business area through VBR, by means of accessing a higher and more various number of

products and services off ered by the bank.

Disposing of a retail portfolio that comprised approximatively 150.000 clients (natural persons and microenterprises) of which

more then 80.000 engaging credit facilities in 2008, Volksbank Romania has extended its product and service range, by predicting the

clients’needs and desires, through the implementation of this new approach, which has continued in the fi rst half of 2009 and will

carry on for the next 2 years.

Thus, in the summer of 2008, we have launched the products and services packages, that contain, according to every client’s

fi nancial resources, a series of discounts and facilties, applied to included products and services (current accounts, debit cards, credit

products, free internet banking service), but also to banking operations made by clients within these packages (free payments, free

withdraws, etc.)

The summer of 2008 also meant the launching of the new internet banking service – VB Direct, one of the most competitive

in the romanian bank system, that not only provides a very easy and effi cient usage, being a very „client-friendly” service, but also

creates the possibility to make any type of banking operations (opening new accounts, making deposits, payments, transfers, utlity

bills payment, foreign echange, balance check,statement check, engaged credit refund graphics check, etc.)

As an eff ect to the implementation of this competitive internet banking service, Volksbank Romania has continued to work

on client needs and desires, off ering them a new range of products, this time saving-oriented: special current accounts: „Junior”,

„Student”, „Grandparents”, „Dynamic”.

Through these new products, the bank has adressed both the existing clientele segment (through the Dynamic account –

off ered to natural persons and microenterprises), and new segments such as children, students, retired, off ering each target category,

current accounts with attractive interest rates, that include free or discount products, operations and services.

The launching of these current account products covers the entire interest area of natural persons, from accounts dedicated

to collecting/transferring salaries and other types of income,to accounts serving children and parents by effi cientely collecting and

administrating ammounts coming from state allowances for children and other social rights and moreover to accounts designed for

the retired that cash pensions and other money rights and even saving available resources.

As a follow-up to this process, at the end of last year, a new concept was launched on the Romanian market: the special

product and services package – VB Direct Bank – product targeting natural persons who want to save energy, time and most

important money.

16


Furthermore, this new concept desires to revolutionise and inovate classical banking operations, made at bank offi ces, on one

hand, and to guide natural persons to a more confortable and effi cient usage and access method to all banking service and products

– through the internet, at any time and any place: at home, at work, on holidays, etc.

Through the special package VB Direct Bank, Volksbank off ers its clients, both old and new, the possibility of:

• Saving and effi cientely administrating time given to transactions and banking operations;

• Saving and effi cientely administrating income and money resources – by off ering extremely attractive interest rates on current

accounts included in this product, as well as applying extremely low cost on services and operations within this package

(it includes the free internet banking service, a free debit card and discounts up to 75% on account and card operations);

• Making all types of banking transactions in a very short time : by accessing the internet banking services provided by the

package at any place and any time.

Also, during 2008, Volksbank Romania has extended its product and service range for Small and middle enterprises, launching

dedicated service and product packages, with attractive costs, that include a series of facilities and discounts for products and

services included, as well as for some ordinary operations.

As for fi nancing products off ered to microenterprises, these were improved and diversifi ed by developping special products for

those activating in diff erent liberal professions, such as doctors, public notaries, lawyers, etc.

As a consequence, at the end of 2008, Volksbank Romania’s strategy to diversify and extend the types of products off ered, as well

as attract new clientele segments, lead to being granted the third position in the bank top of the Romanian banking system, position

mostly due to the dynamics and development of the retail activity.

17


CORPORATE BUSINESS

It is well known that the core business of VBR Corporate area was represented by SME & real estate fi nancing. SME fi nancing

remains all the way a target segment during 2008, while real estate fi nancing was booming up to Q3 2008 when- due to international

crises- the group strategy for CEE countries changed the business approach for this segment. Consequently, the VBR management

decided to stop granting new real estate fi nance since Q4 2008 and set up a restructuring & rescheduling procedure for this

segment.

All in all, the corporate activity was defi ned by dynamism in 2008, the overall corporate lending portfolio increased with around

36% compared to the previous year.

Regarding the Corporate & SME segment, the 2008 development, refl ected in fi gures, shows that the corporate credit volume

increased with 85% since December 2007, while maintaining a high quality of the loan portfolio - the default rate was 0.1%.

On the transactional business side, it is worth mentioning the launching of VB Direct (Q2 2008) as an integrated e-banking

platform, that enhanced the corporate transactional business, together with the implementation of scanning solution at the branch

level for paper based payment orders. These new developments infl uenced positively the speed & quality of payments processing and

determined the migration of paper-based payments to the electronic environment.

The 2009 business approach will continue to enforce the positioning on SME business segment (companies with turnover

from EUR 1mio. to EUR 50 mio) and will turn to a new market niche represented by municipalities fi nancing & infrastructural projects.

This turn around strategy, meaning focus replacement from the real estate fi nancing to the municipalities projects (sovereign risk) is

determined by the changes in the business climate and also by the VBR/VBI risk approach.

To be successful in the business lines proposed in the corporate strategy for 2009, the focus will be for the following major

directions:

Improving continuously the quality of products and services off ered to Corporate and SME clients;

Launching new corporate standard products dedicated to both cash management and fi nancing requirements of

the clients;

Improving profi tability of the Corporate & SME business segment by implementing a CRM system able to measure profi tability

per client and per relationship manager

Increasing income from the cross selling activities, heaving in view the characteristics of this business segment.

18


The performance of the International Clients Desk emphasis the market strategy of the VBR corporate banking that of addressing

clients based on the specifi c of their activity.

Thus, the International Clients Desk mainly focuses on providing complete and professional consulting to the investors from Austria,

Germany, Italy and France, as well as to Romanian companies having foreign shareholding.

The Division is structured on 3 international desks, depending on the client’s origin (Austria, Germany, Italy and France etc.) and

gathers corporate specialists who address the clients using their mother language. Further, the departments dedicated to this type of

corporate clients activate as coordinating centers and are addressing main branches located in Romania of Austrian, German, Italian

and French companies.

The International Clients Desk manages a portfolio of approximately 1,000 clients from which 211 hold active credit facilities amounting

a credit volume of around EUR 120 mio at the end of 2008- a portfolio extended with 30 % compared to December 2007.

The main goal for 2009 is to maintain and increase the client database by quality relationship management and off ering tailored

business solution that best suits the western banking mentality that this clients typology have.

19


TREASURY ACTIVITY

The result obtained in 2008 represents the best performance throughout the evolution of the Treasury Divison within Volksbank

Romania. This result is yet more remarkable as it was accomplished during a year of full fi nancial crisis on both currency and monetary

international markets.

The volume of transactions made by Volksbank Romania on the currency market was signifi cant, reaching 6 093.7 million

euros. 60 percent of all income made by currency market transactions have been determined by the non-bank clientele and the rest

40 percent by means of interbank transactions.

In these terms, the FX income (except for re-evaluation profi t) reached a level of 15.7 million euros,whereas income out

of re-evaluating currency position summed up 2.5 million euros.

On the monetary market, transanctions’ volume has constantly increased and maturities followed the market’s tendency, being

infl uenced by the evolution of the fi nancial crisis.

Moreover, 2008 meant a signifi cant increase in the volume of currency swap transactions within the interbank market, in order

to improve the administration of the bank’s liquidity.

Along the year, the bank has succeeded in keeping a permanent reserve of liquidity, thus helping to easily overcome the fi nancial

crisis of the second half of 2008.

Interest income from the treasury’s activity has been determined by both inter-bank placements and fi xed income fi nancial

instruments, issued by the Ministry of Finance, reaching the total level of 10.1 million EUR.

20

Monthly income from currency market activities (thousands EUR)

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

jan feb mar apr may jun jul aug sep oct nov dec


Monthly income

out of monetary market placements (thousand EUR)

1,500

1,000

500

jan feb mar apr may jun jul aug sep oct nov dec

Client request for derived products has signifi cantly increased over the year of 2008, on grounds of the international economic

situation. The forward currency transactions have been solicited quite frequently by clients for the purpose of protection against

currency risk.

2008 also meant a better quality of the treasury’s activity by means of implementing the best informatics solution available

on the market at the present time.

The purpose of this process was to allow the development of new products, but in the same time to manage risk better.

Thus, throughtout 2008, we have succesfully implemented the front-offi ce solution, the Kondor+ system and we have started

implementing the back offi ce application, as well as the securities’ custody application which are going to be delivered during 2009.

Volksbank Romania has continued to off er a wide range of treasury products that can be adapted to the needs and requests of

every client by means of direct negociation, phone or on-line negociation. The clients are being daily informed about the fi nancial

market’s evolution in order to help them identify existing opportunities.

21


OPERATIONS

The Operations Offi ce’s activity covers most of the back offi ce activity.During 2008, a series of other departments started their

activity such as Cash Management, Custody and Branch Support, according to client needs and internal organization, along with old

departments like Payments, Documentary Business and Banking Correspondents, Card Back Offi ce and Treasury Back Offi ce.

During 2008, the Payments Department’s main achievement was the implementation of a scanning software that permitted

centralization of all payment and foreign exchange processes, allowing a more effi cient back offi ce activity, as to accomplish a 36 FTE

personnel saving, resources reoriented towards business activities. As an eff ect of an increased transactions volume, commissions

originating from payment processing totalised 3.5 mio EUR.

The Documentary Business Department registered in 2008 an increase in activity volume, off ering corporate and retail clients the

necessary support to engage accreditives, incasso and guarantee letters issuing. The professional support off ered to clients contributed

to producing an income volume of 0.6 mio EUR.

In 2008, the Treasury Back Offi ce Department started to implement a dedicated software, the fi rst phase being successfully concluded,

planning to continue its implementation in 2009 for complex products that the bank wishes to off er its clients, majorly contributing

to earning a higher income.

The Custody Department was created with the purpose of supplying custody services for the safekeeping of securities, as well

as treasury securities, their discount and registration, collecting income, evaluating portfolios, contributing to the diversifi cation of

products off erd to clients and aff erent income.

The Cash Management Department, intended to provide a more effi cient cash administration activity, followed and accomplished to

reduce transport and supply costs, by means of a better redistribution among units and secondly as an eff ect of an optimized surplus

funds placement.

22


RISK CONTROLLING

In 2008, the Risk Controlling division’s activity concentrated mainly on implementing the Basel II requests. Following

March 2008, Volksbank Romania has succesfully accomplished the report requests corresponding the standard Basel II approaches.

Simultaneously, the necessary steps have been made in order to prepare the transition to the approach based on internal credit risk

ratings. In this respect, measures have been taken in terms of: monitoring data quality, testing and improving the rating systems,

revising processes and procedures concerning the market risk, the credit risk and the liquidity risk.

The division has contributed to carrying on the integration of risk measures such as RAROC, expected loss, PD and LGD into

the bank’s daily activity.

In terms of market risk, we have begun using the Kondor+ software not only in purposes of daily risk monitoring, but also for

reporting references.

Considering the present situation,stress tests concerning the exchange rate risk, the interest rate risk, liquidity and the real estate

assets’ price, have been given careful consideration.

Also, in the second half of the year, the monitoring and administration of liquidity plan has been considerably consolidated

through the increase in monitoring frequency, as well as a tighter cooperation with the offi ces of Treasury and Financial

Accountancy.

23


REPORT OF THE SUPERVISORY BOARD

2008 represents the year that Volksbank consolidated its position on the retail banking market, coming in third in Romania’s

bank top.

Thus, in one year only, the total value of the bank’s balance assets has increased with aproximatively 68%, in comparison to the

end of 2007, up to the level of 21.34 billion RON, thereby reaching a 6.79 % market share and obtaining a 144.44 million RON profi t

before tax.

By means of this year’s results, Volksbank Romania has confi rmed every expectation concerning the market potential and has

strengthened the trust of the Supervisory Board in terms of the local management’s strategy: focusing, on one hand, on the target

represented by natural persons and by both microenterprises and small and middle enterprises, on the other.

The trust of the Supervisory Board in terms of fi nancial indicators, the book account and accounting statuses, as well as all other

reports concerning the bank’s activity during 2007, have been audited by the audit fi rm KPMG SRL, which has not had any objections,

thereby approving the accounts without reserve.

Finally, the the Supervisory Board wants to thank all clients and collaborators, the Managing Board and the entire bank staff ,

which were actively involved in obtaining positive results for Volksbank Romania, during its 8 years of activity.

Bucharest, Apr. 2009

24


Consolidated

Financial

Statements

Volksbank

Romania S.A.

25


INDEPENDENT AUDITOR’S REPORT

REPORT ON THE CONSOLIDATED FINANCIAL STATEMENTS

We have audited the accompanying consolidated fi nancial statements of Volksbank Romania S. A. (“the Bank) and its subsidiary

(“the Group), which comprises the consolidated balance sheet as at 31 December 2008, the consolidated income statement, the

consolidated statement of changes in equity and the consolidated cash fl ows statement for the year then ended, and a summary of

signifi cant accounting policies and other explanatory notes.

MANAGEMENT’S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS

Bank’s management is responsible for the preparation and fair presentation of these consolidated fi nancial statements in

accordance with International Financial Reporting Standards as adopted by the European Union. This responsibility includes:

designing, implementing and maintaining internal control relevant to the preparation and fair presentation of fi nancial statements

that are free from material misstatements, whether due to fraud or error; selecting and applying appropriate accounting policies; and

making accounting estimates that are reasonable in the circumstances.

AUDITORS’ RESPONSIBILITY

Our responsibility is to express an opinion on the consolidated fi nancial statements of the Group based on our audit. We conducted

our audit in accordance with the Standards on Auditing as adopted by the Romanian Chamber of Financial Auditors. Those

standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance

whether the fi nancial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated

fi nancial statements. The procedures selected depend on our judgement, including the assessment of the risks of material misstatement

of the consolidated fi nancial statements, whether due to fraud or error. In making those risk assessments, we consider internal

control relevant to the entity’s preparation and fair presentation of the consolidated fi nancial statements in order to design audit

procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the eff ectiveness of the

entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness

of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated fi nancial statements.

We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our opinion.

27


OPINION

In our opinion, the accompanying fi nancial statements of the Group present fairly, in all material respects, the fi nancial position

of the Group as at 31 December 2008, and of its fi nancial performance and its cash fl ows for the year then ended in accordance with

International Financial Reporting Standards as adopted by the European Union.

EMPHASIS OF MATTERS

Without qualifying our opinion, we draw attention that the Group has estimated the impairment loss provision for loans and

advances to customers based on an internal developed methodology applied as of 31 December 2008, as presented in Note 3.9.1. - 7.).

Because of the inherent limitations mentioned in this Note related to the information management of certain important aspects of the

methodology for future cash fl ows of the loans and advances to customers, and to the signifi cant uncertainties on the international

and local fi nancial markets regarding assets valuation mentioned in Note 4h of the consolidated fi nancial statememts, this estimate

could be signifi cantly revised after the date of the approval of the consolidated fi nancial statements.

OTHER MATTERS

This report is made solely to the Bank’s shareholders, as a body. Our audit work has been undertaken so that we might state to

the Bank’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest

extent permitted by law, we do not accept or assume responsibility to anyone other than the Bank and the Bank’s shareholders as a

body, for our audit work, for this report, or for the opinions we have formed.

REPORT ON CONFORMITY OF THE DIRECTORATE REPORT WITH THE CONSOLIDATED

FINANCIAL STATEMENTS

In accordance with the Order of the National Bank of Romania no. 5/2005, article no. 175, point 2) we have read the accompanying

Directorate Report on the consolidated fi nancial statements of Volksbank Romania S.A. and its subsidiaries (“the Group”) prepared

in accordance with International Financial Reporting Standards as adopted by the European Union as at and for the year ended

31 December 2008. The Directorate Report as presented from page 1 to 18 is not a part of the Group’s consolidated fi nancial

statements. In the Directorate Report we have not identifi ed any fi nancial information which is not consistent, in all material respects,

with the information presented in the Group’s consolidated fi nancial statement as at 31 December 2008.

Refer to the original signed

Romanian version

28


For and on behalf of KPMG Audit SRL:

Toader Serban-Cristian KPMG Audit SRL

Registered with the Chamber of Financial Registered with the Chamber of Financial

Auditors of Romania under no 1502/2003 Auditors of Romania under no 9/2001

Bucharest, 24 March 2009

29


CONSOLIDATED INCOME STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2008

30

In RON Note 2008 2007*

Interest and similar income 7 961,904,194 399,815,759

Interest expense and similar charges 7 (775,142,089) (277,553,153)

__________ __________

NET INTEREST INCOME 186,762,105 122,262,606

Fee and commission income 8 74,489,751 76,717,397

Fee and commission expense 8 (15,865,895) (8,822,754)

_________ _________

NET FEE AND COMMISSION INCOME 58,623,856 67,894,643

Net income from foreign currency conversion and derivatives held for risk management 9 128,161,233 54,355,199

Other operating income 10 1,997,668 985,387

__________ __________

OPERATING INCOME 375,544,862 245,497,835

Expense with provisions for impairment of assets 12 (58,485,288) (51,892,518)

Wages and salaries expense 11 (87,131,985) (54,644,956)

Depreciation and amortization 19,20 (11,892,191) (8,919,122)

Other operating expense 11 (73,554,653) (47,740,277)

___________ ___________

OPERATING EXPENSES (231,064,117) (163,196,873)

PROFIT FROM OPERATIONS 144,480,745 82,300,962

Net gain/(loss) from monetary translation 9 - (62,402,258)

__________ _________


In RON Note 2008 2007*

PROFIT BEFORE INCOME TAX 144,480,745 19,898,704

_________ _________

Income tax expense 13 (21,494,682) (12,991,459)

_________ _________

NET PROFIT FOR THE YEAR 122,986,063 6,907,245

See Note 2 c

The consolidated profi t and loss account shall be read together with the notes to the consolidated fi nancial statements, which are part

and parcel of the latter, as presented within pages 40 - 114.

The consolidated fi nancial statements have been approved by the Directorate on March 24, 2009 and have been signed on the latter’s

behalf by:

Gerald Schreiner Mara Cristea

President Manager of the Financial – Accounting Department

31


CONSOLIDATED BALANCE SHEET

FOR THE YEAR ENDED DECEMBER 31, 2008

32

In RON Note December 31, 2008 December 31, 2007

ASSETS

Cash and cash equivalents 14 7,338,129,891 3,627,891,567

Derivative assets held for risk management 15 4,802,356 92,979

Placements with banks 16 592,712,532 962,712,657

Loans and advances to banks 16 26,188,976 20,350,200

Loans and advances to customers 17 13,184,065,378 7,919,882,769

Investment securities available-for-sale 18 56,845,378 30,379,657

Investment securities held to maturity 18 10,516,348 -

Equity securities available-for-sale 18 1,522,478 732,495

Property and equipment 19 94,558,599 64,124,373

Intangible assets 20 9,731,475 5,580,262

Deferred tax assets 21 1,460,592 4,531,174

Other assets 22 21,645,382 9,315,813

___________ ___________

TOTAL ASSETS 21,342,179,385 12,645,593,946

LIABILITIES

Derivative liabilities held for risk management 15 832,579 25,315

Deposits from banks 23 126,314,206 285,442,076

Borrowings from banks and other fi nancial institution 25 17,151,101,214 8,938,510,670

Deposits from customers 24 2,279,996,743 1,930,292,371

Subordinated liabilities 27 522,115,190 473,008,651

Current tax liability 6,400,479 15,925,711

Other liabilities and provisions 26 31,723,636 14,889,627

___________ ___________

TOTAL LIABILITIES 20,118,484,047 11,658,094,421

EQUITY

Share capital 28 406,648,673 370,648,673

Retained earnings 72,527,708 16,834,924

Reserves 29 57,370,570 56,302,714

Share premium 29 687,148,387 543,148,387

Conversion diff erences 29 - 564,827


In RON Note December 31, 2008 December 31, 2007

TOTAL EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE BANK 1,223,695,338 987,499,525

_____________ _____________

TOTAL LIABILITIES AND EQUITY 21,342,179,385 12,645,593,946

The consolidated balance sheet shall be read together with the notes to the consolidated fi nancial statements, which are part and

parcel of the latter, as presented within pages 40 - 114.

The consolidated fi nancial statements have been approved by the Directorate on March 24, 2009 and have been signed on the latter’s

behalf by:

Gerald Schreiner Mara Cristea

President Manager of the Financial – Accounting Department

33


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED DECEMBER 31, 2008

34

In RON Share capital Share premium

Foreign

currency reserve

Retained

Earnings

Other

reserves

BALANCE AT JANUARY 1, 2007 234,465,915 283,324,288 (3,517,802) 31,775,658 47,434,485 593,482,544

Increase in capital by cash 112,000,000 224,000,000 - - - 336,000,000

Dividends paid - - - (12,027,750) - (12,027,750)

Net profi t for the year - - - 6,907,245 - 6,907,245

Distribution of profi t to reserves - - - (5,663,102) 5,663,102 -

Translation diff erences (refer to Note 2 c) 24,182,758 35,824,099 4,082,629 (4,157,127) 3,205,127 63,137,486

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

BALANCE AT DECEMBER 31, 2007 370,648,673 543,148,387 564,827 16,834,924 56,302,714 987,499,525

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

BALANCE AT JANUARY 1, 2008 370,648,673 543,148,387 564,827 16,834,924 56,302,714 987,499,525

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

Increase in capital by cash 36,000,000 144,000,000 - - - 180,000,000

Dividends paid - - - (62,250,750) - (62,250,750)

Net profi t for the year - - - 122,986,063 - 122,986,063

Distribution of profi t to reserves - - - (5,042,527) 5,042,527 -

Faire value adjustments to securities (4,539,500) (4,539,500)

Other adjustments - - (564,827) - 564,827 -

__ _____ __ _____ __ _____ __ _____ __ _____ __ ___

BALANCE AT DECEMBER 31, 2008 406,648,673 687,148,387 - 72,527,710 57,370,568 1,223,695,338

The consolidated statement of the changes in equity shall be read together with the notes to the consolidated fi nancial statements,

which are part and parcel of the latter, as presented within pages 40 - 114.

Gerald Schreiner Mara Cristea

President Manager of the Financial – Accounting Department

Total


CONSOLIDATED CASH FLOW STATEMENT

FOR THE YEAR ENDED DECEMBER 31, 2008

In RON Note December 31, 2008 December 31, 2007

OPERATING ACTIVITIES

Net profi t for the year 122,986,063 6,907,246

ADJUSTMENTS FOR NON-CASH ITEMS:

Depreciation and amortization 19, 20 11,892,191 8,919,122

Provisions and write-off s of fi nancial assets 59,027,107 52,560,810

Items related to investing and fi nancing activities - -

Other adjustments 49,647,215 (14,935,834)

Income tax expense 13 21,494,682 12,991,459

___________ ___________

NET PROFIT ADJUSTED WITH NON-CASH ITEMS 265,047,258 66,442,803

CHANGE IN OPERATING ASSETS:

___________ ___________

Decrease/(increase) in investment securities (42,838,434) (9,738,143)

Increase in loans and advances to banks (5,450,000) (3,509,543)

Increase in loans and advances to customers (5,317,387,747) (5,375,086,416)

Increase in other assets (25,189,870) (2,530,594)

CHANGE IN OPERATING LIABILITIES:

Increase/ (decrease) in deposits from banks (158,181,982) 272,674,038

Increase/ in deposits from customers 344,708,377 878,214,718

Increase/ (decrease) in other liabilities 15,525,234 3,842,113

Income tax paid (15,087,600) (794,547)

___________ ___________

CASH FLOWS USED IN OPERATING ACTIVITIES (4,938,854,764) (4,170,485,571)

INVESTING ACTIVITIES

Proceeds from sale of property and equipment 49,226 52,590

Purchase of property, equipment and intangibles (46,602,355) (37,064,132)

Decrease/(increase) in investment securities held to maturity (10,192,701) -

Decrease/(increase) in capital investment (685,376) -

35


36

In RON Note December 31, 2008 December 31, 2007

Dividends received 1,888,793 585,564

___________ ___________

CASH FLOWS USED IN INVESTING ACTIVITIES (55,542,413) (36,425,978)

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issue of shares 180,000,000 336,000,000

Payment of fi nance lease liability (823,940) (544,837)

Dividends paid (62,250,750) (12,027,751)

Net increase in loans from banks 8,206,156,650 6,505,316,112

___________ ___________

CASH FLOWS USED IN INVESTING ACTIVITIES 8,323,081,960 6,828,743,524

___________ ___________

Net foreign currency translation diff erences - 87,562,555

___________ ___________

NET INCREASE/ (DECREASE) IN CASH AND CASH EQUIVALENTS 3,328,684,783 2,709,394,530

___________ ___________

CASH AND CASH EQUIVALENTS AT JANUARY 1 4,611,245,738 1,901,851,208

___________ ___________

CASH AND CASH EQUIVALENTS AT DECEMBER 31 7,939,930,521 4,611,245,738

ANALYSIS OF CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS COMPRISE:

Cash on hand and in ATM’s 14 114,904,812 86,183,444

Current accounts held with banks 14 15,014,500 11,467,035

Current accounts held with National Bank of Romania 14 7,208,210,579 3,530,241,088

___________ ___________

Total cash and cash equivalents 7,338,129,891 3,627,891,567


In RON Note December 31, 2008 December 31, 2007

Financial assets available-for-sale – less than 3 months 4e 9,088,099 20,641,514

Loans and advances to banks - less then 3 months 4e 592,712,532 962,712,657

___________ ___________

CASH AND CASH EQUIVALENTS IN THE CASH FLOW STATEMENT

CASH FLOW FROM OPERATING ACTIVITIES COMPRISES:

7,939,930,521 4,611,245,738

Interest received 960,235,099 391,694,654

Interest paid 812,519,728 277,894,475

The consolidated cash fl ow statement shall be read together with the notes to the consolidated fi nancial statements as presented

within pages 40 - 114, and which are part and parcel of the consolidated fi nancial statements.

Gerald Schreiner Mara Cristea

President Manager of the Financial – Accounting Department

37


Notes to the

Consolidated

Financial

Statements

Volksbank

Romania S.A.

39


1. REPORTING ENTITY

The Group Volksbank Romania (the “Group”) contains the parent, Volksbank Romania S.A. (the “Bank”) and the latter’s branch

having the head offi ce in Romania. The Group consolidated fi nancial statements for the fi nancial year ended on December 31, 2008

are made up of the fi nancial statements of Volksbank Romania S.A. and of the latter’s branch VBRO Services S.R.L., together forming

the Group. The Bank holds a contribution of 100% of the share capital of VBRO Services S.R.L., which has been acquired in 2007 upon

the incorporation of the said branch. The Group has the following fi elds of activity: banking, which is conducted by the Volksbank

Romania S.A. and auxiliary and data processing services as carried out by VBRO Services S.R.L.

1.1 VOLKSBANK ROMANIA S.A.

Volksbank Romania S.A. has been incorporated in January 2000 as a Romanian legal person and has been authorized by the

National Bank of Romania to carry out activities in the banking fi eld. The Bank has started its activity in May 2000 and the activity

conducted by the latter relates to bank operations with Romanian natural and legal persons.

The main activity of the Bank consists in providing bank services for the retail sector, the small and medium-sized enterprises

and to big companies. These services include: accounts opening, attracting deposits, fi nancing for current activities or for investments,

internal and external bank transfers, currency exchange operations, bank guarantees, documentary credits, etc.

The bank is owned in a proportion of 99.0522 % by Volksbank International AG (Austria), having the registered offi ce in 10 Leonard

Bernstein Strabe, 1220 Viena, Austria.

The registered offi ce of the bank is: 171 Mihai Bravu Blvd., Bucharest, 2nd District, Romania. The bank runs its activity through its

registered offi ce situated in Bucharest and through the 173 branches and agencies in all the counties of the country (December 31,

2007: 135), including 32 in Bucharest (December 31, 2007: 26) and through a number of 73 franchises.

The number of the Bank employees at December 31, 2008 was 1.477 employees (December 31, 2007: 1.170 employees).

The Surveillance Council made up of 4 members and a Directorate consisting of 4 members manages the bank in the dualist system.

The members of the Surveillance Council are:

Mr. Ralf Weingartner – President

Mr. Gerhard Wöber – Vice President

Mr. Thomas Capka – Member

Mr. Jorg Poglits – Member

The members of the Directorate are:

Mr. Gerald Schreiner – President

Mr. Herwig Burgstaller – Vice President

Mrs. Simona Fatu – Vice President

Mr. Valentin Vancea – Vice President

1.2 VBRO Services S.R.L.

VBRO Services S.R.L. has been incorporated in the year 2007, as a limited liability company, according to the Romanian legislation. The

company conducts the activity through the registered offi ce situated in Bucharest. The company provides services auxiliary to the

banking services as well as real estate brokerage services. The company has started its operational activity in January 2008.

40


2. BASIS OF PREPARATION

2.1 COMPLIANCE STATEMENT

The consolidated fi nancial statements of the Group have been drawn up in accordance with the International Financial Reporting

Standards (“IFRS”) as adopted by the European Union, in force on the date of the Group annual reporting, namely December 31, 2008.

In order to estimate the losses from the depreciation of loans and advances granted and of the net leasing investment, the Group has

applied the internal methodology as presented within Note 3.9.1. - 7.).

Diff erences between the IFRS fi nancial statements and the statutory fi nancial statements

The Bank accounting records have been presented in RON, in accordance with the Romanian accounting legislation as well as with

the banking regulations in force as issued by the National Bank of Romania.

The branch maintains its accounting records in accordance with the Romanian accounting legislation.

All the aforementioned accounting records of the Bank and of its branch are hereinafter referred to as statutory accounts.

These accounts have been retreated in order to refl ect the existing diff erences between the statutory accounts and the IFRS.

Accordingly, the statutory accounts have been adjusted, when and if necessary, in order to harmonize the said fi nancial statements,

in all the signifi cant aspects, with the IFRS.

The most signifi cant changes brought to the statutory fi nancial statements in order to align them to the International Financial

Reporting Standards, as adopted by the European Union are:

• The grouping of several detailed elements in more comprising categories;

• Adjustments of the assets and liabilities elements, in accordance with IAS 29 (“Financial reporting in hyperinfl ationary economies”)

due to the fact that the Romanian economy has been a hyperinfl ationary economy up to December 31, 2003;

• The choosing of the RON currency as the functional currency starting January 1, 2008;

• Adjustments at the fair value and the depreciation of the value of the fi nancial instruments, in accordance with IAS 39

(“Financial Instruments – Recognition and Measurement”);

• Establishing provisions for deferred taxes; and

• Presenting the necessary information in accordance with IFRS

2.2 ASSESSMENT BASIS

The consolidated fi nancial statements have been prepared by taking into consideration the fair value of derivative fi nancial

instruments, the receivables and the fi nancial liabilities as well as of the fi nancial instruments available for sale through the profi t and

loss account, save for those for which the fair value could not be established in a credible manner. Other receivables and fi nancial

liabilities as well as the receivables and non-fi nancial liabilities are presented according to the amortized cost, the reassessed value or

the historical cost.

The non-current assets available for sale are presented at the smallest value between the net accounting value and the fair value,

less those costs as related to sale.

41


2.3 THE FUNCTIONAL PRESENTATION CURRENCY

The Bank Management has decided that the RON currency represented the functional currency since January 1, 2008.

The Group applied the change of the functional currency prospectively.

The elements included in the fi nancial statements of each of the Group entities are assessed by using the currency of the main

economic environment where the said entity operates (the “functional currency”).The Group consolidated fi nancial statements

are presented in RON, the currency that the management of the Bank has chosen as presentation currency.

According IAS 21, as the functional currency before January 1, 2008 was EUR, for the conversion of the amounts from EUR into

RON the following procedures have been complied with as at December 31, 2007):

• the assets, liabilities and equity for all elements presented in the balance sheet (including the comparatives), have been

converted at the exchange rate valid on the balance sheet date (December 31, 2007: 3,6102 RON / EUR);

• the elements relating to incomes and expenses have been converted for the current period at a currency exchange rate valid on

the transactions’ date or at an exchange rate which approximates the current exchange rate (average exchange rate in 2007:

3,3373 RON / EUR);

• those elements relating to equity, others than the result of the period which is included in retained earnings, have been

converted at an exchange rate valid for the balance sheet date (December 31, 2007: 3,6102 RON / EUR).

2.4 THE USE OF THE ESTIMATES AND OF THE SIGNIFICANT JUDGMENTS

The preparation of the fi nancial statements in accordance with the IFRS as adopted by the European Union involves the use

by the management of certain estimates, judgments and assumptions which aff ect the application of the accounting policies, as

well as the reported value of the assets, liabilities, incomes and expenses. The related estimates and judgments are based upon the

experience and the various reasonably assumed factors under the given circumstances, whose results form the basis of the issuing

of judgments and opinions related to the accounting value of the assets and liabilities, which value may not be deducted from other

sources. The current results may diff er from the estimated values.

The estimates and assumptions are periodically reviewed. The revision of accounting estimates is recognized within the period

when the said estimate is reviewed, if the revision aff ects only the said period, or during the period when the said estimate is reviewed

and the following periods when the said revision aff ects both the current period and the following periods.

The information relating to those estimates used in the application of the accounting policies which have a signifi cant eff ect over

the fi nancial statements, as well as the estimates involving a signifi cant degree of uncertainty, are presented within Notes 5 and 6.

42


3. SIGNIFICANT ACCOUNTING METHODS AND POLICIES

The signifi cant accounting methods and policies as presented below have been applied in a consequent manner, by the entities

within the Group along the fi nancial years presented in the consolidated fi nancial statements.

In order for the information to be comparable, certain elements within the fi nancial statements on December 31, 2007 have

been reclassifi ed in order for the latter to be in accordance with the presentation of the current fi nancial statements.

3.1 CONSOLIDATION BASIS

3.1.1 Branches

Branches are those entities under the Bank control. The said control exists when the Bank has the power to rule, either directly

or indirectly over the fi nancial and operational policies of one entity in order to get benefi ts from the latter’s activity. At the time

of assessing the control, the potential and convertible voting rights that may also be exercised at present shall also be taken into

consideration. The fi nancial statements of the branches are included within the consolidated fi nancial statements as of the moment

the exercise of the said control begins and up until the moment the said control ceases to exist.

The Bank consolidates the fi nancial statements of the latter’s branch, namely VBRO Services S.R.L., in accordance with IAS 27

(“Consolidated and Separate Financial Statements”).

3.1.2 Affi liated entities

The affi liated entities are those entities over which the Group may exercise a signifi cant infl uence, but not a control over the

fi nancial and operational policies. The consolidated fi nancial statements include a share of the Group out of the results of the affi liated

entities based upon the method of placing in equivalence, as of the date when the Group has started to exercise a signifi cant infl uence

and up until the date when the said infl uence ceases to exist. In the event the Group’s share out of losses of the affi liated entity

exceeds the accounting value of the investment, the accounting value shall be reduced to zero and the subsequent losses shall not

be recognized save for the case when the Group has legal or constructive obligations on behalf of the affi liated entity.

The Bank owns 20% of the share capital of the company Volksbank Leasing IFN S.A., a company providing leasing services to

natural and legal persons. The Group does not exercise a signifi cant infl uence and it does not have any control over the fi nancial

and operational policies of the company Volksbank Leasing IFN S.A., therefore the said company is not included within the Group

consolidation perimeter, not being an affi liated entity.

3.1.3 Transactions eliminated on consolidation

Settlements and intra-group transactions and resulting unrealized profi ts from transactions in the Group, are totally eliminated

in the fi nancial accounting. Unrealized profi ts arising from transactions with related entities are eliminated in the correspondence with

the investments in associated company.

43


3.2 THE FOREIGN CURRENCY

3.2.1 Foreign Currency Transactions

The operations expressed in the foreign currency are converted into the functional currency at the offi cial exchange rate valid

on the date of the settlement of the transaction. The monetary assets and liabilities denominated in foreign currencies on the date

of drawing up the balance sheet are turned into the functional currency at the offi cial exchange rate valid on the date of the balance

sheet. Thegains and losses from settlement shall be recognized into the profi t and losses account, except for those cases when the

exchange rates diff erences come from the translation of the fi nancial instruments classifi ed as available for sale, which are included

into reserve from the fair value adjustments of the said fi nancial instruments.

The non – monetary assets and liabilities, which are assessed at a historical cost, in foreign currencies are converted into the

functional currency at the exchange rate from the date of the said transaction. The non – monetary assets and liabilities denominated

in foreign currencies that are assessed at the fair value, are converted into the functional currency at the exchange rate from the date

when the fair value has been established.

The conversion diff erences are presented into the profi t and losses account save for those diff erences as resulting from the

conversion of the fi nancial instruments classifi ed as being available for sale, which are included into the reserve from the fair value

adjustments of the said fi nancial instruments.

The currency exchange rates of the main foreign currencies have been:

Currency December 31. 2008 December 31. 2007 % Increase/(Decrease)

Euro (EUR) 1: 3.9852 RON 1: 3.6102 RON 10.38 %

American Dollar (USD) 1: 2.8342 RON 1: 2.4564 RON 15.38 %

Swiss Franc (CHF) 1: 2.6717 RON 1: 2.1744 RON 22.87 %

3.3 INTEREST – RELATED INCOMES AND EXPENSES

The interest incomes and expenses related with the fi nancial instruments are recognized into the profi t and loss account at

amortized cost by using the eff ective interest rate method.

The eff ective interest rate method is the calculation method for the amortized cost of a fi nancial asset or of a fi nancial liability

and for the allotment of the income or of the expense from interests for a relevant period of time. The eff ective interest rate is the

exact rate which updates the future cash fl ows estimates to be paid or cashed for a life time period of the fi nancial instrument, or,

if applicable, for a shorter period of time, at the net reported value of the said fi nancial asset or liability. For the computation of the

eff ective interest rate, the Group estimates the future cash fl ows by taking into consideration all the contractual terms of the fi nancial

instrument (for instance, payments in advance, call options and other similar options), but it does not take into consideration any

future credit losses.

44


The computation method includes all expenses and commissions as paid or received between the contractual parties, which

are part of the eff ective interest, the transaction related costs, and other premiums and discounts.

The linear method represents a computation method for the amortized cost of the loans as granted to the clients, by which the

commissions generated by the granting of a credit, as received from the contracting parties shall be included in the eff ective interest

rate and shall be amortized and recognized as incomes from interests for a relevant period of time. The method of linear amortization

as used for the determination of the amortized cost for the credits as granted to the clients represents the best estimate of the

management and the fi nancial eff ect, as generated, does not diff er signifi cantly from the eff ect which would have been obtained by

applying the eff ective interest rate method.

3.4 INCOMES AND EXPENSES FROM COMMISSIONS AND CHARGES

The incomes from charges and commissions mainly derive from the lending activity, commissions from the card related

operations, from the cash management services, brokerage services, commission for the issuance of the letters of guarantee and

opening of letters of credits. The incomes and charges from commissions and expenses that are directly attributable to the fi nancial

assets and liabilities on the initiation moment (both the incomes and the expenses) are recognized as an adjustment of the eff ective

interest rate. The commissions related to loan commitments are amortized together with other direct costs and recognized as an

adjustment to eff ective interest rate of the loan. Other incomes from commissions and charges deriving from the fi nancial services as

provided by the Group are recognized in the profi t and losses account at the time the said service is provided. Other expenses from

commissions and charges shall mainly refer to the transaction – related commissions and services and which are recognized in the

profi t and losses account at the time the said service is provided.

3.5 INCOMES FROM THE FOREIGN CURRENCY CONVERSION AND DERIVATIVES HELD

FOR THE RISK MANAGEMENT

The net incomes from transactions are represented by the diff erence between the income and loss from the transactional assets

and liabilities and derivatives held for risk management and includes the realized and non – realized fair value adjustments and foreign

exchange diff erences. The net income from the derivatives used for risk management and foreign exchange diff erences is presented

within the operational profi t.

3.6 DIVIDENDS

The incomes from dividends are recognized in the profi t and loss account on the date when the right to receive the said

incomes is established. The incomes from contributions and other investments without a fi xed income are recognized as incomes

from dividends when the latter are engaged. The incomes from dividends are refl ected as a component of the operation – related

incomes. The dividends are treated as an allotment of the profi t during the period when they have been stated and approved by

the General Shareholders Assembley. The only available profi t for allotment is the annual profi t as registered within the Romanian

statutory accounts and it is diff erent from the profi t as refl ected within the present fi nancial statements, as drawn up in accordance

with the IFRS as adopted by the European Union, due to the diff erences between the accounting regulations as applicable in Romania

and the ones adopted by the European Union.

45


3.7 LEASING PAYMENTS

The operational leasing payments are recognized within the profi t and loss account using the linear method during the entire

duration of the leasing agreement. The leasing facilities as received are recognized as a part and parcel of the total leasing expenses,

during the entire duration of the leasing agreement. The operational leasing related expenses are recognized as a component of the

operational expenses.

The minimum leasing payments within the fi nancial leasing agreements are divided on a pro – rata basis between the leasing

– interest expense and the reduction of the leasing liability. The leasing interest expense is allotted to every leasing period in such

a manner as to produce a stable interest rate for the remaining leasing liability. The contingent leasing payments are recognized by

reviewing the minimum leasing payments for the remaining leasing period when the leasing adjustment is confi rmed.

3.8 TAX ON PROFIT

The tax on profi t as related to the fi nancial year contains the current tax and the deferred tax. The tax on profi t is recognized

within the profi t and loss account or in equity if the tax is related to the capital elements.The current tax on profi t is the tax to be paid

as related to the achieved profi t during the current period, as determined based upon the percentages applied on the date of the

balance sheet and of all the adjustments as related to the previous periods.

The deferred tax is determined by using the balance sheet method for those temporary diff erences that occur between the

tax computation fi scal basis for assets and liabilities and the accounting value of the latter as used for reporting within the fi nancial

statements. The deferred tax is not recognized for the following temporary diff erences: the initial recognition of the goodwill, the

initial recognition of the assets and liabilities coming from transactions which are not business combinations and which do not aff ect

either the accounting profi t or the tax ones and the diff erences resulting from investments in subsidiaries, provided that the latter

shall not be reversed within the near future. The deferred tax is calculated based upon the taxation percentages that are expected to

be applied to the temporary diff erences upon their reversal, by virtue of the legislation in force on the reporting date.

A deferred tax asset is recognized only to the extent it is likely to get taxable profi t in the future after the compensation with the

fi scal loss of the previous years and with the tax on profi t to be recovered. The deferred tax asset is diminished to the extent that the

related tax benefi t is unlikely to be achieved.

The additional taxes, which occur from the allotment of dividends, are recognized on the same date as the obligation of payment

of the dividends. The income tax rate used for the calculation of the current tax on profi t and the deferred tax is 16 % on December

31, 2008 (December 31, 2007: 16 %).

46


3.9 FINANCIAL ASSETS AND LIABILITIES

3.9.1 Classifi cation

The group classifi es the fi nancial assets and liabilities in the following categories:

a) Financial assets and liabilities at fair value through profi t and loss

This category has two subcategories: fi nancial assets and fi nancial liabilities held for trading, and the fi nancial instruments

classifi ed at the fair value through the profi t and loss account at the time of the initial recognition. A fi nancial instrument is classifi ed

within this category if it has been mainly purchased for the purpose of being sold or if it has been appointed to the said category

by the entity management. The derivative instruments are also classifi ed as being held for trading if they do not stand for a hedge

instrument. On December 31, 2008 and on December 31, 2007 the Group did not hold in the portfolio any fi nancial assets or liabilities

at the fair value through the profi t and loss account.

b) Financial assets available for sale

The fi nancial assets available for sale are those fi nancial assets which are appointed as available for sale or which are not classifi ed as

loans and advances, investments held to maturity or fi nancial assets at the fair value through the profi t and loss account.

The fi nancial instruments available for sale include dealing securities as issued by the state, treasury certifi cates which may be resold

to the Central Bank, equity securities of the portfolio related activity which are not held for trading or held to maturity.

On December 31, 2008 and December 31, 2007 the Group has included within the said category the treasury securities as issued by

the Ministry of Public Finance as well as the capital investments.

c) Investments held to maturity

The investments held to maturity represent those fi nancial assets with fi xed or determinable payments and with a fi xed due date

that the Group has the fi rm intention and the possibility to keep until the due date. Under the conditions when the Group proceeds

to the sale or the reclassifi cation of signifi cant values of investments held to maturity, during the current fi nancial year or during two

previous fi nancial years, the latter shall not be able to classify any fi nancial asset as an investment held to maturity (the contamination

rule). This interdiction shall not apply to the case when the said sale or reclassifi cation:

• is so close to the fi nancial asset due date (for instance, with less than three months prior to the due date), that the changes in

the interest rate on the market could not have had a signifi cant eff ect over the fair value of the fi nancial asset;

• takes place after the value of the main fi nancial asset has been substantially recovered, by installments or through anticipated

reimbursements; or

• is attributed to an isolated event, it is not repetitive and could not have been reasonably predicted.

47


In the event the said sale or reclassifi cation cannot be placed within one of the aforementioned cases, all the investment held to

maturity shall be reclassifi ed within the available for sale category. On December 31, 2008 the Bank has in the portfolio government

bonds held to maturity. On December 31, 2007 the Bank did not have within the portfolio any fi nancial instruments held to maturity.

d) Loans and advances

The loans and advances are non – derivative fi nancial assets with fi xed and determinable payments which are not listed on an

active market, other than those that the Group intends to sell immediately or in the nearest future, those that the Group, at the time of

the initial recognition, classifi es as being fi nancial assets held for trading, those assets that the Group, after the initial recognition, appoints

as being available for sale or those assets for which the holder might not substantially recover the entire initial investment, due to other

reason than the credit depreciation. The loans and receivables include the loans and advances granted to the banks and clients.

3.9.2.Recognition

The fi nancial assets and the fi nancial liabilities are initially recognized at fair value plus, in the case of those fi nancial assets and

fi nancial liabilities other than the ones at a fair value through the profi t and loss account, the directly attributable transaction related

costs. The Group initially recognizes the loans and advances, the deposits and the subordinated liabilities on the date the latter are

created. All the other fi nancial assets and liabilities (including those at a fair value through the profi t and loss account) are initially

recognized on the transaction date when the Group has become part of the contractual provisions of the fi nancial instrument.

3.9.3. Derecognition

The Group shall derecognizes any fi nancial asset when the rights to receive cash fl ows from the said fi nancial asset expires, or

when the Group has transferred the rights to receive the contractual cash fl ows as related to that fi nancial asset through a transaction

where it has signifi cantly transferred all the risks and benefi ts of the property right. Any right as related to the transferred fi nancial

assets that is withheld by the Group or created for the Group shall be separately recognized as an asset or a liability.

The Group derecognizes a fi nancial liability when the contractual obligations have ended or when the contractual obligations are

cancelled or expire.

3.9.4. Compensations

The fi nancial assets and liabilities shall be compensated, and the net outcomes presented in the balance sheet only when there

is a legal compensation right and if there is the intention related to the latter’s settlement per net basis, or if there is the intention to

simultaneously achieve the assets and cancel the liability. The incomes and liabilities are presented per net basis only when the latter

are allowed by the accounting standards, or as a profi t and loss resulting from a group of similar transactions such as the ones from

the Group trading activity.

3.9.5. Assessment at amortized cost

The amortized cost of a fi nancial asset or liability represents the value at which the said fi nancial asset or liability is measured

upon the initial recognition, less the payments of principal, to which there shall be added or deducted the cumulated depreciation

up to the said moment, determined by using the linear method for the loans and advances granted to the clients and the eff ective

48


interest rate method for the diff erences between initially recognized value and the value upon the maturity date, less the deductions

from the assets’ depreciation.

3.9.6. Assessment at fair value

The fair value of the fi nancial instruments is based upon a price quotation on an active market, as valid upon the date of the

balance sheet without the deduction of the transaction related costs. In the case there is no such price quotation, the fair value of the

fi nancial instruments is estimated by using the models for the establishment of prices or the techniques relating to cash fl ow update,

techniques based upon the net present value, the method of comparison with similar instruments for which there was an observable

market price and other assessment methods.

When the analysis of the discounted cash fl ows is used, the future cash fl ows shall be based upon the best estimates of the

management and an discounting rate as equal to the predominant profi tability rates on the market, for the fi nancial instruments

which have the same terms and the same characteristics. When models are used for the establishment of the price of an option, the

elements of the said model are based upon valid market values on the date of the balance sheet. In the event the fair value cannot

be estimated in a credible manner, the contributions for which there is no active transaction market are assessed at the cost and are

periodically tested for the value depreciation.

3.9.7. Identifi cation and assessment of the value depreciation

a) Assets held at amortized cost

On the date of each balance sheet, the Group analyzes if there is any objective detail, according to which the fi nancial assets or a

group of fi nancial assets that are not held at the fair value through the profi t and loss account, are depreciated. One fi nancial asset or

group of fi nancial assets is depreciated and depreciation – related losses occur if and only if there are objective details as related to the

latter’s depreciation as a result of one or several events occurred after the initial recognition of the asset (“loss generating event”) and

the loss generating event or events have an impact over the future cash fl ows of the fi nancial asset or group of fi nancial assets which

may be estimated in a credible manner. It is likely that the identifi cation of one single event that might have caused the depreciation

shall be diffi cult to achieve. The depreciation is likely to have been caused by the combined eff ect of several elements. The expected

losses following the future events, irrespective of how probable they are, shall not be recognized.

If there are any objective signs of any loss having occurred as a result of the depreciation of the fi nancial assets recognized at

amortized cost, then the loss shall be measured as the diff erence between the accounting value of the asset and the discounted

value of the future cash fl ows by using the eff ective interest rate of the fi nancial asset at the initial time (the eff ective interest rate as

calculated upon the moment of the initial recognition). If one such fi nancial asset has a variable interest rate, the discount rate for

the assessment of any loss from depreciation shall be the current variable interest rate, as specifi ed in the agreement. The accounting

value from the balance sheet may be diminished either directly or through the use of a provision account. The expense relating to the

loss from depreciation shall be recognized within the profi t and loss account.

If in one such future period, any event has occurred subsequent to the time of the recognition of the depreciation shall determine the

reduction of the loss from depreciation, the said loss from depreciation as previously recognized shall be brought forward either directly,

or through the adjustment of a provision account, the depreciation reduction shall be recognized within the profi t and loss account.

49


) Loans and advances to clients

The Group, based on the internal depreciation assessment methodology, has included information related to the following loss

generating events, as an objective evidence of the depreciation of loans granted to the clients or groups of clients:

• signifi cant fi nancial diffi culties of the borrower, determined in accordance with the internal system of the Group for the

assessment of the clients;

• an infringement of the agreement, such as the non – payment or delayed payment of the principal or of the interest;

• the creditor, due to legal or economical reasons related to the doubtful fi nancial situation of the borrower, shall grant the

latter certain concessions that otherwise he would not have granted;

• the existence of various credible information which shall indicate the fact that the borrower shall enter bankruptcy or any

other form of fi nancial reorganization;

• the disappearance of any active market for the said fi nancial asset due to the fi nancial diffi culties as encountered by the

borrower; or

• the existence of any credible information which shall indicate a measurable decrease in the future estimated cash fl ows of

one group of fi nancial assets from the moment of the initial recognition, although the said decrease may not be yet identifi ed

for each and every fi nancial asset, including:

- unfavourable changes related in payment behavior of the Group’s debtors; or

- national or local economical conditions which may be correlated with the loss/ depreciation of the Group assets.

At the beginning, the Group assesses if there are any objective depreciation – related signs, in accordance with those presented

above, individually for the credits granted to clients who are individually signifi cant, or in an individual or collective manner for credits

that are not signifi cant on an individual basis. In the event the Group fi nds that there are no such objective depreciation related

signs for the individually assessed fi nancial assets, be the latter signifi cant or not, the said Group shall include the credits granted to

clients within a group of credits having similar credit – related risk characteristics, and shall collectively test the group of credits for

depreciation. The loans and advances granted to the clientele, which are individually tested for depreciation and for which a value loss

shall be recognized or keeps of being recognized shall not be covered by the collective assessment for depreciation. The calculation

of the net present value of the future estimated cash fl ows of any secured credit refl ects the cash fl ows which may result out of the

execution of the guarantee minus the costs coming from the selling of the said guarantee, even if the execution is likely or not.

In the case of the collective assessment, the loans and advances to clients are grouped per categories depending on the similar

characteristics of the related credit risk, which categories shall provide the details related with the debtors’ ability to pay the due

installments, according to the contractual terms (for instance, based upon the assessment of the credit risk by the Group or based

upon the noting grid of the Group which takes into consideration the type of asset, the industry, the geographical localization, the type

of guarantee, the status of the outstanding amounts and other factors). The management considers that the chosen characteristics

are the best estimate of the relevant traits of the relevant credit risk for the estimate of the future cash fl ows for the groups of assets,

indicating the debtors’ ability to pay all the owed amounts in accordance with the contractual terms of the assessed assets.

The future cash fl ows related to a group of credits, which are collectively assessed for depreciation, are estimated based upon

the experience of the historical losses for the credits that belong to the risk categories with the same characteristics. The historical

loss is adjusted by taking into consideration a number of observable current information in order to refl ect the eff ects of the current

conditions which have not aff ected the period on which it is based the calculation of the historical losses and in order to remove the

eff ects of the existing conditions during the said historical period, and which are no longer valid at present.

50


Due to the inherent limitations as related to the historical experience in getting information regarding the individually depreciated

credits, the historical losses rates and the complexity of the applied methodology, and also due to uncertainty from international and

domestic markets referring to valuation of the assets mentioned in note 4h, the estimated value of the depreciation of loans and

advances granted to clients may diff er signifi cantly after the date of these fi nancial statements.

The Group methodology for the estimate of the depreciation of the value of the loans and advances granted to clients is also

limited by the lack of information regarding the initial eff ective interest rate and the estimates may diff er from the value which would

have been obtained under the conditions when information relating to the initial eff ective interest rate had been available.

The Group regularly reviews the methodology and premises as used for the estimate of the future cash fl ows in order to reduce the

diff erences between the estimated losses and the real ones.

c) Financial Assets Available for Sale

In the case of the fi nancial assets available for sale, when a decrease of the fair value of any such fi nancial asset available for sale

has been directly recognized in equity and there is an objective proof as to the fact that the said asset is depreciated, the cumulated

value which has been directly recognized in equity shall be reverse from the equity accounts and recognized within the profi t and loss

account even if the said fi nancial asset has not yet ceased to be recognized. The value of the cumulated loss that is reversed from the

equity account into the profi t and loss account shall be the diff erence between the cost of purchase (net of the reimbursements of

principal and depreciation) and the current fair value, minus any loss from depreciation of the said fi nancial asset previously recognized

within the profi t and loss account. The losses from the depreciation of the assets, recognized in the profi t and loss account, related to

certain participations classifi ed as being available for sale, shall not be brought forward within the profi t and loss account. In the case,

in the subsequent period of time, the fair value of a security available for sale shall increase, and the said increase may be objectively

connected to an event which has occurred after the recognition within the profi t and loss account of the previous losses, the loss from

depreciation shall be brought forward and the amount shall be recognized within the profi t and loss account.

d) Financial assets presented at cost

In case there are any objective signs related to any loss from depreciation of any unlisted contribution which is not presented

at the fair value since the fair value cannot be measured in a credible manner, or as related to a derivative fi nancial asset which is

connected to or which is to be settled through such an unlisted instrument, the value of the loss from depreciation shall be measured

as the diff erence between the accounting value of the fi nancial asset and the discounted value of the future cash fl ows by using the

current internal profi tability rate of the market for a similar fi nancial asset. Such losses from depreciation shall not be brought forward

within the profi t and loss account.

3.9.9. Appointment at the fair value, through the profi t and loss account

The Group presents the fi nancial assets and liabilities at the fair value through the profi t and loss account when:

• it eliminates or signifi cantly reduces any inconsistency related to the assessment or recognition (“accounting error”), which

might have occurred due to the measurement of assets and liabilities or due to the recognition of gains or losses of the latter

based upon diff erent principles;

• they are part and parcel of a group of fi nancial assets or fi nancial liabilities which are managed, assessed and reported to the

management based upon the fair value according to the risk management/investment strategy documentation; or

• there are hybrid agreements by which the entity may present the entire agreement at the fair value through the profi t and loss

account.

51


3.10. CASH AND CASH EQUIVALENTS

The cash and cash equivalents shall include: the actual cash, the current accounts at the National Bank of Romania, the nostro

accounts at the banks. Upon the preparation of the consolidated cash fl ow statement, there have also been considered as cash and

cash equivalents, namely: the actual cash, the current accounts at the National Bank of Romania, the cash from the nostro accounts,

deposits at the National Bank of Romania and at other banks and securities issued by the Romanian Government with an original

maturity of less than 90 days.

3.11. FINANCIAL ASSETS AND LIABILITIES AS HELD FOR TRADING

The fi nancial assets and liabilities held for trading are those assets and liabilities that the Group has purchased or which the latter

purchases for the purpose of selling them or for redeeming them in the nearest future, or those assets and liabilities that the Group

holds as a part of a portfolio which is managed with the view to get short term profi t or in order to maintain a short term position.

The fi nancial assets and liabilities held for trading are initially recognized and subsequently measured at the fair value within the

balance sheet and the transaction related costs are directly registered into the profi t and loss account. All changes of fair value shall

be recognized as a part of the net profi t from transactions into the profi t and loss account. The fi nancial assets and liabilities held for

trading cannot be reclassifi ed subsequent to the latter’s recognition.

3.12. DERIVATIVE FINANCIAL INSTRUMENTS AS HELD FOR THE RISK MANAGEMENT

The derivative instruments held for the purpose of risk management shall include the derivative assets and liabilities that are not

classifi ed as assets and liabilities held for trading. The derivative instruments held for covering the risk shall be recognized at the fair

value within the balance sheet.

When a derivative fi nancial instrument is not held for trading and is not involved in any transaction for the covering of the risk,

all changes of the fair value of the latter instrument shall be immediately recognized into the profi t and loss account as a component

of the net incomes from transactions. In this category are included swap contracts on exchange rate concluded with the parent and

other credit institutions.

3.13. LOANS AND ADVANCES

The loans and advances are non – derivative fi nancial assets with fi xed and determinable payments which are not quoted on an

active market and which the Group has no intention whatsoever to sell immediately or in the following period of time.

The loans and advances are initially recognized at the fair value plus the direct costs as related to the transaction and subsequently

at the amortized cost by using the eff ective interest rate, save for the case when the Group chooses to account for the loans and

advances at the fair value through the profi t and loss account, as the latter is presented within the accounting policy.

The loans and advances are presented at the net value after the deduction of the provision for depreciation. The latter is registered

based upon the loans and advances identifi ed as being depreciated based upon the continual assessment, in order to bring the said

assets to the latter’s recoverable value.

52


3.14. SECURITIES

All securities such as treasury certifi cates as issued by the Romanian Government and the deposit certifi cates, as issued by the

National Bank of Romania are classifi ed as:

• held to maturity;

• available for sale.

The fair value of securities issued by Romanian Government on the local market was determined based on quotations from the

electronic trading system Safi r. Other participations to unquoted companies are classifi ed as fi nancial assets available for sale and are

registered at the latter’s fair value. In the event the latter’s fair value cannot be established in a credible manner, the contributions

are registered at a retreated cost less the provisions for the value depreciation. The interest income is recognized within the profi t

and loss account by using the eff ective interest rate. The dividends are recognized through the profi t and loss account when the

Group becomes entitled to receive dividends. All losses and incomes from the currency exchange rate diff erences as related to those

securities available for sale are recognized within the profi t and loss account.

Other adjustments of the fair value are directly recognized in equity, until the investment is sold or depreciated and the balance

of the fair value from equity is recognized within the profi t and loss account.

3.15. TANGIBLE ASSETS

3.15.1. Recognition and assessment

Tangible assets are recognized at purchasing cost or assessed value less the cumulated depreciation and impairment losses.

The tangible assets have been adjusted depending on the reassessments performed by the Group and ordered by means of the

normative acts. The purchasing cost contains the purchasing price, the unrecoverable fees, the transportation related expenses and

other such related expenses as necessary for the putting into operation of the said asset. The fi xed assets in progress are not subject

to depreciation until the moment of putting into operation.

3.15.2. Subsequent costs

The Group recognizes in the accounting value of a tangible asset the cost for the latter’s replacement when the said cost is borne

or if it is likely that the economical benefi ts as included within the said asset shall be transferred to the Group and the cost of the asset

may be measured in a credible manner. All the other expenses are recognized within the profi t and loss account at the time of their

occurrence.

Those expenses generated by the replacement of one component of the tangible assets elements, which is separately shown,

including the inspections and capital repairs, are capitalized. Other subsequent expenses are capitalized to the extent the latter

improve the future performances of those tangible assets elements. All the other expenses as related to repairing and maintenance

are registered within the profi t and loss account at the time of their occurrence.

53


The gains and losses at the disposal of the fi xed assets shall be determined by comparing it with the net accounting value and

shall be taken into consideration upon establishing the operating profi t. The tangible assets elements that are disposed or assigned

shall be written-off from the balance sheet together with the corresponding cumulated depreciation. The profi t or loss resulted from

such an operation shall be determined as the diff erence between the amount obtained and the net accounting value and shall be

included within the operational profi t of the said period. In those cases when parts of a tangible asset (major components) have

diff erent life time durations, the latter shall be recognized in accountancy as separate tangible assets elements.

3.16. TANGIBLE ASSETS DEPRECIATION

The depreciation is calculated using the straight-line method for the period of the estimated useful life for each and every

element of the fi xed assets category. The lands shall not be subject to depreciation. The depreciation rates as per types of categories

of tangible assets are the following:

Group property buildings 2% per year

Rented buildings 10% - 20% per year

Offi ce support equipments and furniture 10% per year

Vehicles 20% per year

IT Equipments 13% - 33% per year

3.17. INTANGIBLE ASSETS

3.17.1. IT applications

The IT applications purchased by the Group shall be recognized at the purchase cost, less the cumulated depreciation and the

impairment losses. The expense for the IT applications developed internally, is recognized as an intangible asset if the Group shall

bring proof to the intentions and capacity to use and develop the said application in such a manner as to generate future economical

benefi ts and if the expenses related to the development of the application may be estimated in a reasonable manner. The capitalized

costs relating to the IT applications internally developed include all those costs that are directly attributable to the development of the

said applications and shall be amortized over its useful life. The internally developed IT applications are recognized at the capitalized

cost, out of which there is deducted the cumulated depreciation and the impairment loss. All subsequent expenses as related to the

IT applications shall be capitalized only when the latter contribute to the increase of economical benefi ts fl owing from the respective

assets use. All the other expenses are recognized within the profi t and loss account when occurred. The depreciation expense is

recognized within the profi t and loss account linearly, over the useful life of the said IT application, starting from the date when the

said application was operational. The estimated useful life in the case of the IT applications is 3 years.

54


3.18. ASSETS USED IN FINANCIAL LEASING

The Group leasing agreements that substantially transfer to the tenant all the risks and benefi ts as related to the property has

been classifi ed as fi nancial leasing. After the initial recognition, the leasing payments are recognized at a value equal to the minimum

between the fair value and the actual value of the minimum leasing payments. Subsequent to the initial recognition, the assets shall

be registered in accountancy in accordance with the accounting policies as applicable to the said asset.

3.19. DEPRECIATION OF OTHER ASSETS THAN THE FINANCIAL ASSETS

The accounting value of the Group assets which are not of a fi nancial nature, others than those assets of the kind of the deferred

tax, are reviewed upon each reporting date in order to fi nd out any depreciation indices. If such indices do exist, the recoverable

value of the said assets is estimated. Depreciation related loss is recognized when the accounting value of the said asset or its cashgenerating

unit exceeds its recoverable value.

A cash-generating unit is the smallest identifi able group generating cash, and which is independent of the other assets and the

other groups. The depreciation related losses are recognized within the profi t and loss account.

The recoverable value of an asset or of a cash-generating unit shall be the maximum between the value in use and its fair value

less those costs relating to the sale of that asset or unit. In order to establish the net value in use, the future cash fl ows are discounted

by using a discount rate before taxation, which refl ects the current market conditions and the risks related to the said asset.

The impairment losses, recognized in the previous periods shall be assessed upon each and every reporting date, in order to

determine whether they have decreased or if they no longer exist. The impairment losses should be reversed if any change occurred

in relation with the estimations used for determining the recovering value. The impairment loss should be reversed in the case the

accounting value of the asset does not exceed the accounting value that would have been calculated, net of depreciation and

amortization, in the case no impairment loss had been recognized.

An impairment loss related to goodwill is not reinstated in a subsequent period. For other assets other than goodwill, loss

arising from the depreciation value is reversed if there was a change in estimates used in determining the recoverable amount. An

impairment loss of assets is reversed only in the situation in which the book value of the asset does not exceed the value that had

been determined, net of depreciation or amortization, if no impairment loss had been recognized.

3.20. CLIENTS’ DEPOSITS

Clients’ deposits are initially recognized at the fair value including the costs relating to the transaction and subsequently measured

at the amortized cost by using the eff ective interest rate method.

55


3.21. PROVISIONS

The provisions are recognized in the balance sheet based of the estimation of the expenses necessary to close present obligation

at the balance sheet date. Provisions are reviewed at each balance sheet date and adjusted to refl ect the current best estimate. The

provisions are used only for expenditures for which provision was originally recognized.

3.22. LOANS FROM THE BANKS AND FINANCIAL INSTITUTIONS

The loans from banks and other fi nancial institutions are initially recognized at the fair value as being the cash received from the

said instruments (the fair value of the received consideration), net of the costs related to the transaction. The loans from banks and

other fi nancial institutions are subsequently recognized at amortized cost. The Group classifi es the said instruments as fi nancial debts

or equity in accordance with the contractual terms of the said instrument.

3.23. FINANCIAL GUARANTEES

The fi nancial guarantees are those agreements by which the Group undertakes the commitment to make specifi c payments to

the holder of the fi nancial guarantee in order to compensate for the loss incurred by the holder, in the event one certain debtor fails

to make the payment at maturity in accordance with the terms stipulated in the prospect of a debt instrument.

That debt related to the fi nancial guarantees is initially recognized at the fair value and the latter is amortized for the entire

duration of the existence of the said fi nancial guarantee. The debt relating to the fi nancial guarantees is subsequently assessed at the

highest value from the amortized cost of the latter and the discounted estimated value of the payments (when the payment related

to the said guarantee has become likely).

The Group included in its lending policy the risk-sharing product as a participation at the risk related to loans granted by other

international fi nancial institutions to Romanian clients. In this contractual relationship the Group guarantees all or part of the losses

that could occur in case of the default of the borrower, in exchange to a commission for the participation at risk. The Group also

receives, in exchange for its commitment, a share of the interest received by the international fi nancial institution from which were

previously deducted the cost of liquidity of international fi nancial institution. The Group receives also an amount proportional to the

risk assumed by all the revenue recovered from the fi nancial institution in case of execution of guarantees.

3.24. THE EMPLOYEES’ BENEFITS

3.24.1. Short term benefi ts

The obligations related to the short-term benefi ts granted to the employees shall not be updated and they are recognized

within the profi t and loss account over the time the said services are provided. The short-term benefi ts of the employees shall include

the salaries, the bonuses and the contributions to social insurances. The short-term benefi ts of the employees are recognized as

expense when the services are provided.

56


3.24.2. Determined contributions plans

The bank and the latter’s branches make payments on behalf of their own employees to the Romanian state pensions system,

to the health insurances, and the unemployment fund, during the process of running a normal activity. All employees of the bank and

the latter’s branches are members and they also have the legal obligation to contribute (by means of the social contributions), to the

Romanian state pensions system. All the related contributions are recognized within the profi t and loss account of the period, when

the latter are made. The bank and the latter’s branches are not engaged in any independent pensions system and, as a consequence,

they have no other obligations in that respect. The bank and the latter’s branches are not engaged in any other after – retirement

benefi ts systems. The bank and the latter’s branches shall not be under any obligation whatsoever as to provide subsequent services

to the former or present employees.

3.25.THE REPORTING ACCORDING TO SEGMENTS

A segment is a distinct component of the Group providing certain products and services (activity segment) or supplying

products and services within a certain geographical environment (geographical segment) and which is subject to risks and benefi ts

diff erent from the ones of the other segments. The main reporting format related to segments, of the Group, is represented by the

segmentation per activities.

3.26. STANDARDS, INTERPRETATIONS AND AMENDMENTS

TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS,

WHICH ARE NOT YET IN FORCE

Some new standards, amendments and interpretations of the existing standards were published and need to be applied for

periods starting with January 1, 2009, or subsequent periods, and the Group does not adopted them yet. The management considered

relevant the following new standards, amendments and interpretations of the existing standards:

3.26.1. Amendment to IFRS 2 “Share-based Payment” (eff ective from January 1, 2009)

Transactions with group shares and its own shares. This requires the allocation of payments on shares and cash made by the

parent to suppliers of goods and services (including employees) of a subsidiary in the fi nancial statements of the subsidiary. IASB has not

specifi ed a proposed starting date of the application, but proposed that the amendment be applied retroactively in accordance with the

requirements of transition to IFRS. The amendments to IFRS 2 are not relevant to the Group’s operations, as the Group does not have any

share-based compensation plans.

3.26.2. Revised IFRS 3 “Business Combinations”

(eff ective for annual periods beginning on or after July 1, 2009)

The revised Standard also includes a number of potentially signifi cant changes including:

a) all items of consideration transferred by the acquirer are recognized and measured at fair value as of the acquisition date,

including contingent consideration;

b) transaction costs will be expensed as incurred;

57


c) the acquirer can choose to measure any non-controlling interest at fair value at the acquisition date (full goodwill), or at its

proportionate interest in the fair value of the identifi able assets and liabilities of the acquired part;

d) acquisition of interest without additional control after a business combination should be recognize as an participation.

The Group does not fi nalize yet the future impact analysis of this standard over its method of business combinations after the

application of this standard.

3.26.3. Revised IAS 1 “Presentation of Financial Statements” (eff ective from January 1, 2009)

The revised Standard requires information in fi nancial statements to be aggregated on the basis of shared characteristics and

introduces a statement of comprehensive income. Items of income and expense and components of other comprehensive income

may be presented either in a single statement of comprehensive income, or in two separate statements (a separate income statement

followed by a statement of comprehensive income). The Group is currently evaluating whether to present a single statement of

comprehensive income, or two separate statements.

3.26.4. IAS 23 (Amendment), “Borrowing costs” (eff ective from January 1, 2009)

It requires an entity to capitalize the borrowing costs that are directly attributable to acquisition, construction or production of

qualifi ed assets (an asset that requires a substantial period of time to be ready for use or sale) as part of the cost of that asset. Option to

recognize the costs of borrowings in the period in which they occurred, will be eliminated. The group will apply IAS 23 (amended), if will

be the case, starting from January 1, 2009. At present it is not applicable of the group because none of the qualifying assets does exist.

A number of new standards, amendments to standards and interpretations are not yet eff ective for the year ended December

31, 2008, and have not been applied in preparing these fi nancial statements:

3.26.5. Amendment to IFRS 2 “Share-based Payment” (eff ective from January 1, 2009)

The amendments to the Standard clarify the defi nition of vesting conditions and introduce the concept of non-vesting conditions.

Non-vesting conditions are to be refl ected in grant-date fair value and failure to meet non-vesting conditions will generally result in

treatment as a cancellation. The amendments to IFRS 2 are not relevant to the Group’s operations, as the Group does not have any

share-based compensation plans.

3.26.6. Revised IFRS 3 “Business Combinations”

(eff ective for annual periods beginning on or after July 1, 2009)

The scope of the revised Standard has been amended and the defi nition of a business has been expanded. The revised Standard

also includes a number of other potentially signifi cant changes including:

a) all items of consideration transferred by the acquirer are recognized and measured at fair value as of the acquisition date,

including contingent consideration;

58


) subsequent changes in the contingents transferred will be recognized in profi t and loss account;

c) transaction costs, other than share and debt issuance costs, will be expensed as incurred;

d) the acquirer can elect to measure any non-controlling interest at fair value at the acquisition date (full goodwill), or at its

proportionate interest in the fair value of the identifi able assets and liabilities of the acquired part;

As the revised standard will be applied in business combinations before the date of application, the revised standard probably will not

have an impact on the fi nancial statements on business combinations that take place before the date of application of the revised standard.

3.26.7. IAS 23 (Amendment), “Borrowing costs” (eff ective from January 1, 2009)

The revised Standard removes the option to expense borrowing costs and requires the capitalization of borrowing costs that relate to

qualifying assets (those that take a substantial period of time to get ready for use or sale). Currently this is not applicable to the Group

as there are no qualifying assets.

3.26.8. IFRS 8, “Operating segments” (eff ective from January 1, 2009)

The Standard introduces the “management approach” to segment reporting and requires segment disclosure based on the

components of the entity that management monitors in making decisions about operating matters. Operating segments are

components of an entity about which separate fi nancial information is available that is evaluated regularly by the management in

deciding how to allocate resources and in assessing performance. The impact of applying this standard is still analyzed by the Group.

3.26.9. Revised IAS 1 “Presentation of Financial Statements” (eff ective from January 1, 2009)

The revised Standard requires information in fi nancial statements to be aggregated on the basis of shared characteristics and

introduces a statement of comprehensive income. Items of income and expense and components of other comprehensive income

may be presented either in a single statement of comprehensive income (eff ectively combining the income statement and all nonowner

changes in equity in a single statement), or in two separate statements (a separate income statement followed by a statement

of comprehensive income). The Group is currently evaluating whether to present a single statement of comprehensive income, or two

separate statements.

3.26.10. Amendments to IAS 27, Consolidated and Individual Financial Statements

(eff ective for annual periods beginning on or after January 1, 2009)

The amendments remove the defi nition of “cost method” currently set out in IAS 27, and instead require all dividends from a

subsidiary, jointly controlled entity or associate to be recognized as income in the separate fi nancial statements of the investor when

the right to receive the dividend is established. In addition, the amendments provide guidance when the receipt of dividend income

is deemed to be an indicator of impairment. The amendments to IAS 27 are not expected to have any impact on these separate

fi nancial statements when adopted as the amendments apply prospectively.

59


3.26.11. Revised IAS 27 Consolidated and Unconsolidated Financial Statements

(eff ective for annual periods beginning on or after January 1, 2009)

In the revised Standard the term minority interest has been replaced by non-controlling interest, and is defi ned as "the equity in

a subsidiary not attributable, directly or indirectly, to a parent". The revised Standard also amends the accounting for non-controlling

interest, the loss of control of a subsidiary, and the allocation of profi t or loss and other comprehensive incomes between the

controlling and non-controlling interest

Revised IAS 27 is not relevant to the Group’s operations, as the Group does not have any interests in subsidiaries that will be

aff ected by the revisions to the Standard.

3.26.12. Amendments to IAS 32 Financial Instruments: Presentation, and IAS 1, Presentation of Financial

Statements (eff ective for annual periods beginning on or after January 1, 2009)

The amendments introduce an exemption to the principle otherwise applied in IAS 32 for the classifi cation of instruments as

equity; the amendments allow certain deliverable instruments issued by an entity that would normally be classifi ed as liabilities to be

classifi ed as equity if, and only if, they meet certain conditions. The amendments are not relevant to the Group’s fi nancial statements,

as none of the Group entities have in the past issued deliverable instruments that would be aff ected by the amendments.

3.26.13. Amendment to IAS 39, Financial Instruments: Recognition and Measurement

(eff ective for annual periods beginning on or after July 1, 2009)

The amended Standard clarifi es the application of existing principles that determine whether specifi c risks or portions of

cash fl ows are eligible for designation in a hedging relationship. In designating a hedging relationship the risks or portions must

be separately identifi able and reliably measurable; however infl ation cannot be designated, except in limited circumstances.

The amendments to IAS 39 are not relevant to the Group’s operations as the Group does not apply hedge accounting.

3.26.14. IAS 40, Investment Property (eff ective for annual periods beginning on or after January 1, 2009)

IAS 40 is amended to include property under construction or development for future use as investment property in its defi nition

of “investment property”. This results in such property being within the scope of IAS 40; previously it was within the scope of IAS 16.

3.26.15. IFRIC 13 Customer Loyalty Programmes

(eff ective for annual periods beginning on or after July 1, 2008)

The Interpretation explains how entities that grant loyalty award credits to customers who buy goods or services should account

for their obligations to provide free or discounted goods or services to eligible customers. Such entities are required to allocate some

of the proceeds of the initial sale to the award credits and recognize these proceeds as revenue only when they have fulfi lled their

obligations. The Group does not expect the Interpretation to have any impact on the fi nancial statements.

60


3.26.16. FRIC 15 Agreements for the Construction of Real Estate

(eff ective for annual periods beginning on or after January 1, 2009)

IFRIC 15 clarifi es that revenue arising from agreements for the construction of real estate is recognized by reference to the stage

of completion of the contract activity in the following cases:

a) the agreement meets the defi nition of a construction contract in accordance with IAS 11.3;

b) the agreement is only for the rendering of services in accordance with IAS 18 (e.g., the entity is not required to supply construction

materials);

c) the agreement is for the sale of goods but the revenue recognition criteria of IAS 18.14 are met continuously as construction

progresses.

In all other cases, revenue is recognized when all of the revenue recognition criteria of IAS 18.14 are satisfi ed (e.g., upon

completion of construction or upon delivery). IFRIC 15 is not relevant to the Group’s operations as the Group does not provide real

estate construction services or develop real estate for sale.

3.26.17. IFRIC 16 Hedges of a Net Investment in a Foreign Operation

(eff ective for annual periods beginning on or after October 1, 2008)

The Interpretation explains the type of exposure that may be hedged, where in the group the hedged item may be held, whether

the method of consolidation aff ects hedge eff ectiveness, the form the hedged instrument may take and which amounts are reclassifi ed

from equity to profi t or loss on disposal of the foreign operation. The Standard is not applicable to the Group.

3.26.18. FRIC 17 Distributions of Non-cash Assets to Owners

(eff ective prospectively for annual periods beginning on or after July 15, 2009)

The Interpretation applies to non-reciprocal distributions of non-cash assets to owners acting in their capacity as owners. In

accordance with the Interpretation a liability to pay a dividend shall be recognized when the dividend is appropriately authorized

and is no longer at the discretion of the entity and shall be measured at the fair value of the assets to be distributed. The carrying

amount of the dividend payable shall be measured at each reporting date, with any changes in the carrying amount recognized in

equity as adjustments to the amount of the distribution. When the dividend payable is settled the diff erence, if any, between the

carrying amount of the assets distributed and the carrying amount of the dividend payable shall be recognized in profi t or loss. As

the interpretation is applicable only from July 15, 2009, it will not impact on the fi nancial statements for periods prior to the date of

adoption of the interpretation.

61


4. POLICIES RELATING TO FINANCIAL RISK MANAGEMENT

4.1. INTRODUCTION

62

The Group is exposed to the following risks as a result of the use of fi nancial instruments:

• Credit risk

• Liquidity risk

• Market risk

• Taxation risk

• Operational risk

This note presents information regarding the Group exposure towards each and every of the aforementioned risks, the Group

objectives, the risk assessment and management policies and processes. The most important fi nancial risks that the Group is exposed

to are: the credit related risk, the liquidity risk and the market risk. The market risk includes the foreign currency risk and the interest

rate risk.

4.1.1. The framework for risks management

The Directorate of Volksbank Romania S.A. has a general responsibility as related to the establishment and monitoring of the

general framework for the risks management within the Group. The Directorate has delegated a number of responsibilities for the

development and monitoring of the Group risks management policies in the specifi c fi elds of expertise to the Committee for the

Management of Assets and Liability, the Risks Committee and the Credits Committee.

The Group policies for the risk management are established in order to identify and analyze the risks to which the Group is exposed,

in order to set up the adequate limits of risk and control, and to monitor the risks and the compliance with the risk limits. The Policies and

system for the risks management are reviewed on a periodical basis in order to show the changes as related to the market conditions, the

products and services, as off ered. The Group aims at developing a disciplined and constructive control environment, where all employees

understand their roles and obligations, by means of the training courses, standards and management procedures as implemented.

Audit Committee report to the Directorate and has the responsibility to monitor compliance with procedures for managing risk.

Internal Audit assists Audit Committee in fulfi lling its functions. Internal Audit performs both regular reviews and ad hoc procedures

and controls on risk management, and results of reviews are reported to the Audit Committee and Surveillance Council.

4.2. CREDIT RISK

4.2.1. Management of the credit risk

The Group is exposed to the credit related risk both through the latter’s transaction activities, as well as the crediting and

investment related activities, and through the situations where it acts as an agent on behalf of clients or any third parties or in its capacity

of issuer of guarantees. The credit risk, as associated with the transaction and investment activities is managed by means of the Group

market risk management processes. The risk is diminished through the selection of certain partners with strong fi nancial performances,

by monitoring the latter’s activity and by using exposure limits and, when and where necessary, by asking for guarantees.


The highest exposure of the Group to the credit risk takes place as a result of granting loans and advances to clients. In this case, the

exposure is represented by the accounting value of the assets within the balance sheet. The Group is exposed to the credit related risk

as related to various other fi nancial assets, including derivative instruments and liability instruments, the exposure in the event of these

instruments being equal to the latter’s accounting value within the balance sheet. In addition to the aforementioned aspects, the Group

is exposed to the off – balance credit related risk, as a result of the fi nancing commitments and the issuance of guarantees (see Note 31).

In order to minimize the risk, the Group has certain procedures designed for assessing clients prior to the granting of the credits,

and for monitoring the latter’s capacity to reimburse the principal and the related interests for the entire period of running the loans

and to establish the exposure limits.

The Directorate has delegated the responsibility of the credit related risk management to the Credit Committee. A distinct

division of Risk, reporting to the Risk Vice President is responsible for the surveillance of the Group credit related risk, including:

a) Formulating the credit related policies, by consulting the units, covering the requirements for guarantees, assessing the risks, classifying

and reporting the risks, legal and documentary procedures, and the compliance with the regulatory statutory requirements.

b) Establishing the structure for authorization of the approval and renewal of the credit facilities. The authorization limits are allotted

based on the levels of the credit committee. The credit facilities with higher values shall require the approval of the highest level of the

Credit Committee.

c) Revision and assessment of the credit risk. The Credit Committee shall assess all credits exposures which exceed the established

limits, before the said facilities being approved or submitted for approval by the Directorate or prior to the latter’s being granted to

clients. The Renewal and Revision of the said facilities shall be subject to the same assessment process.

d) Limiting the exposure concentration on third parties, geographical areas and industries (for loans and advances, as granted to

clients), on issuer and rating.

e) The development and maintenance of the rating systems, in order to classify the exposures depending on the risk levels of the

potential fi nancial losses and in order to enable the management to focus on the risks accompanying the latter. The rating system is

used for determining if the provisions for depreciation are necessary for certain credit exposures. The rating system shows the various

levels of the non – payment risk. The rating systems are implemented within applications, as integrated at the group level. The rating

systems are maintained in a centralized manner by the mother company in collaboration with local experts.

f) Revision, checking the compliance of the company with the established exposure limits, including those for specifi c products

and industries.

g) Periodical reporting on the quality of the credits portfolio shall be submitted to the Committee for Credits and adequate

rectifi cation measures shall be taken.

h) Providing information, guidance and expertise to the working points in order to promote the most adequate practice within the

Group as related to the credit risk management.

63


The implementation of the credit policies and of the procedures is carried out at a centralized level. Each and every branch /

agency shall implement the Group credit policies and procedures. Each branch shall be responsible for the quality and performance

of its own credits portfolio as well as of the monitoring and control over all the credit risks within their portfolio, including those

submitted for approval at the central head offi ce.

64

The processes relating to credits approval and management may be described as follows:

• Retail – standard processes and products that are managed in a centralized manner.

• Corporate – non – standard processes and products which are managed in a centralized manner

The internal audit department carries out a number of periodical checking of each and every branch/ agency.

4.2.2. Credit risk exposure

The signifi cant credit risk concentrations take place according to the types of clients depending to the credits and down payment

as granted by the Group and the credit commitments as undertaken.

The credit risk concentration as related to the fi nancial instruments exists for groups of clients or other third parties, who

presents similar economical characteristics and whose credits reimbursement capacity is similarly aff ected by the changes within

the economical environment. The main concentration of the credit risk derives from the individual gross exposure and according to

categories of clients as related to loans and advances as granted by the Group, the commitments for the extension of facilities and the

guarantees, as issued.

In the table below there is the presentation of the risk concentrations according to economical sections.

In RON December 31, 2008 December 31, 2007

RETAIL CLIENTS (INDIVIDUALS AND VERY SMALL ENTERPRISES)

CORPORATE CLIENTS (SME’S AND CORPORATIONS),

9,648,099,044 5,982,679,444

OUT OF WHICH: 3,535,966,334 1,937,203,325

Transportation 105,472,523 72,862,921

Textiles 69,875,547 41,183,390

Constructions 321,691,195 213,836,835

Retail and wholesale trade 588,009,316 335,011,041

Services 1,913,007,886 720,709,332

Other economic sections 537,909,867 553,599,806

PUBLIC SECTOR - -

TOTAL 13,184,065,378 7,919,882,769


On December 31, 2008, the total of balance and off – balance exposures was 14.274.588.591 RON (On December 31, 2007:

8.825.646.134 RON).

The amounts displayed within the previous paragraph represent the maximum accounting loss that would be recognized on the

reporting date if the clients ceased to comply with the contractual terms and no guarantee whatsoever had any value at all. Therefore,

the values as presented exceed a great deal the losses as estimated and included within the established provision for credits.

The Group holds guarantees for the loans and advances as granted to the clients under the form of collateral deposits, mortgages

on real estate properties, guarantees and other liens on the equipments and future amounts of money. The fair value estimates take

into consideration the value of the guarantee as assessed upon the date of the loan, and, generally, the estimates are not reviewed

but when the loan is independently tested for depreciation. The Group did not withhold any guarantees for the loans and advances

as granted to the banks.

Group revalued internally at least annually guarantees mortgage loans Corporate is attached and at least once in three years the

credits attached Retail. Real Estate Market in Romania had a pronounced decline in the year 2008. The Group has contracted a study

on the evolution of the real estate market and will further adjust the rates of loss for property guarantees the results.

The Group shall take out of the bookkeeping any credit / fi nancial instrument (and the related depreciation provisions), at the time

when it is believed that the said asset is no longer recoverable. One shall come to the aforementioned conclusion after the assessment

of the signifi cant changes which have occurred as related to the fi nancial statements of the borrower / issuer, which changes have

caused the impossibility of paying the obligation or the insuffi ciency of the amounts from the recovery of the guarantees in view of

covering the entire exposure.

The Group uses those internal ratings as used within the process of granting the credits both for the independently tested

credits and for the collectively assessed ones.

65


The credit risk exposures by the ratings of the loans and advances as granted to clients on December 31, 2008 and 2007 are

presented below.

In RON

Individual provision

Note December 31, 2008

Loans and advances to clients

December 31, 2007

Specifi c provision – 5B 7,630,425 -

Restructure – 5C 12,592,167 -

Insolvency – 5D 592,227 -

GROSS VALUE 20,814,819 -

Individual provision (18,038,235) -

NET BOOK VALUE

COLLECTIVE PROVISION

2,776,584 -

Best quality – 1D 9,859,803 -

Excellent quality - 2A - 9,106,665

Excellent quality - 2B 8,007,662 10,882,231

Very good quality - 2C 818,821 28,251,174

Very good quality - 2D 14,001,421 17,113,502

Very good quality - 2E 738,671,260 447,726,790

Good quality - 3A 1,091,084,306 770,623,983

Good quality - 3B 3,266,544,760 1,849,066,404

Good to average quality - 3C 3,945,420,488 2,316,966,776

Average quality – 3D 2,057,203,926 1,349,581,221

Acceptable quality - 3E 949,031,169 627,072,999

Minimum accepted quality - 4A 190,826,789 164,972,554

Minimum accepted quality - 4B 667,560,112 268,148,203

Under observation - 4C 88,452,809 44,500,401

Under observation - 4D 169,645,520 40,369,273

Under observation - 4E 17,130,932 10,911,089

Due date exceeded with 90 days - 5A 74,197,373 12,836,222

Specifi c provision - 5B - 14,613,676

Restructure - 5C - 4,311,665

Taking out of the balance sheet - 5E 6,974 -

Rating free* 410,888 3,071,166

66


In RON Note December 31, 2008

Loans and advances to clients

December 31, 2007

GROSS VALUE 13,288,875,013 7,990,125,994

Collective provision (116,799,376) (70,243,225)

NET BOOK VALUE 13,172,075,637 7,919,882,769

OVERDUE WITHOUT PROVISION 202 -

NO OVERDUE, NO PROVISIONS

TOTAL NET ACCOUNTING VALUE OF LOANS AND

9,212,955 -

ADVANCES TO CLIENTS 13,184,065,378 7,919,882,769

* The category “Rating free” contains the natural persons and the very small (micro) businesses for which the Group does not apply

the rating models.

** For these exposures no provisions were deemed necessary due to good collateral provided.

The loans and advances as granted to the banks, in the amount of 26,188,976 RON (2007: 20,350,200 RON), as well as the

securities in the amount of 68,884,552 RON (2007: 31,112,152 RON), are all placed within the category entitled: “no overdue payments,

no provisions”.

The Group granted in 2008 loans to customers with ratings between 1A and 4B which generated exposures (in and off balance

sheet) in total amount of 5,911,864,766 RON.

In the case of companies, middle and small companies, fi nancial institutions, local and central authorities, the Group uses the rating

systems as used within the process of approving the credits both for the individually tested and for the collectively assessed ones.

67


An analysis of the fair value of the guarantees as related to the credits granted to clients (both the balance and the off – balance

ones) is represented as follows:

68

In RON December 31, 2008 December 31, 2007

THE FAIR VALUE OF GUARANTEES AS RELATED

TO THE INDIVIDUALLY PROVISIONED CREDITS

Properties 2,889,180 -

Cash collateral / Letter of guarantee 719,419

Pledges 207,231 -

Total

THE FAIR VALUE OF GUARANTEES AS RELATED

TO THE COLLECTIVELY PROVISIONED CREDITS

3,815,830 -

Properties 12,024,758,103 11,078,326,534

Cash collateral / Letter of guarantee 163,683,941 290,003,181

Pledges 537,277,386 694,834,397

Total 12,725,719,430 12,063,164,112

THE FAIR VALUE OF THOSE GUARANTEES AS RELATED

TO THE OUTSTANDING CREDITS BUT WITHOUT PROVISION

Properties 4,119,135 63,504,874

Cash collateral / Letter of guarantee 3,985,246 577,629

Pledges 68,753 230,823

Total 8,173,134 64,313,326

VALUE OF COLLATERALS FOR LOANS TO CUSTOMERS 12,737,708,394 12,127,477,438

The Group holds a number of guarantees for loans and advances as granted to the clientele under the form of bank deposits,

mortgages on the real estate properties, guarantees and other liens over the equipments and/or other receivables. The Group does

not have in its own assets as at December 31, 2008 any executed guarantees.


Depreciated loans and advances as granted to clients

The depreciated loans and advances as granted to clients are those for which the Groups fi nds it likely that it may not collect the

principle and the interest of payment in accordance with the contractual terms of the credit agreement.

Overdue credits but without provision

The loans and advances to clients, for which the payment interest and principal are outstanding but the Group believes that it

is not necessary for the latter to be depreciated due to the value of the guarantee / collateral as available and / or to the degree of

collecting the amounts owed to the Group.

Credits with renegotiating terms

The credits with renegotiating terms are those credits that have been restructured due to the deterioration of the debtor’s

fi nancial positions.

Depreciation – related provisions

The Group establishes a provision for depreciation that stands for an estimate of a loss in the value of the credits portfolio. The

main components of this provision are the specifi c component of risk relating to individual exposures and the collective component

as established for a group of homogenous assets from the point of view of the losses which have been achieved, but which have not

been identifi ed over the credits that may be the subject of the individual depreciation.

The policy relating to the taking out of the balance sheet

The Group shall take out of the balance sheet any credit/title (and any depreciation – related losses in connection with the

latter), when the Committee for the Risks, of the Group or the Directorate decides that the said credits cannot be recovered. One

shall reach such a conclusion after the assessment of the signifi cant changes which have taken place in the process relating to the

fi nancial performance of the issuer/borrower, which changes have determined the impossibility of payment of the obligation or the

insuffi ciency of the amounts from the recovery of guarantees for the purpose of covering the entire exposure.

69


Geographical concentration of the balance sheet and off balance sheet exposures from loans and advances to customers is

detailed below:

70

Region December 31, 2008 December 31, 2007

Alba Iulia 3% 3%

Baia Mare 1% 1%

Brasov 4% 4%

Bucuresti 51% 51%

Cluj 5% 6%

Constanta 4% 4%

Craiova 4% 5%

Galati 3% 3%

Iasi 5% 5%

Oradea 4% 3%

Piatra Neamt 2% 2%

Pitesti 4% 4%

Sibiu 2% 2%

Suceava 2% 2%

Targu Mures 1% 0%

Timisoara 5% 5%

TOTAL 100% 100%

The high geographical concentration is due to the fact that more than halve of the laon portfolio is exposed on Bucharest. This

is not regarded as a risk taking into account that more than 50% from fi nancial intermediation (as percentage in GDP) is concentrated

in Bucharest. Therefore the portfolio structure is closed to the structure at national level.

4.3. THE INTEREST RATE RISK

The Group faces the interest rate risk mainly due to the exposures to the unfavorable fl uctuations of the interest rate on the

market. The main sources of the interest risk are represented by the imperfect correlations between the maturity date (for the fi xed

interest rates) or the date of the price updating (for the variable interest rates) as related to those interest bearing assets and liabilities,

the contrary evolution of the effi ciency rate curve (the non – parallel evolution of the effi ciency of the interest rates of interest bearing

assets and liabilities), the imperfect correlation in the process of adjusting the earned and paid rates for the various fi nancial interests

with characteristics of updating the price which are similar to those options incorporated in the Group products.

Volksbank Romania S.A. evaluates and manage risk of interest rate by monitoring the limit on the impact of variations of curves

parallel to the interest rate by 200 basis points, will have on profi t next year.Volksbank Romania S.A. measures the risk of interest

method of GAP. This method cannot take into account that Volksbank Romania S.A. may change interest rate loans with fi xed interest.

The activities relating to the management of interest bearing assets and liabilities are carried out within the context of the Group

exposure to the fl uctuations of the interest rate.


The Group tries to maintain a net positive position for the interest bearing fi nancial instruments. In order to achieve this objective,

the Group uses a mixture of fi xed and variable interest bearing fi nancial instruments, for which it tries to control the non – correlation

between the data for which the active and passive interests are updated at the market rate or between the data relating to the

maturity of the active and passive instruments.

The interest rates for the local currency and the main foreign currency on the December 31, 2008 and 2007 have been the following:

Currency Interest Rate December 31, 2008 December 31, 2007

Leu (RON) Robor 1 month 15.35% 8.24%

Leu (RON) Robor 3 months 15.46% 8.38%

Leu (RON) Robor 6 months 15.46% 8.44%

Euro (EUR) Euribor 1 month 2.60% 4.29%

Euro (EUR) Euribor 3 months 2.89% 4.69%

Euro (EUR) Euribor 6 months 2.97% 4.71%

Dolar SUA (USD) Libor 1 month 0.44% 4.63%

Dolar SUA (USD) Libor 3 months 1.43% 4.73%

Dolar SUA (USD) Libor 6 months 1.75% 4.65%

Interest rates intervals

The following table details the annual interest rates as obtained and off ered by the Group for the interest bearing assets and

liabilities during the year 2008:

Min. %

RON

Interval

Max. % Min. %

USD

Interval

Max. % Min. %

EUR

Interval

Max. % Min. %

CHF

Interval

Max. %

ASSETS

Current account at the National Bank of Romania 2.35 5.15 0.80 1.05 1.15 2.75 - -

Placements 2.00 10.25 0.13 12.00 1.90 7.00 0.10 1.50

Securities 6.00 13.74 - - - - - -

Loans 4.25 20.61 2.18 14.35 2.69 15.00 2.46 8.00

LIABILITIES

Deposits attracted from the banks 1.66 20.00 1.69 4.10 3.30 6.10 1.95 9.00

Deposits attracted from clients 0.10 18.50 0.01 3.75 1.00 7.70 0.02 3.5

Loans from banks and other fi nancial institutions 8.24 12.86 - - 3.32 6.64 1.24 4.36

Note: At the end of October 2008, due to liquidity crisis manifested circumstantially on the money market, the interest rates raised at

high values reaching even 60% p.a. for the placements in RON, interest rates used temporarily by the Bank itself.

71


The following table details the annual interest rates as obtained and off ered by the Group for the interest bearing assets and

liabilities during the year 2007:

72

RON

Interval

Min. % Max. %

USD

Interval

Min. % Max. %

EUR

Interval

Min. % Max. %

CHF

Interval

Min. % Max. %

ASSETS

Current account at the National Bank of Romania 2.10 2.50 1.15 1.20 0.90 1.35 - -

Placements 1.00 50.00 4.95 6.50 3.00 5.70 - -

Securities 6.00 7.00 - - - - - -

Loans

LIABILITIES

3.45 15.00 - - 4.25 12.01 3.45 6.34

Deposits attracted from the banks 2.00 12.50 5.26 6.50 3.30 6.05 3.00 3.10

Deposits attracted from clients 0.10 14.00 0.80 4.75 0.10 5.29 - -

Loans from banks and other fi nancial institutions 2.00 12.50 5.26 6.50 3.30 6.05 3.34 3.34

Within the table below there is the detailed presentation of the Group sensitivity to the variation of the interest rate for the

non – transactional fi nancial assets and liabilities on December 31, 2008:

Between

Between

In RON Up to 3 months 3 and 12 months 1 and 5 years Over 5 years Total

Cash and cash equivalents 7,338,129,891 - - - 7,338,129,891

Placements to banks 592,712,532 - - - 592,712,532

Credits and advances granted to banks 26,188,976 - - - 26,188,976

Credits and advances granted to clients 10,662,188,899 1,418,571,457 551,652,511 551,652,511 13,184,065,378

Securities 39,567,622 5,570,376 10,122,768 12,100,960 67,361,726

TOTAL ASSETS 18,658,787,920 1,424,141,833 561,775,279 563,753,471 21,208,458,503

Deposits from the banks 126,314,206 - - - 126,314,206

Deposits from clients

Credits from banks

1,733,411,174 482,617,532 51,410,688 12,557,349 2,279,996,743

and other fi nancial institutions 13,967,881,072 3,183,220,142 - - 17,151,101,214

Subordinated loans 522,115,190 - - - 522,115,190

TOTAL LIABILITIES 16,349,721,642 3,665,837,674 51,410,688 12,557,349 20,079,527,353

NET POSITION 2,309,066,278 (2,241,695,841) 510,364,591 551,196,122 1,128,931,150


Within the table below there is the detailed presentation of the Group sensitivity to the variation of the interest rate for the non

– transactional fi nancial assets and liabilities on December 31, 2007:

In RON

Up to 3

months

Between 3 and 12

months

Between 1 and 5

years

Over 5

years Total

Cash and cash equivalents 3,627,891,567 - - - 3,627,891,567

Placements to banks 962,712,657 - - - 962,712,657

Loans and advances to banks 20,350,200 - - - 20,350,200

Loans and advances to clients 6,713,862,643 494,584,288 482,496,811 228,939,027 7,919,882,769

Securities - 8,990,089 10,314,002 11,075,566 30,379,657

TOTAL ASSETS 11,324,817,067 503,574,377 492,810,813 240,014,593 12,561,216,850

Deposits from the banks 285,442,076

Deposits from clients

Credits from banks and

857,083,559 1,055,471,209 15,933,825 1,803,778 1,930,292,371

other fi nancial institutions 8,385,929,063 552,581,607 - - 8,938,510,670

Subordinated loans 473,008,651 - - - 473,008,651

TOTAL LIABILITIES 10,001,463,349 1,608,052,816 15,933,825 1,803,778 11,627,253,768

NET POSITION 1,323,353,718 (1,104,478,439) 476,876,988 238,210,815 933,963,082

73


4.4. THE FOREIGN CURRENCY RISK

The Group is exposed to the foreign currency risk through the currency exchange transactions that the latter performs. There

is also a balance risk as related to the possibility of the increase of those net monetary debts in foreign currency, as a result of the

fl uctuations of the currency exchange rate.

The main foreign currencies as held by the Group are RON, EUR and CHF. Romania keeps on having certain currency fl uctuations.

The Group manages its exposure to the currency exchange rate fl uctuations. The open foreign currency positions represent a source

of currency exchange risk. In order to avoid losses deriving from the currency exchange fl uctuations, the Group applies at present a

general policy relating to the maintenance of the currency exchange position as close to zero as possible.

74

The monetary assets and liabilities as expressed in the main foreign currencies on December 31, 2008, are presented below:

In RON

ASSETS

RON EUR CHF

Other foreign

currencies Total

Cash and cash equivalents 218,952,480 7,097,679,050 8,806,842 12,691,519 7,338,129,892

Financial investments in banks 399,019,653 193,692,878 - - 592,712,531

Loans and advances to banks 26,188,976 - - - 26,188,976

Loans and advances to clients 1,309,795,409 6,285,624,145 5,577,241,445 11,404,376 13,184,065,376

Securities 67,361,726 - - - 67,361,726

Other assets 9,855,232 7,346,645 4,370,872 72,634 21,645,382

TOTAL MONETARY ASSETS 2,031,173,476 13,584,342,718 5,590,419,160 24,168,529 21,230,103,883

LIABILITIES

Deposits from the banks 125,619,754 200,286 - 494,167 126,314,206

Deposits from clients

Credits from banks

816,889,506 1,402,452,201 35,075,554 25,579,481 2,279,996,742

and other fi nancial institutions 801,661,674 10,751,967,273 5,597,472,267 - 17,151,101,214

Other liabilities 27,871,181 3,584,210 (1,265) 269,510 31,723,636

Subordinated liabilities - 522,115,190 - - 522,115,190

TOTAL MONETARY LIABILITIES 1,772,042,115 12,680,319,160 5,632,546,556 26,343,158 20,111,250,989

NET FOREIGN CURRENCY

POSITION 259,131,361 904,023,558 (42,127,397) (2,174,629) 1,118,852,894


The monetary assets and liabilities as expressed in the main foreign currencies on December 31, 2007, are presented below:

In RON

ASSETS

RON EUR CHF

Other foreign

currencies Total

Cash and cash equivalents 248,540,523 3,368,749,171 6,252,704 4,349,169 3,627,891,567

Financial investments in banks 316,664,180 637,986,472 - 8,062,005 962,712,657

Loans and advances to banks 20,350,200 - - - 20,350,200

Loans and advances to clients 1,173,925,827 4,403,689,351 2,333,346,842 8,920,749 7,919,882,769

Securities 30,379,657 - - - 30,379,657

Other assets 3,477,413 4,138,133 1,676,078 24,189 9,315,813

TOTAL MONETARY ASSETS 1,793,337,800 8,414,563,127 2,341,275,624 21,356,112 12,570,532,663

LIABILITIES

Deposits from the banks 58,425,723 188,668,099 38,348,254 - 285,442,076

Deposits from clients

Credits from banks and

814,568,419 1,029,469,684 64,125,481 22,128,787 1,930,292,371

other fi nancial institutions 318,791,604 6,423,371,312 2,196,347,754 - 8,938,510,670

Other liabilities 11,841,718 2,295,693 1,227 750,989 14,889,627

Subordinated liabilities - 473,008,651 - - 473,008,651

TOTAL MONETARY LIABILITIES 1,203,627,464 8,116,813,439 2,298,822,716 22,879,776 11,642,143,395

NET FOREIGN CURRENCY

POSITION 589,710,336 297,749,688 42,452,908 (1,523,664) 928,389,268

The derivative fi nancial instruments as used by the Group in order to reduce the foreign currency risk are represented by the

foreign currency swaps (see Note 15).

75


4.5. THE LIQUIDITY RISK

The liquidity risk is generated by the policy for attracting fi nancial resources and for managing the balance positions of assets.

The said risk includes both the risk that the Group shall come across diffi culties in the process of procuring the necessary funds for the

assets refi nance upon the related due dates and the risk resulting from the incapacity of collecting one asset at a very close value to

its fair value, within a reasonable period of time.

The Group has access to diversifi ed fi nancing sources. The funds are attracted through a wide range of instruments, including

deposits, loans and share capital. The latter fact improves the fl exibility of attracting funds, limits the dependency on one single type

of fi nance and leads to a general decrease of the costs as involved by the attracting of funds. The Group tries to maintain a balance

between the continuity and fl exibility of attracting funds, by contracting liabilities with diff erent due dates.

The Group permanently controls the liquidity risk by identifying and monitoring the changes of fi nances and by diversifying the

fi nancing basis. The Bank assessed liquidity risk by tests resistance (stress test).

The assets and liabilities of the Group, as analyzed based upon the remaining period as of December 31, 2008, until the contractual

due date, are the following:

76

In RON

Below 3

months

Between 3 and 12

months

Between 1 and 5

years

Over 5

years Total

ASSETS

Cash and cash equivalents

Out of which at the National Bank

7,338,129,891 - - - 7,338,129,891

of Romania 7,208,210,579 - - - 7,208,210,579

Financial investments at the banks 592,712,532 - - - 592,712,532

Loans and advances to banks 6,188,976 - 20,000,000 - 26,188,976

Loans and advances to clients 845,678,296 1,548,213,315 754,005,758 10,036,168,009 13,184,065,378

Securities 9,088,098 12,294,389 37,831,158 8,148,081 67,361,726

TOTAL ASSETS 8,791,797,793 1,560,507,704 811,836,916 10,044,316,090 21,208,458,503

DERIVATIVES

ADDITIONS IN 2008 930,454,610 - - - 930,454,610

DISPOSALS IN 2008 921,150,000 - - - 921,150,000


In RON

Below 3

months

Between 3 and 12

months

Between 1 and 5

years

Over 5

years Total

LIQUIDITY SURPLUS / (DEFICIT)

FROM DERIVATIVES 9,304,610 - - - 9,304,610

LIABILITIES

Deposits from the banks 126,314,206 - - - 126,314,206

Deposits from clients

Credits from banks

1,771,601,459 481,832,634 19,864,989 6,697,661 2,279,996,743

and other fi nancial institutions 3,234,296 2,608,234,116 6,321,713,802 8,217,919,000 17,151,101,214

Subordinated liabilities 53,990 - 522,061,200 - 522,115,190

TOTAL LIABILITIES 1,901,203,951 3,090,066,750 6,863,639,991 8,224,616,661 20,079,527,353

LIQUIDITY SURPLUS / (DEFICIT) 6,899,898,452 (1,529,559,046) (6,051,803,075) 1,819,699,429 1,138,235,760

The assets and liabilities of the Group, as analyzed based upon the remaining period as of December 31, 2007, until the contractual

due date, are the following:

In RON

Below 3

months

Between 3 and 12

months

Between 1 and 5

years

Over 5

years Total

ASSETS

Cash and cash equivalents

Out of which at the

3,627,891,567 - - - 3,627,891,567

National Bank of Romania 3,530,241,088 - - - 3,530,241,088

Financial investments at the banks 962,712,657 - - - 962,712,657

Loans and advances to banks - - 20,350,200 - 20,350,200

Loans and advances to clients 485,136,466 1,166,598,417 627,918,066 5,640,229,820 7,919,882,769

Securities 268,904 10,240,753 10,000,000 9,870,000 30,379,657

TOTAL ASSETS

DERIVATIVES

5,076,009,594 1,176,839,170 658,268,266 5,650,099,820 12,561,216,850

77


78

In RON

Below 3

months

Between 3 and 12

months

Between 1 and 5

years

Over 5

years Total

ADDITIONS IN 2007 362,218,600 - - - 362,218,600

DISPOSALS IN 2007 361,020,000 - - - 361,020,000

LIQUIDITY SURPLUS / (DEFICIT)

FROM DERIVATIVES 1,198,600 - - - 1,198,600

LIABILITIES

Deposits from the banks 285,442,076 - - - 285,442,076

Deposits from clients

Credits from banks and

882,226,282 1,031,491,623 15,125,334 1,449,132 1,930,292,371

other fi nancial institutions - 435,714,740 1,395,410,693 7,107,385,237 8,938,510,670

Subordinated liabilities - - 234,698,949 238,309,702 473,008,651

TOTAL LIABILITIES 1,167,668,358 1,467,206,363 1,645,234,976 7,347,144,071 11,627,253,768

LIQUIDITY SURPLUS / DEFICIT 3,909,539,836 (290,367,193) (986,966,710) (1,697,044,251) 935,161,682

The Group held derivative fi nancial instruments for risk management concluded with Österreichische Volksbanken

Aktiengesellschaft in amount of 100,000,000 EUR as at December 31, 2007 respectively 230,000,000 EUR as at December 31, 2008.

4.5.1. Exposure to liquidity risk

The ratio used by the Group for the management of the liquidity risk is the result of the ratio between the net liquid assets (cash

and cash equivalent + Nostro + deposits at other banks + government bonds) and raised or borrowed funds.

Details of this ratio as at reporting date and as average, maximum and minimum computed monthly, are as below:

2008 2007

As at December 31, 37.93% 33.79%

Average for the period 36.00% 35.58%

Maximum for the period 39.06% 37.12%

Minimum for the period 23.58% 33.79%


4.6. THE MARKET RISK

The market risk relates to the potential losses that may occur as a result of any unfavorable fl uctuations of the prices on the

market. The main market related risks might be classifi ed as follows:

• Interest rate risk

• Currency exchange rate risk

• Price risk (the price of shares, the price of merchandise)

The market related risks are managed separately for the “Trading Book” transaction portfolios, and for the portfolio which is

not held for trading purposed and which is entitled “Banking Book”. The “trading book” transaction portfolio is held in order to take

advantage of the price fl uctuations. The eventual profi t which may be reached as a result of such a portfolio shall lead to a potential

risk. Consequently, if the transaction portfolio is a signifi cant one, the attached risks shall be frequently monitored.

By the policy, strategy and practices, as adopted, the Group has held a “Trading Book” transaction portfolio which was insignifi cant

and irrelevant. The threshold as from which the “Trading Book” transaction portfolio is deemed as irrelevant and is defi ned according

to the local norms and the Basel II standards.

As a consequence, the Group shall manage and monitor the following risks:

• The interest rate risk within the “Banking Book” portfolio;

• The currency exchange rate within the “Trading Book” and the “Banking Book” portfolios

The results of the analysis of the interest rate risk are summarized below, where the global exposure limit of 15% is set by VBAG,

and the limit use is presented only in the context of capital and profi t sensitivity analysis to changes in interest rates with 200 bps, at o

movement (either positive and negative) of interest rates 5 times bigger (1000 bps). It is also presented a sensitivity analysis of capital

and profi t for a parallel increase of interest curves with 1000 bps.

In RON Limit use

December 31, 2008

Limit

THE ANALYSIS OF SENSITIVITY

TO THE INTEREST RATE RISK (200 BP)

Impact on capital (92,219,110) 5.89% 15%

Impact on profi t (all elements) 61,025,340 - -

THE ANALYSIS OF SENSITIVITY

TO THE INTEREST RATE RISK (1000 BP)

Impact on capital (461,095,552) over 15% 15%

Impact on profi t (all elements) 305,126,700 - -

79


4.6.1. The currency exchange rate risk

The currency exchange rate risk is quantifi ed through the open foreign currency position. The open foreign currency position

is deemed to be signifi cant when it exceeds 2% of the own funds, according to the defi nition of the National Bank and of the Group.

The Group has explicitly limited its foreign currency position at 5 million EUR or the equivalent value. This limit is way below the

signifi cance threshold of 2%. As one can observe below, the Group has constantly maintained the foreign currency position around

the 0 value and within the established limits, except one case, namely, the end of 2008, when an unexpected increase in risk provisions

the threshold of sensitive limit of 2% was over passed. However, the total currency position, and the rates were always placed in the

20% and 10% of own funds required by the National Bank.

As a consequence, in accordance with the requirements of the National Bank and the group requirements, the foreign currency

position is deemed as insignifi cant and no other sensitivity analyses are currently carried out for the management of the open foreign

currency position.

For information related purposes, there is presented the impact of the profi t growth in exchange of 10% on three main currencies

of the Group in December 2008:

In RON Foreign currency position

Impact on profi t at currency exchange

rate increase of 2 %

EUR (17,915,435 ) (1,791,545) Profi t decrease

CHF (16,235,224) (1,623,520) Profi t decrease

USD 137,513 13,750 Profi t increase

Note: In the event of a decrease in currency exchange rates the impact on profi t shall be equal and contrary.

4.6.2. “Value at Risk” analysis (VaR)

VaR analysis represents the maximum loss that, in the case of Volksbank Romania S.A, the trading portfolio could suff er, in one

day, with 99% probability. VaR computation is based on historical simulation of volatility.

80

This analysis is made by the Bank starting October 2008.

As a consequence it is presented below only the standing at December 31, 2008:

In EUR VaR* Limit* Utilization (in %)

Foreign currency risk 3,264 100,000 3,26%

Interest rate risk 28,094 150,000 18,73%

Total 27,389 250,000 10,96%

* The VaR measures presented above are computed by the treasury software Kondor. This system is implemented at VBAG group level

and the parameters used (as volatilities) at determined at central level and used for all group entities. Giving the use throughout the

group, the reference currency is EUR. The above fi gures are presented in EUR with the purpose to maintain the comparability in the

future. Otherwise the limits may change due to exchange rates variation (though remaining fi x in RON).


4.7. TAXATION RELATED RISK

As of January 1, 2007, following the Romanian adherence to the European Union, the Group had to subject to the regulations of

the European Union, and consequently it has prepared the application of changes as brought by the European legislation. The Group

has implemented the said changes, but the way for the latter’s implementation shall remain open to the fi scal audit for 5 years time.

The interpretation of texts and the practical implementation of the new applicable tax regulation procedures could vary from

company to company, and there is the risk that in certain circumstances, the tax authorities shall adopt a diff erent position than the

one of the Group.

In addition, the Romanian Government holds a number of agencies authorized to carry out the audit (control) of the companies

operating on the Romanian territory. These controls are similar to the tax audits from other countries, and they may cover not only

tax aspects but also other legal and regulatory matters that might be of interest for these agencies. It is possible that the Group shall

continue to be subject to tax controls to the extent of new tax regulations will be issued in the future.

4.8. BUSINESS ENVIRONMENT

The process of risk re-pricing during 2007 and 2008 in the international fi nancial markets severely aff ected the performance of

those markets, including the Romanian fi nancial and banking market, and fostered heightened uncertainty with regard to economic

developments in the future.

The ongoing global credit and liquidity crisis which commenced in the middle of 2008 has resulted in, among other things,

lower level and diffi cult access to the capital market funding, lower liquidity levels across the Romanian banking sector, and higher

interbank lending rates. The signifi cant losses experienced in the global fi nancial market could aff ect the ability of the Group to obtain

new borrowings and refi nance its existing borrowings at terms and conditions similar to those applied to earlier transactions.

The identifi cation and assessment of the infl uence of liquidity shortages on the market over investments, the determination

of compliance with debt agreement and other contract covenants, and the evaluation of signifi cant uncertainties, bring their own

challenges.

The borrowers of the Group may also be aff ected by the lower liquidity situation that could in turn impact their ability to

repay their outstanding loans. Deteriorating operating conditions for borrowers may also have an impact on the management cash

fl ow forecasts and assessment of the impairment of fi nancial and non-fi nancial assets. To the extent that information is available,

management has refl ected revised estimates of expected future cash fl ows in its impairment assessment. Such ongoing fears that the

deteriorating fi nancial conditions could contribute, at a later stage to a further retrenchment in confi dence, prompted a coordinated

eff ort of governments and central banks to adopt special measures aimed at countering a vicious circle of growing risk aversion and

to helping minimizing the eff ects of the fi nancial crisis and fi nally restoring normal market functioning.

In the current market conditions the Group management is able to predict, with quite a high degree of approximation, the

developments which could have an impact on the Romanian banking sector and consequently what eff ect, if any, they could have

on these fi nancial statements. Management is able to reliably estimate, with quite a high degree of approximation, the eff ects on

the Group's fi nancial statements of any further deterioration in the liquidity of the fi nancial markets, devaluation of fi nancial assets

infl uenced by the illiquid credit markets and the increased volatility of the domestic currency and fi nancial markets.

81


Management of the Group is taking all the necessary measures to support the sustainability and growth of the Group’s business

in the current circumstances by:

• preparing liquidity crisis strategy and establishing specifi c measures, together with the Parent Bank, to address potential

liquidity crisis;

• constantly monitoring its liquidity position and over-dependence on specifi c funds;

• monitoring incoming and outgoing cash fl ows on (daily) basis and assessing the eff ects on its borrowers of the limited access

to funding and the sustainability of growing businesses in Romania;

• obtaining written commitment from the major shareholder regarding the latter’s continuous support of the Group’s operations

in Romania (see Note 34);

4.9. OPERATIONAL RISKS

The operational risk is the risk of registering direct or indirect losses as a result of a wide range of factors relating to the Group

processes, personnel, technology and infrastructure or as a result of other external factors diff erent to those associated with credit

risks, market and liquidity risks such as the ones resulting from the legal and regulatory requirements, or from generally accepted

standards of corporate policies. The operational risk comes from all the Group activities and appears at the level of all entities.

The Group objective is that of managing the operational risk in order to combine the avoidance of fi nancial losses and the

infl uence on the Group reputation with the effi ciency of costs and the avoidance of the excessive control procedures restricting the

initiative and creativity.

The main responsibility of the development and implementation of controls as related to the operational risk shall belong to the

management of each and every unit. The responsibility is supported by the development of general standards of the Group as related

to the management of the operational risk, within the following fi elds:

• Requirements as related to the segregation of duties, including the independent authorization of transactions;

• Requirements as related to developing the employees’ responsibility by the introduction within the job description of certain

responsibilities relating to the management of the operational risk;

• Requirements as related to the reconciliation and monitoring of transactions;

• The alignment to the regulatory and legal requirements;

• The documentation of controls and procedures;

• Requirements as related to the periodical analysis of the operational risk to which the Group is exposed, and the adequacy of

controls and procedures in order to prevent the identifi ed risks;

• Requirements as related to the reporting of the operational losses and proposals for the latter’s remedy;

• The development of certain contingent plans;

• The professional development and training;

• The establishment of certain ethical standards;

• The decrease of risks, including the insurance against the latter, where applicable;

The Department of the Internal Audit and the Group management monitor the compliance with the Group standards by means

of regular controls. The results of the internal audit are debated with the management of the audited companies and the latter’s

summary is submitted to the Risk Committee (for the cost – risk analysis), the Audit Committee and the Group Management (for the

non – compliance with the regulation and ruling of sanctions).

82


4.10. CAPITAL MANAGEMENT

The National Bank of Romania (“NBR”) regulates and monitors the Group’s capital requirements. For the implementation

of the present capital requirements, the NBR asks the Group to maintain a certain total capital indicator at total risk bearing assets.

The position of the necessary capital for the Group according to the statutory regulations as issued by the National Bank of Romania

on December 31, 2008, namely on December 31, 2007 has been the following:

In RON December 31, 2008 –Basel II December 31, 2007 – Basel I

FIRST LEVEL CAPITALS – OWN EQUITY

Share capital 377,100,000 341,100,000

Capital premiums 665,610,000 521,610,000

Current year profi t - 51,155,260

Intangible assets deductions (9,970,906) (5,825,890)

Reserves 90,452,119 96,452,905

Contributions to other companies’ capital (102,210) (243,207)

TOTAL

LEVEL II CAPITALS – ADDITIONAL CAPITAL

1,123,089,003 1,004,249,068

Revaluation reserves 2,309,202 2,365,756

Subordinated borrowings 452,162,0576 462,178,050

Contributions to other companies’ capital (102,210) (243,207)

TOTAL 454,369,048 464,300,599

TOTAL OWN EQUITIES 1,577,458,051 1,468,549,667

Risk weighted assets n/a 6,053,363,903

Capital requirements for credit risk 663,954,442 n/a

Capital requirements for market risk 2,735,082 n/a

Capital requirements for operational risk

Capital ratios

TOTAL CAPITAL IN PERCENTAGE

40,057,988 n/a

AS RISK WEIGHTED ASSETS/CAPITAL REQUIREMENTS

TOTAL FIRST LEVEL BASE CAPITAL IN PERCENTAGE

17.9% 24.3%

AS RISK WEIGHTED ASSETS/CAPITAL REQUIREMENTS 12.7% 16.6%

Determination of capital requirements

• Credit risk: until the December 31, 2007, the Group has calculated the legislative capital requirements in accordance with

the requirements of Basel I. As of 2008, the requirements of Basel II as related to the capital allotment are compulsory for the

Romanian banking system, the Group choosing the standardized model for the credit related risk;

• Market risk: the allotment of capital for the foreign currency risk shall be calculated based upon the standardized model, within

the context of the implementation of the Basel II requirements;

• Operational risk: as of 2008 the Group shall calculated the capital requirements for the operational risk based upon the model

of the basic indicator, within the context of the implementation of the Basel II requirements.

83


5. ACCOUNTING ESTIMATES AND SIGNIFICANT JUDGMENTS

The Group carries out a number of estimates and hypotheses, which aff ect the value of assets and liabilities as reported within

the following fi nancial year. The estimates and judgments are continuously assessed and they rely on the previous experience and

on other factors, including expectations as related to the future events deemed as being reasonable under the given circumstances.

The Group use methods of determination of faire value for derivative fi nancial instruments and for securities available-for-sale.

84

The below table shows an analysis of the faire value of fi nancial instruments as at December 31, 2008:

In RON Note

Quotation on

an active market

Evaluation

techniques –

observable additions

Evaluation

techniques – not

observable additions Total

DECEMBER 31, 2008

ASSETS

Securities available-for-sale

Derivative fi nancial instruments

18 56,845,378 - - 56,845,378

for risk management 15 - 4,802,356 - 4,802,356

TOTAL 56,845,378 4,802,356 - 61,647,734

LIABILITIES

Derivative fi nancial instruments

for risk management 15 - 832,579 - 832,579

TOTAL - 832,579 - 832,579

5.1. LOSSES FROM THE DEPRECIATION OF CREDITS AND ADVANCES

GRANTED TO CLIENTS

The Group periodically reviews the credits portfolio in order to assess the depreciation of the said assets. In order to determine

if certain depreciation related loss should be registered, the Group issued judgments as related to the existence of observable data

indicating a decrease of the future estimated cash fl ows of a certain credits portfolio before the said increase may be identifi ed for

an independent credit within the portfolio. For instance, the observable data may be of the type of the unfavorable changes within

the payment behavior of certain debtors within a group or of the economical, national or local conditions that are correlated with


payment incidents on the part of the debtors’ group.

The management uses estimates based upon the past experience as related to the losses from credits having similar characteristics

with the ones of the credit related risk when it programs the future cash fl ows. The Methodology and hypotheses as used, in order to

estimate both the amount and the date for the accomplishment of the future cash fl ows are reviewed on a regular basis, in order to

reduce the existent inequalities between the estimated data and the actual values.

5.2. THE PROVISIONS SENSITIVITY TO ESTIMATIONS USED

The provisions depend mainly on two factors:

• Loss rates

• Probability of default

The provision sensitivity is detailed below:

5.2.1. The provisions sensitivity to loss rates

Approximately 89% from credit exposures are collateralized. For the provisions related with these exposures, the Bank uses loss

rates determined on both the basis of historical data and internal experts estimations. Fluctuations in the real estate prices can impact

over loss rates and therefore over provisions.

The impact of some scenarios of falling real estate prices over provisions is presented below:

DECREASE IN REAL ESTATE PRICES 15% 30% 50%

Additional provisions (RON) 15,110,595 52,887,082 105,774,164

The method used for this analysis and the assumptions used are detailed below:

• For 2008 the Bank fi nanced on average 80% from the investment value

• Loss rate used for the computation of provisions related with exposures collateralized with mortgages was, for 2008, 17%

85


86

• For the period 2001 – 2008 the average yearly increase in real estate prices was 13% (considering 2001 as fi xed base)

• The recovery rates for real estate assets is maintaining, but there value diminish

5.2.2. The provisions sensitivity to the probability of default

The below presented sensitivity of provisions to the probability of default was realized independently from the analysis for the

sensitivity of the impact of decrease in real estate prices.

RELATIVE INCREASE OF THE PROBABILITY OF DEFAULT 10% 15% 20%

Additional provisions (RON) 2,220,364 3,330,546 4,440,728

Note: the increases in the probability of default is relative and not absolute, as for example a probability of default of 20% in the

case of the fi rst scenario (increase of 10%) will reach 22% and not 30%. The probabilities of default are limited at 100% in al scenarios.

5.2.3. The fair value of the fi nancial instruments

The fair value of the fi nancial instruments that are not transacted on an active market (for instance, state securities, bonds and

deposit certifi cates which are not listed), shall be determined by using assessment techniques. The management uses judgments in

order to select the assessment method and issues hypotheses that are mainly based upon the existent market conditions as on the

date of drawing up the balance sheet. The Group has used the analysis of the updated cash fl ows for the fi nancial assets available for

sale that have not been traded on active markets.

5.2.4. Financial instruments held until maturity

The Groups fi nds guidance in the regulations of IAS 39 “Financial instruments: Recognition and measurement” and classifi es the

non – derivative fi nancial assets with fi xed or determinable payments and fi xed maturity as the instruments held until maturity. This

classifi cation supposes the exercise of signifi cant judgments. Upon the issuance of such judgments, the Group assesses its intention

and capacity to maintain the fi nancial instruments until maturity.

The fair value is that amount at which an asset might be changed or at which a certain liability might be settled between the

knowledgeable and willing parties, in an arm’s length transactions.


6. ACCOUNTING CLASSIFICATIONS

AT FAIR VALUES /FINANCIAL ASSETS AND LIABILITIES

On December 31, 2008 the assets and liabilities at fair value are presented below:

Held

to maturity

Loans and

receivables

Available

for sale

Other

amortized costs

Total carrying

amount Fair value

On December 31, 2008

Presented In RON

ASSETS

Cash, current accounts

and placements with banks

Loans and advances

- 7,338,129,891 - - 7,338,129,891 7,338,129,891

to customers - 13,184,065,378 - - 13,184,065,378 11,981,626,770

Investment securities 10,516,348 - 56,845,378 - 67,361,726 67,361,726

TOTAL FINANCIAL ASSETS 10,516,348 20,522,195,269 56,845,378 -

20,589,556,995 19,387,118,387

LIABILITIES

Deposits from banks - - - 126,314,206 126,314,206 126,314,206

Borrowings from banks - - - 17,151,101,214 17,151,101,214 17,151,101,214

Deposits from customers - - - 2,279,996,743 2,279,996,743 2,250,950,151

TOTAL FINANCIAL

LIABILITIES - - - 19,57,412,163 19,57,412,163 19,528,365,571

a) Cash, current account and placements to banks

The nominal value represents fair value.

b) Loans and advances to banks

Loans and advances to banks are short-term assets and in consequence the book value represents a good approximation of fair value.

c) Loans and advances to clients

The fair value of loans granted to customers was determined on the basis cash fl ows that they will be generate by these. The

cash fl ows have been updated with the interest that credit should be given to the fi nancial data. For products no longer off ered by

the bank for which there is an available market interest were approximately following:

• For loans in CHF - has started to interest loans in EUR and adjusted for the diff erence between EURIBO and 3M Libor 3M (CHF).

Assumption was used as a spread related appropriations in EUR are the same as that applied to loans in CHF only diff erence

being on diff erent reference rates.

• For loans on which the group no longer off ers to use the interest applied to similar products

d) Deposits from banks

Deposits from banks have short maturity and thus the nominal value is a correct approximation of fair value.

87


e) Loans from banks and fi nancial institutions

Refi nancing received from group are linked to benchmarks as 3M Euribor and Libor 3M (CHF) and are quarterly re-priced. Therefore

interest rates for refi nancing were reviewed at the fi nancial statements date and therefore the nominal value is equal to fair value.

f) Deposits from clients

Fair value for customer deposits was determined on the basis cash fl ows future they will generate. These cash fl ows have been

updated with interest charged on deposits similar to the fi nancial data.

88

Fair value for deposits available immediately was considered as equal to the nominal value.

7. NET INTEREST INCOME

In RON December 31, 2008 December 31, 2007

INTERESTS TO BE RECEIVED AND ASSIMILATED INCOMES

Current accounts and deposits at the banks 142,556,914 46,946,951

Loans and advances to clients 816,280,846 349,731,939

Bonds and other fi xed income securities 3,066,434 3,136,869

TOTAL INTEREST TO BE RECEIVED AND THE ASSIMILATED INCOMES 961,904,194 399,815,759

INTERESTS TO BE PAID AND ASSIMILATED EXPENSES

Deposits from the banks 23,847,971 26,585,460

Deposits from clients 99,445,614 45,446,020

Loans from banks 651,797,755 191,303,129

Subordinated loans 27,670,944 14,176,098

Other interest – related expenses 50,749 42,446

TOTAL INTERESTS TO BE PAID AND ASSIMILATED EXPENSES 775,142,089 277,553,153

NET INTEREST INCOME 186,762,105 122,262,606


8. NET FEE AND COMMISSIONS

In RON December 31, 2008 December 31, 2007

INCOMES FROM COMMISSIONS AND CHARGES

Transactions 17,218,208 14,743,562

Credits management and issuance of guarantees 52,880,153 61,299,314

Other operations 4,391,390 674,521

TOTAL INCOME FROM COMMISSIONS AND CHARGES 74,489,751 76,717,397

Expenses related to commissions and charges

Interbank transactions 7,598,966 665,371

Borrowings and guarantees received from banks 7,974,847 7,850,603

Other operations 292,082 306,780

TOTAL EXPENSE FROM COMMISSIONS AND CHARGES 15,865,895 8,822,754

NET INCOME FROM COMMISSIONS AND CHARGES 58,623,856 67,894,643

9. NET (EXPENSES) / INCOMES FROM THE FOREIGN CURRENCY

CONVERSION AND FROM DERIVATIVES HELD

FOR RISK MANAGEMENT:

In RON December 31, 2008 December 31, 2007

NET INCOMES FROM DERIVATIVES HELD FOR RISK MANAGEMENT 1) 128,161,233 54,355,199

Net income from reevaluation 76,096,792 9,014,110

Net trading income from spot transactions with banks (14,058,673) (1,887,096)

Net trading income from forward transactions with banks 16,055,746 5,166,777

Net trading income from transactions with non bank clients

NET INCOMES/(EXPENSES) FROM

50,067,368 42,061,408

THE FOREIGN CURRENCY CONVERSION 2) - (62,402,258)

NET INCOME/(EXPENSES) FROM TRANSACTIONS 128,161,233 (8,047,059)

1) The net incomes from derivatives held for risk management includegains and losses achieved from spot and forwards agreements, from the interbank market instruments

and from swaps on foreign currencies;

2) The net (expenses)/incomes from the foreign currency conversion comes from the conversion of the assets and liabilities expressed in the foreign currency in accordance

with IAS 21 in the period when the functional currency was EUR.

89


10. OTHER OPERATIONAL INCOMES

90

In RON December 31, 2008 December 31, 2007

Net incomes from the sale of fi xed assets 49,226 52,590

Incomes from dividends 1) 1,888,793 585,564

Other incomes 59,649 347,233

TOTAL OTHER OPERATIONAL INCOMES 1,997,668 985,387

1) In 2008 were collected dividends from Volksbank Leasing IFN S.A. worth 1,400,000 RON, the company Transfond S.A. worth 443,381 RON and the Biroul de Credit S.A. worth

45,412 RON (2007: Transfond S.A. worth 556,255 RON, Biroul de Credit S.A. worth 29,309 RON).

11. OTHER OPERATIONAL EXPENSES

In RON December 31, 2008 December 31, 2007

Salaries 66,848,624 41,721,052

Company's contribution to social security 12,468,091 7,585,632

Company’s contribution to unemployment fund 748,462 910,907

Company’s contribution to health social security 3,741,237 2,560,841

Meal ticket expense 2,504,289 1,531,550

Other personal expense 821,282 334,974

TOTAL PERSONNEL EXPENSE 87,131,985 54,644,956

Advertising and protocol 3,154,217 2,322,076

Rent 23,074,390 14,394,315

Other operational expenses 44,203,021 28,238,664

Other taxes and fess 3,123,025 2,785,222

OTHER OPERATING EXPENSES 73,554,653 47,740,277

TOTAL OPERATING EXPENSES 160,686,638 102,385,233

Out of the total of the wages – related expenses, the Group has registered in the year 2008 the amount of 1,860,284 RON

representing the management salaries (2007: 323.209 RON).


12. NET EXPENSES WITH THE PROVISION FOR THE

DEPRECIATION OF THE VALUE OF THE FINANCIAL ASSETS:

In RON December 31, 2008 December 31, 2007

Expenses with the provisions for the depreciation of the loans and advances to clients 58,140,970 50,896,409

Expenses with provisions for the credits registered off balance sheet 2,297 1,615,788

Taking up of provisions for the credits registered outside the balance sheet (541,819) (571,066)

Other (taking ups)/expenses with the net provisions 883,840 (48,613)

TOTAL NET EXPENSES WITH THE PROVISION

FOR THE DEPRECIATION OF FINANCIAL ASSETS 58,485,288 51,892,518

13. TAX ON PROFIT

In RON December 31, 2008 December 31, 2007

Tax on profi t, in the amount of 16% as calculated according to Romanian legislation 18,424,100 18,817,111

Expense/(Income) related with deferred tax 3,070,582 (4,763,306)

Conversion related diff erences (refer to Note 2 c) - (1,062,346)

Total income tax 21,494,682 12,991,459

13.1. Reconciliation of profi t before taxation with the tax on profi t from the profi t and loss account

In RON December 31, 2008 December 31, 2007

PROFIT BEFORE TAX 144,480,745 19,898,705

TAX IN ACCORDANCE WITH THE STATUTORY SHARE OF 16% (2007: 16%) 23,116,919 3,183,793

Non – deductible expenses 23,155,065 219,207

Non taxable income (2,846,814) (93,690)

Other deductions - (946,433)

Eff ect of originating and taking up of the temporary diff erences 3,070,582 (4,763,306)

Permanent diff erences - 15,031,823

Conversion related diff erences (refer to Note 2 c) - 360,065

TAX ON PROFIT IN THE PROFIT AND LOSS ACCOUNT 21,494,682 12,991,459

91


14. CASH AND CASH EQUIVALENTS

92

In RON December 31, 2008 December 31, 2007

Cash on hand and ATM 114,904,812 86,183,444

Minimum obligatory reserve 1) 7,208,210,579 3,530,241,088

Current accounts at other banks 2) 15,014,500 11,467,035

TOTAL 7,338,129,891 3,627,891,567

1) On December 31, 2008, the minimum obligatory reserve as held at the National Bank of Romania was set at 18% for those funds denominated in RON and 40% for those

funds denominated in USD or EUR (On December 31, 2007: 20% for RON and 40% for USD or EUR). The balance of the minimum obligatory reserve may vary from one day

to another. On December 31, 2008, the interest paid by the National Bank of Romania for the reserves held by the banks is 5.15 % per year for those reserves denominated

in RON, 2.75 % per year for those reserves denominated in EUR and 1.05 % per year for those reserves denominated in USD. The compulsory reserve may be used by the

Group for daily activities provided that the average monthly balance shall be maintained within the limits stipulated by the law.

2) The current accounts as opened at banks are permanently at the disposal of the Group and they are not restricted.

15. DERIVATIVE FINANCIAL INSTRUMENTS HELD

FOR RISK MANAGEMENT

December 31, 2008

December 31, 2007

Faire Value

Faire Value

In RON Notional

Assets Notional

Assets

Foreign exchange swaps 906,234,480 4,802,356 361,020,000 92,979

TOTAL 906,234,480 4,802,356 361,020,000 92,979

December 31, 2008

December 31, 2007

Faire Value

Faire Value

In RON Notional

Liabilities Notional

Liabilities

Foreign exchange swaps 7,462,442 832,579 334,373 25,315

TOTAL 7,462,442 832,579 334,373 25,315


All derivative fi nancial instruments presented above are concluded with Österreichische Volksbanken Aktiengesellschaft.

Certain monetary elements as denominated in foreign currencies are economically protected against the fl uctuations of the

foreign exchange course by using the swap agreements, as presented above. The Group does not use the accounting for covering

the foreign currency risk for the derivative fi nancial instruments on the currency exchange rate.

The fair value of the derivative fi nancial instruments shall be determined based upon those quotations existing on the market

or through the method of the updated cash fl ows, depending upon case. The foreign exchange transactions are assessed for the

purpose of updating the future cash fl ows at a market rate; the Reuters sites and the quotations of the National Bank of Romania

represent the Group sources for the determination of the market rates.

16. LOANS AND ADVANCES TO BANKS

In RON December 31, 2008 December 31, 2007

Sight deposits at other banks 292,680,720 836,050,794

Term deposits at other banks 300,031,812 126,661,863

TOTAL DEPOSITS TO OTHER BANKS 592,712,532 962,712,657

LOANS GRANTED TO BANKS

Loans granted to Creditcoop SA 5,457,476 -

Loans granted to Procredit Bank S.A. 20,731,500 20,350,200

TOTAL LOANS TO OTHER BANKS 26,188,976 20,350,200

Deposits held at banks are permanently available to the Group and are not restricted.

On December 31, 2008 and on December 31, 2007 the Group has not recognized any provisions for the depreciation of loans

and advances to the banks, due to the low counterparty risk.

93


17. CREDITS AND ADVANCES GRANTED TO CLIENTS

The commercial crediting activity of the Group focuses mainly on the granting of loans to natural persons and the artifi cial

persons having the domicile in Romania. The risks relating to the focusing on the economic sectors associated with the credits

portfolio upon the reporting date are presented as follows:

94

In RON December 31, 2008 December 31, 2007

RETAIL CLIENTS (INDIVIDUALS AND VERY SMALL ENTERPRISES 9,746,773,207 6,035,741,176

CORPORATE CLIENTS (SME’S AND COMPANIES) , OUT OF WHICH: 3,572,129,782 1,954,384,818

Transportation 106,551,224 73,509,159

Textiles 70,590,186 41,548,655

Constructions 324,981,233 215,733,402

Retail and wholesale trade 594,023,073 337,982,330

Services 1,932,572,824 727,101,465

Other economic sections 543,411,242 558,509,807

TOTAL LOANS AND ADVANCES TO CLIENTS BEFORE PROVISIONS 13,318,902,989 7,990,125,994

Provision for the depreciation of loans and advances to clients (134,837,611) (70,243,225)

LOANS AND ADVANCES (NET) 13,184,065,378 7,919,882,769


The provision for the depreciation of those credits and advances granted to clients may be analyzed as follows:

In RON 2008 2007

BALANCE AT THE BEGINNING OF THE YEAR 70,243,225 14,544,063

Individual provisions - 1,236,864

Collective provisions 70,243,225 13,307,199

EXPENSES AS RELATED TO THE DEPRECIATION

THROUGH THE PROFIT AND LOSS ACCOUNT 211,855,274 129,956,500

Individual provisions 18,038,235 -

Collective provisions 193,817,039 129,956,500

INCOMES FROM THE TAKING UP OF PROVISIONS

THROUGH THE PROFIT AND LOSS ACCOUNT (153,714,303) (79,060,091)

Individual provisions - (1,236,864)

Collective provisions (153,714,303) 77,823,227

Conversion related diff erences 6,453,415 4,802,753

BALANCE AT THE END OF THE YEAR 134,837,611 70,243,225

Individual provisions 18,038,235 -

Collective provisions 116,799,376 70,243,225

95


18. SECURITIES

96

In RON December 31, 2008 December 31, 2007

SECURITIES AVAILABLE FOR SALE

Securities available for sale 1) 56,845,378 30,379,657

Securities held to maturity 2) 10,516,348 -

TOTAL SECURITIES AVAILABLE FOR SALE 67,361,726 30,379,657

Shares with a variable income 3) 1,172,645 382,662

Capital investments 4) 349,833 349,833

TOTAL PARTICIPATIONS AVAILABLE FOR SALE 1,522,478 732,495

TOTAL INVESTMENTS AVAILABLE FOR SALE 68,884,204 31,112,152

1) On the December 31, 2008 the Group held securities classifi ed as being assets available for sale in the total amount of 56.845.378 RON and they are issued by the following

public institutions:

• The Ministry of Public Finance – securities in the amount of 6,629,190 RON with an interest rate of 12.80 % per year and the due date term on June 12, 2009.

• The Ministry of Public Finance – a security in the amount of 16,547,013 RON with an interest rate of 8.0 % per year and a due date term on October 25, 2011;

• The Ministry of Public Finance – a security in the amount of 12,162,319 RON, with an interest rate of 8.25 % per year and the due date term on March 5, 2013

• The Ministry of Public Finance – a security in the amount of 2,117,195 RON, with an interest rate of 8.50 % per year and the due date term on February 27, 2009

• The Ministry of Public Finance – a security in the amount of 2,119,754 RON, with an interest rate of 8.65 % per year and the due date term on February 27, 2009

• The Ministry of Public Finance – a security in the amount of 4,490,045 RON, with an interest rate of 6.00 % per year and the due date term on October 25, 2010

• The Ministry of Public Finance – a security in the amount of 4,631,780 RON, with an interest rate of 6.50 % per year and the due date term on March 5, 2012

• The European Investments Bank – a security in the amount of 8,148,082 RON, with an interest rate of 7.0 % per year and the due date term on May 12, 2014;

2) On the December 31, 2008 the Group held securities classifi ed as being assets held until maturity in the total amount of 10.516.348 RON and they are issued by the

following public institutions:

• The Ministry of Public Finance – a security in the amount of 5,665,199 RON, with an interest rate of 12.40 % per year and the due date term on June 12, 2009

• The Ministry of Public Finance – a security in the amount of 4,851,149 RON, with an interest rate of 13.47 % per year and the due date term on March 20, 2009

3) Volksbank Romania S.A. has subscribed a total number of 160 nominative shares, in the total amount of 160,000 RON, representing 2.38 % of the share capital of

the National Company of the Transfer of Funds and Settlements – TransFonD S.A. and a number of 3,861,059 nominative shares, in the total amount of 881,977 RON,

representing 9.38 % of the share capital of the company Biroul de Credit S.A.; the amounts were within the balance on December 31, 2008.

4) The parties within the bound private companies existing within the balance, in the amount of 234,420 RON are represented by the contribution of Volksbank Romania

S.A. to the share capital of the company Volksbank Leasing Romania IFN S.A. in a share of 20%, in the amount of 204,420 RON (December 31, 2007: 204,420 RON) and the

share capital of the private company VBRO Services S.R.L. in a share of 100%, in the amount of 30,000 RON (On December 31, 2007: 30,000 RON).

Volksbank Leasing Romania IFN S.A. has the registered offi ce in No. 17 – 21 Bucharest – Ploiesti Highway, 2nd fl oor, district 1, Bucharest,

Romania. VBRO Services S.R.L. has the registered offi ce in no. 171 Mihai Bravu Highway, 5th fl oor, offi ce no. 1, district 2, Bucharest, Romania.


The movements of the securities can be synthesized as follows:

In RON December 31, 2008 December 31, 2007

BALANCE AT THE BEGINNING OF THE YEAR 31,112,152 30,608,491

Additions 62,451,301 30,379,657

Disposals (24,679,249) (29,922,358)

Conversion related diff erences - 46,362

BALANCE AT THE END OF THE YEAR 68,884,204 31,112,152

19. TANGIBLE ASSETS

During the year 2008 the Group made investments particularly in the arrangement of spaces for opening new branches and

upgrade existing ones. The Group also acquired land in total value of 18.550.740 RON, with the view to build an offi ce to host the

Group activities.

In RON

Lands and

Constructions

Furniture and

Computers Cars

Fixed Assets

in progress Total

COST

Balance at January 1, 2007 9,364,496 24,526,091 9,833,335 7,948,433 51,672,355

Additions 6,334,633 13,812,930 1,286,271 11,264,242 32,698,076

Disposals

Conversion diff erences

- (135,731) (161,415) - (297,146)

(refer to Note 2 c) 1,157,734 640,162 787,723 1,458,197 4,043,816

Balance at December 31, 2007 16,856,863 38,843,452 11,745,914 20,670,872 88,117,101

Balance on the January 1, 2008 16,856,863 38,843,452 11,745,914 20,670,872 88,117,101

Additions 10,809,095 (3,058,409) 2,819,837 30,246,359 40,816,882

97


19. TANGIBLE ASSETS (CONTINUED)

Lands and

Furniture and

Fixed Assets

In RON

Constructions

Computers Cars

in progress Total

Disposals

Conversion diff erences

- (3,786,306) (61,533) - (3,847,839)

(refer to Note 2 c) - - - - -

Balance at December 31, 2008 27,665,958 31,998,737 14,504,218 50,917,231 125,086,144

98

AMORTIZATION AND DEPRECIATION

Balance at January 1, 2007 870,712 9,531,745 4,826,424 - 15,228,881

Charge for the year 1,041,889 4,864,659 1,389,195 - 7,295,743

Disposals

Conversion diff erences

- (135,731) (161,415) - (297,146)

(refer to Note 2 c) 144,032 1,130,722 490,496 - 1,765,250

Balance at December 31, 2007 2,056,633 15,391,395 6,544,700 - 23,992,728

Balance at January 1, 2008 2,056,633 15,391,395 6,544,700 - 23,992,728

Charge for the year 1,427,378 7,190,418 1,645,352 10,263,148

Disposals - (3,715,226) (13,105) (3,728,331)

Balance at December 31, 2008 3,484,011 18,866,587 8,176,947 - 30,527,545

Net book value

At January 1, 2007 8,493,784 14,994,346 5,006,911 7,948,433 36,443,474

At December 31, 2007 14,800,230 23,452,057 5,201,214 20,670,872 64,124,373

At January 1, 2008 14,800,230 23,452,057 5,201,214 20,670,872 64,124,373

At December 31, 2008 24,181,947 13,132,150 6,327,271 50,917,231 94,558,599


20. INTANGIBLE ASSETS

On December 31, 2008 and December 31, 2007 the Bank held as intangible assets primarily purchased software and licenses in

order of operating activity.

In RON

COST

Intangible assets Down payments Total

Balance on the January 1, 2007 6,711,847 175,811 6,887,658

Additions 1,331,799 3,639,666 4,971,465

Disposals - - -

Conversion diff erences (refer to Note 2 c) 252,952 136,003 388,955

Balance on the December 31, 2007 8,296,598 3,951,480 12,248,078

Balance on the January 1, 2008 8,296,598 3,951,480 12,248,078

Additions 2,598,109 3,182,147 7,780,256

Disposals - - -

Conversion diff erences (refer to Note 2 c) - -

Balance on the December 31, 2008 10,894,707 7,133,627 18,028,334

CUMULATED AMORTIZATION

Balance on the January 1, 2007 4,649,165 - 4,649,165

Charge for the year 1,623,379 - 1,623,379

Disposals - - -

Conversion diff erences (refer to Note 2 c) 395,272 - 395,272

Balance on the December 31, 2007 6,667,816 - 6,667,816

Balance on the January 1, 2008 6,667,816 - 6,667,816

Charge for the year 1,629,043 - 1,629,043

Disposals - - -

Conversion diff erences (refer to Note 2 c) - - -

Balance on the December 31, 2008 8,296,859 - 8,296,859

NET BOOK VALUE

At January 1, 2007 2,062,682 175,811 2,238,493

At December 31, 2007 1,628,782 3,951,480 5,580,262

At January 1, 2008 1,628,782 3,951,480 5,580,262

At December 31, 2008 2,597,848 7,133,627 9,731,475

99


21. RECEIVABLES AND LIABILITIES

REGARDING THE DEFERRED TAX

The liabilities regarding the deferred tax on December 31, 2008 are attributable to the elements that are detailed within the

following table:

In RON Assets Liabilities

December 31, 2008

Net

Provisions for credit depreciation 10,193,062 - 10,193,062

Restatement of equity investments - (276,081) (276,081)

Property, equipment and intangible assets, net - (464,633) (464,633)

Provisions for securities - (323,647) (323,647)

Other adjustments - - -

Total 10,193,062 (1,064,361) 9,128,701

Deferred tax liability at 16% 1,460,592

100

The receivables from the deferred tax on the December 31, 2007 are attributable to the elements detailed within the table below:

In RON Assets Liabilities

December 31, 2007

Net

Provisions for credit depreciation 30,567,618 - 30,567,618

Retreatment of capital investments - (276,081) (276,081)

Retreatment of tangible and intangible assets - (575,950) (575,950)

Other adjustments - (1,395,750) (1,395,750)

Total 30,567,618 (2,247,781) 28,319,837

Deferred tax liability at 16% 4,531,174


22. OTHER ASSETS

In RON December 31, 2008 December 31, 2007

Amounts in transit 2,827,007 289,096

Prepayments 1) 3,485,254 3,142,308

Sundry debtors 2) 5,570,223 343,513

Inventory 127,283 150,771

Incomes to be received 3) 8,727,009 4,950,143

Other assets 938,042 444,278

Total other assets before provision 21,674,818 9,320,109

Minus the provision for other assets’ depreciation 29,436 4,296

Total net assets 21,645,382 9,315,813

1) Cost recorded in advance, represent rent expense that are incurred in advance and the commitment fee paid for the loan of EUR 5.000.000 concluded with Oberbank

and the subordinated loan in amount of EUR 66.000.000 concluded with Osterreichische Volksbanken Aktiengesellschaft, which are to be amortized until the maturity

of these borrowings.

2) The sundry debtors mainly represent amounts that are disbursed to the State Budget and to the Social Assurance Budget and recorded in the unique account from the

Financial and Economic Minister and which are going to be settled based on the Minister confi rmation of the amounts collected.

3) Revenues to be received represent the commitment fees, penalty fees, commissions for minimum reserve, management fee loans, etc

The provisions for the depreciation of the other assets may be analyzed as follows:

In RON December 31, 2008 December 31, 2007

Balance at the beginning of the year

Depreciation related expenses

4,296 52,881

through the profi t and loss account (note 14)

Incomes from the taking up of

(89,767) (14,656)

the provisions through the profi t and loss account 65,054 63,269

Conversion related diff erences (refer to Note 2 c) (427) (28)

Balance at the end of the year 29,436 4,296

101


23. DEPOSITS FROM BANKS

In RON December 31, 2008 December 31, 2007

Loro accounts 5,938,945 6,142,555

Sight deposits - 10,000,000

Term deposits 120,375,261 269,299,521

Total 126,314,206 285,442,076

24. DEPOSITS FROM CLIENTS

In RON December 31, 2008 December 31, 2007

Attracted deposits – reimbursable upon request:

Retail clients 482,269,755 415,922,679

Corporate clients 265,798,527 219,441,811

Total 748,068,282 635,364,490

Term attracted deposits:

Retail clients 1,129,505,163 893,797,178

Corporate clients 402,423,298 401,113,736

Total 1,531,928,461 1,294,910,914

Savings accounts:

Retail clients - 16,967

Total - 16,967

Total deposits attracted from clients: 2,279,996,743 1,930,292,371

102


25. BORROWINGS FROM BANKS

AND OTHER FINANCIAL INSTITUTIONS

In RON December 31, 2008 December 31, 2007

Volksbank International AG 1) 12,418,835,387 7,106,944,641

Österreichische Volksbanken Aktiengesellschaft 2) 4,665,654,537 1,763,032,058

Raifeissen Landesbank KAERNTEN 3) 39,855,955 36,107,380

OberBank 4) 19,930,006 18,053,690

European Bank for Reconstruction and Development 5) 6,825,329 14,372,900

Total 17,151,101,214 8,938,510,670

1) At the end of the year 2008 the Group has a multicurrency loan credit from Volksbank International a in the amount of 1,950,000,000 EUR and CHF – maturity date:

2018). The drawings have been in the amount of 1,160,000,000 EUR and 1,010,000,000 CHF.(2007: 2,100,000,00 EUR)

A multicurrency loan agreement with Volksbank International in amount of 810,000,000 EUR and CHF with maturity date December 31, 2013. The drawings have been

in the amount of 312,005,220 EUR and 950,000,000 CHF.

A loan agreement in amount of 329,994,780 EUR was concluded in 2008 with Volksbank International with maturity date December 31, 2009 (drawing A: 220,000,000

EUR, drawing B: 101,994,780 EUR with, drawing C: 8.000,000 EUR.

2) At the year-end 2008, the Group has concluded a loan agreement with Österreichische Volksbanken Aktiengesellschaft, in the amount of 280,000,000 EUR (2007:

400,000,000 EUR) with a due date in 2012, as well as a loan in RON in the amount of 318,500,000 RON with a due date in 2012, During the year 2008 Group concluded a

loan agreement with Österreichische Volksbanken Aktiengesellschaft in RON in amount of 482,820,000 with a due date 31st January 2013.

The Group has concluded in 2008 a loan agreement with Osterreichische Volksbanken Aktiengessellschaft in the amount of 200,000,000 EUR, (drawing A: 60,000,000

EUR with maturity date 30 June 2009; drawing B: 140,000,000 EUR with maturity 30 November 2012).

Also the Group concluded in 2008 a loan agreement in amount of 250,000,000 EUR with Österreichische Volksbanken Aktiengesellschaft (drawing A: 25,000,000 EUR

with maturity date 30 September 2009; drawing B: 225,000,000 EUR with maturity date 31 August 2018).

At the same time the Group concluded a multicurrency loan in amount of 240,000,000 EUR and CHF with Österreichische Volksbanken Aktiengesellschaft (drawing A:

148,980,583 with maturity date 31 October 2009; drawing B: 135,000,000 CHF with maturity date October 31, 2009.

3) At the same time, on December 31, 2008, the Group had in the latter’s balance a credit from Raifeissen Landesbank KAERNTEN in the amount of 10,000,000 EUR with

maturity date in 2011 (2007: 10,000,000 EUR)

4) At the end of the year 2008, the Group had in its balance a loan in the amount of 5.000,000 EUR, as obtained from OberBank, with a maturity date in 2011(2007:

5,000,000 EUR).

5) On the December 31, 2008, the Group had in its balance a fi nance credit from BERD in the amount of 1,666,667 EUR – due date: 2010 (in the balance on the December

31, 2007: 3,888,888. EUR).

At the end of the year 2008, interest rates for the medium and long term borrowings, presented above, are indexed with EURIBOR,

CHF LIBOR, ROBOR, plus spreads between 0.35% and 2.71%.

103


26. OTHER LIABILITIES AND PROVISIONS

In RON December 31, 2008 December 31, 2007

Leasing liabilities - 716,109

Other owed taxes 1) 13,258,813 6,664,136

Various creditors - 2,773,652

Expenses to be paid 3,345,697 1,342,149

Other liabilities 2) 15,119,126 3,393,581

Total 31,723,636 14,889,627

1) The “Other owed taxes” position includes State debts – contribution of wage, payments of VAT, non-residents taxes.

2) The “Other liabilities” position includes other amounts in transit due to customers and banks, and registered and unpaid yet invoices.

In RON December 31, 2008 December 31, 2007

Leasing installments

Under one year - 174,492

Between one and fi ve years - 555,246

Over fi ve years - -

Total leasing installments - 729,738

Minus the future interest - -13,629

Present value of the leasing installments - 716,109

27. SUBORDINATED LIABILITIES

On the December 31, 2008 Volksbank Romania S.A. has term subordinated liabilities in the total amount of 15,000,000 EUR

(maturity date: 2011), and of 50,0000,000 EUR with the due date in 2012, from Volksbank International AG, and 66,000,000 EUR (maturity

date: 2013) from Österreichische Volksbanken Aktiengesellschaft.

On December 31, 2007 Volksbank Romania S,A, had term subordinated liabilities in the total amount of 65,000,000 EUR (maturity

date: 2011) and of 66,000,000 EUR (maturity date: 2013) from InvestKredit Bank AG.

104


28. SHARE CAPITAL

On the December 31, 2008, the share capital is made up of 3,771,000,000 shares having a nominal value of 0,1 RON per share

(out of which: 2,828,250,000 are ordinary shares and 942,750,000 are preferential shares). On the December 31, 2007, the share capital

consisted of a number of 3,411,000,000 shares (out of which: 2,558,250,000 were ordinary shares and 852,750,000 were preferential

shares) having the same nominal value.

During 2008, statutory share capital increased, according to the decision of General Extraordinary Shareholder Assembly, from

341,100,000 RON to 377,100,000 RON through shareholders contribution in amount of 36,000,000 RON (February 8th 2008). The price

paid by the shareholders for the new shares issued was 180,000,000 RON, the diff erences of 144,000,000 RON paid in excess over the

face value of the shares was recorded as share premium.

During 2007, statutory share capital increased, according to the decision of General Extraordinary Shareholder Assembly, from

229,100,000 RON to 341,100,000 RON through shareholders contribution in amount of 112,000,000 RON (August 8th 2008). The price

paid by the shareholders for the new shares issued was 336,000,000 RON, the diff erences of 224,000,000 RON paid in excess over the

face value of the shares was recorded as share premium.

The holders of ordinary shares are entitled to receive dividends and right to vote in General Shareholder Assembly. The holders of

preferential shares do not have the right to vote in General Shareholder Assembly. Instead, they have the right to additional dividends

in amount of 1% from the nominal value of shares multiplied with the number of preferentuial shares owned.

The shareholders of the Group are the following:

December 31, 2008

December 31, 2007

In RON

%

%

Volksbank International AG 99.0522 98.9522

Banca Popolare del Emiglia Romagna 0.4739 0.5239

Banca Popolare di Vicenza 0.4739 0.5239

Total 100 100

The reconciliation of share capital between IFRS standards and the statutory ones is presented below:

In RON December 31, 2008 December 31, 2007

Statutory share capital 377,100,000 341,100,000

Eff ect of hyperinfl ation – IAS 29 29,548,673 29,548,673

Total 406,648,673 370,648,673

105


29. OTHER RESERVES

In RON December 31, 2008 December 31, 2007

General banking risks 46,860,040 46,860,040

Legal reserve 14,485,176 9,442,674

Other reserves (3,974,646)

Total other reserves 57,370,570 56,302,714

Capital premium 687,148,387 543,148,387

Conversion related diff erences - 564,827

Total share premium 687,148,387 543,713,214

Total reserves and share premium 744,518,957 600,015,928

29.1. RESERVES FOR GENERAL BANKING RISKS

In RON December 31, 2008 December 31, 2007

On the January 1, 46,860,040 43,894,132

Transfer in the carried forward result - 2,965,908

On the December 31, 46,860,040 46,860,040

29.2. LEGAL RESERVES

In RON December 31, 2008 December 31, 2007

On the January 1, 9,442,675 3,540,353

Profi t allotment 5,042,527 5,663,101

Transfer in the carried forward result (25) 239,220

On the December 31, 14,485,177 9,442,674

106

• The reserve representing the fund for general banking risks has been established, as of the fi nancial year 2004 until the end of

the fi nancial year 2007, from the accounting profi t as determined prior to the deduction of the tax on profi t – the gross profi t,

in the shares and limits as stipulated by the law.

• The legal reserves represent accumulated transfers from the carried forward result, in accordance with the local banking

regulations which specify that 5% of the Group net profi t shall be transferred into a non – distributable reserve account until

the time when the said reserve reaches the level of 20 % of the share capital of the entities within the Group.

The legal reserves shall not be allotted to shareholders.


30. TRANSACTIONS WITH PARTIES

HAVING SPECIAL RELATIONSHIPS WITH THE GROUP

30.1. TRANSACTIONS WITH SHAREHOLDERS

A number of bank transactions between the Group and the latter’s shareholders (Volksbank International AG, Banca Popolare

dell’Emilia Romagna, Banca Popolare Di Vicenza) have taken place in the normal process of running the operations. The said transactions

have been concluded based upon commercial agreements at the market price.

In RON December 31, 2008 December 31, 2007

Nostro accounts 32,584 472,688

Bank deposits - -

Receivables in balance 32,584 472,688

Loro accounts 274,733 154,384

Deposits from banks - -

Borrowings from banks 12,418,835,387 7,106,944,641

Subordinated liabilities 259,064,789 234,698,949

Liabilities in balance 12,678,174,909 7,341,797,974

Given off – balance commitments - -

Received off – balance commitments 630,920,306 508,841,654

Interest income and assimilated 2,913 7,731

Interest expense and assimilated (427,243,838) (103,474,113)

Net commission income/expense 52,615 (1,661)

Other income - 36

Other expense (5,143,563) (52,269,132)

107


30.2. TRANSACTIONS WITH THOSE ENTITIES

WHERE THE GROUP SHAREHOLDERS HOLD CONTRIBUTIONS

The Group has carried out a number of banking transactions, with the subsidiaries of the latter’s shareholders (Magyaroszagy

Volksbank, Immoconsult, WGZ Bank AG West Deutsche Genossens, Europolis ALB – EDB Services GmbH, Dexia, Investkredit, etc.) in

the normal process of running the operations. The said transactions have been concluded by virtue of commercial agreements at the

market price.

In RON December 31, 2008 December 31, 2007

Nostro Correspondent Accounts 12,525,104 8,989,065

Bank deposits 178,775,001 624,635,384

Loans and advances 9,863,631 -

Forward exchange tranactions 4,802,356 92,979

Receivables in the balance 205,966,092 633,717,428

Loro Correspondent Accounts 1,928,161 1,129,409

Borrowings from banks 4,665,654,537 1,763,032,058

Current accounts 10,683,679 7,966,630

Deposits from clients 1,984,534 33,862,530

Deposits from banks 120,375,261 162,869,518

Subordinated debts 263,050,401 238,309,702

Forward exchange tranactions 832,579 23,315

Liabilities in the balance 5,064,509,152 2,207,195,162

Given off – balance commitments 4,045,907 -

Received off – balance commitments 15,015,112 739,673,583

Derivative fi nancial instruments 913,696,922 361,354,373

Interest income and assimilated 1,852,135 444,643

Interest expense and assimilated (248,529,787) (111,159,337)

Net commission income/expense 616,650 539,699

Other incomes 103,022,749 16,687,708

Other expenses (45,166,502) (13,302,644)

108


30.3. TRANSACTIONS WITH THOSE ENTITIES

WHERE THE GROUP HOLDS CONTRIBUTIONS

The Group holds a number of contributions in various local companies with which it has conducted a number of banking

transactions as part of the normal process of running the activity. The said transactions have been carried out under the commercial

terms and at the market prices.

The balances of the transactions with the entities where the Group holds any contributions are the following:

In RON December 31, 2008 December 31, 2007

Current accounts 127,646 94,832

Deposits received 89,929,028 26,946,463

Other liabilities 14,129

Liabilities in the balance 90,070,803 27,041,295

Loans and advanced -

Other assets

Receivables in the balance

-

Given off – balance commitments 524,991 -

Received off – balance commitments - -

Interest income and assimilated 45,358 3,925

Interest expense and assimilated (4,601,778) (1,502,143)

Net commission income/expense 147,113 203,038

Other incomes 2,120,025 1,036,277

Other expenses (106,139) (170,953)

30.4. TRANSACTIONS WITH THE GROUP MANAGEMENT

Those employees holding managing positions are those employees, who have the authority and the responsibility to plan, direct

and control the Group activities, either directly or indirectly, including any manager (either executive or not) of the Group. In the daily

carrying out and running of the activities, there are cases when a number of transactions with those employees holding managing

positions take place. The said transactions mainly include credits, deposits, foreign currency exchange transactions, guarantees. The

volume of the transactions with the key employees is presented within the tables below:

109


In RON December 31, 2008 December 31, 2007

Loans and advanced 3,200,751 -

Other assets 17,277 14,269

Receivables in the balance 3,218,028 14,269

Current accounts 249,535 153,737

Deposits 1,114,098 259,611

Liabilities in the balance 1,363,633 413,348

Interest income and assimilated 173,505 2

Interest expense and assimilated (30,876) (8,516)

Net commission income/expense 794 120

Other incomes 26,724 1,415

Other expenses (21,988) (462)

LOANS

Balance at the begin of year - -

Loans granted before January 1, 2008 1,615,103 -

Loans granted in 2008 1,585,648 -

Balance at the end of year 3,200,751 -

DEPOSITS

Balance at the begin of year 413,348 194,389

Deposits in 2008 700,750 3,083,157

Withdrawals in 2008 - (2,864,198)

Balance at the end of year 1,114,098 413,348

Given off – balance commitments - -

Received off – balance commitments 3,616,928 -

The compensations as granted to the Group management, representing salaries and other short term benefi ts have been in the

amount of 1,860,284 RON (in 2007: 323,909 RON).

110


31. OFF – BALANCE COMMITMENTS,

CONTINGENT ASSETS AND LIABILITIES

The Group has granted certain facilities that have not been completely used by the clients. The validity period of the said

commitments does not exceed the duration of the agreement, and the latter’s use is conditioned by the compliance with the

contractual conditions.

The Group also issues letters of bank guarantees and documentary credentials in the clients’ favor.

In accordance with the Government Emergency Ordinance no. 22/March 23rd 2006, the Group has signed a Stand – By

agreement with the Romanian Fund for Securing the Deposits within the Banking System in the maximum amount of 12.103.376

RON. Up to the present moment, there have been withdrawn no amounts whatsoever from the said facility.

The contractual value of the Group off – balance fi nancial instruments is below:

In RON December 31, 2008 December 31, 2007

Letters of guarantee 81,132,985 85,041,449

Other guarantees as granted to the fi nancial institutions1) 324,446,989 259,084,040

Commitments in favor of other banks 14,801,441 34,242,500

Opening confi rmed credits 489,227,637 426,366,892

Opening documentary credits 737,262 6,846,972

Other commitments as granted to clients 19,150,311 3,588,087

Total 929,496,625 815,169,940

1) At December 31, 2008, the guarantees as granted to the credit institutions represent the risks taken over from the other banks for the credits as granted by Investkredit

Bank and Volksbank International AG.

At December 31, 2007 the guarantees as granted to the credit institutions represent the risks as taken over from other banks for

the credits as granted by Investkredit Bank S.A., Raifeissen Bank S.A. and Volksbank International AG.

The obligations as related to the rents agreement on the December 31, 2008 and the December 31, 2007 may be analyzed as

following:

In RON December 31, 2008 December 31, 2007

Installments related with rent agreements

Under one year 26,047,821 20,406,143

Between one and fi ve years 85,749,617 70,303,530

Over fi ve years 61,215,922 55,979,263

Total Installments related with rent agreements 173,013,360 146,688,936

111


32. RECONCILIATION OF THE PROFIT

AS DETERMINED ACCORDING TO THE IFRS STANDARDS WITH THE ONE AS DETERMINED

ACCORDING TO THE ROMANIAN ACCOUNTING STANDARDS, IN ACCORDANCE WITH THE

ORDER NO. 5/ 2005, AS ISSUED BY THE NATIONAL BANK OF ROMANIA

In RON December 31, 2008 December 31, 2007

Net profi t according to the Romanian Accounting Standards 100,934,682 96,452,904

Adjustments as related to the tangible and intangible assets according to IAS 21 (71,891) 4,230,553

Adjustments as related to the share capital according to IAS 21 - (24,182,760)

Adjustments as related to the capital premiums according to IAS 21 - (35,824,099)

Adjustments as related to the legal reserves according to IAS 21

Adjustments as related to the initial balance

- (3,205,128)

of the carried forward result in accordance with IAS 21 - 639,327

Adjustments as related to the capital investments according to IAS 21 - 46,362

Adjustments as related to credits 20,374,556 (35,448,368)

Adjustments as related to securities 4,819,298

Income/(Expense) as related to the deferred tax (3,070,582) 4,763,306

Infl uence of the currency exchange rate - (564,851)

Net profi t according to IFRS 122,986,063 6,907,246

112


33. RECONCILIATION OF THE OWN EQUITIES

AS DETERMINED ACCORDING TO THE IFRS STANDARDS WITH THE ONES

AS DETERMINED ACCORDING TO THE ROMANIAN ACCOUNTING STANDARDS,

IN ACCORDANCE WITH THE ORDER NO. 5/2005, AS ISSUED BY THE

NATIONAL BANK OF ROMANIA

In RON December 31, 2008 December 31, 2007

Own equities according to the Romanian Accounting Standards 1,231,363,450 1,012,683,964

Adjustments as related to the tangible and intangible assets according to IAS 21 464,282 575,951

Adjustments as related to the capital investments 276,429 276,081

Adjustments as related to securities 323,647 0

Adjustments as related to loans and advances (10,193,062) (30,567,645)

Deferred profi t tax 1,460,592 4,531,174

Own equities according to the IFRS 1,223,695,338 987,499,525

34. SUBSEQUENT EVENTS

AFTER THE DATE OF THE BALANCE SHEET

34.1 MOVEMENTS IN CAPITAL

The Directorate proposed that the 2008 profi t to be allocated to reserves.

34.2 AMENDMENTS OF THE MANAGEMENT STRUCTURE

Based on Shareholder Decision dated February 9, 2009 was appointed as administrator of VBRO Services SRL Mr. Alin Merer,

which replaces Mrs Laura Berezitchei.

113


34.3 OTHERS

By the Order of the Governor of the National Bank of Romania, no. 13/2008 entered into force since January 1, 2009 the National

Bank of Romania Order no. 5/2005 has been canceled, for the purpose of approving the accounting regulations complying with the

European directives, with subsequent modifi cations.

On February 9, 2009, the Bank obtained the authorization from Central Bank of Cyprus to commence banking business for the

Cyprus branch; the Cyprus Branch did not start operations yet.

On January 26, 2009, the Bank signed a stand-by credit facility agreement with Österreichische Volksbanken-Aktiengesellschaft,

Vienna for a maximum amount of EUR 200,000,000. The object of this borrowing agreement is the fi nancing on a short term for

covering liquidity shortages which may be faced under a liquidity crisis situation. The facility bears an interest rate amounting 3-month

EURIBOR +6.5% p.a. and a non-utilization commitment fee of 0.6% p.a. The reimbursement shall be made subject to a grace period of

one year from the drawdown date, according to the reimbursement schedule to be issued after each drawdown date. No drawdown

was made from this facility.

The National Bank of Romania decided during the meeting of the Administration Board from March 31, 2009 to decrease to

zero the minimum manadatory reserve ratio for foreign-currency liabilities with residual maturity higher than 2 years, starting with

the application period May 24, 2009 – June 23, 2009.

114

Gerald Schreiner Mara Cristea

President Manager of the Financial – Accounting Department


115


116


Our network

Volksbank

Romania S.A.

117


HEAD OFFICE

Volksbank Romania S.A.

79 Dacia Blvd., 1 st District

RO-020051, Bucharest

T +40 21303 2396

F +40 21316 1192

BRANCHES

Bucureşti 13 Septembrie

Calea 13 Septembrie

nr. 137, bl. T1C, parter

sector 5, Bucureşti

T +40 21411 3637

Bucureşti Aerogării

Bd. Aerogării nr. 2-8

bl. II/1, sector 1, Bucureşti

T +40 21303 9306

Bucureşti Apolodor

Str. Apolodor nr. 42

Sector 5, Bucureşti

T +40 21301 8600

Bucureşti Banu Manta

Bd. Banu Manta nr. 1

bloc 1B, parter

sector 1, Bucureşti

T +40 21201 6861

118

SUBSIDIARY

VB Leasing S.A.

79 Dacia Blvd., 1 st District

RO-020051, Bucharest

T +40 21204 4444

F +40 21233 3227

Bucureşti Bd. Timişoara

Bd. Timişoara nr. 92

sector 6, Bucureşti

T +40 21236 2135

Bucureşti Brâncoveanu

Bd. Constantin Brâncoveanu

nr. 10, bl. B3, parter

sector 4, Bucureşti

T +40 21440 0947

Bucureşti Buzeşti

Str. Buzeşti nr. 50-52

parter, sector 1, Bucureşti

T +40 21332 6405

Bucureşti Camil Ressu

Bd. Camil Ressu nr. 68

bl. 1 B, lot. 2/2, parter

sector 3, Bucureşti

T +40 21201 6711

SUBSIDIARY

VB Services S.A.

12-20 Lehliu St., 2 nd District

RO-023262, Bucharest

T +40 21303 2339

F +40 21253 0975

Bucureşti Colentina

Şos. Colentina nr. 81

bl. 84/1, parter

sector 2, Bucureşti

T +40 21255 5422

Bucureşti Colţei

Str. Colţei nr. 8

sector 3, Bucureşti

T +40 21311 3760

Bucureşti Dinicu Golescu

Bd. Dinicu Golescu nr. 11

parter, sector 1, Bucureşti

T +40 21332 6499

Bucureşti

Drumul Taberei

Drumul Taberei nr. 93

sector 6, Bucureşti

T +40 21440 0937

SUBSIDIARY

VB Direct Bank S.A.

171 Mihai Bravu, 2 nd District

RO-021323, Bucharest

T +40 21300 0040

Bucureşti Ghencea

Bd. Ghencea nr. 30, bl. C 76

parter, sector 6, Bucureşti

T +40 21440 3312

Bucureşti Ion Mihalache

Bd. Ion Mihalache nr. 128

bl. 1, sector 1, Bucureşti

T +40 21224 3317

Bucureşti Iuliu Maniu

Bd. Iuliu Maniu nr. 190

bl. C1, sector 6, Bucureşti

T +40 21207 9000

Bucureşti Louis Blanc

Str. Louis Blanc nr. 1, parter

sector 1, Bucureşti

T +40 21231 5073


Bucureşti Mihai Bravu

Şos. Mihai Bravu nr. 171

sector 2, Bucureşti

T +40 21209 4400

Bucureşti Moşilor

Calea Moşilor nr. 298

bloc 48, sector 2

Bucureşti

T +40 21201 6865

Bucureşti Olteniţei

Şos. Olteniţei nr. 125 B

parter, sector 4, Bucureşti

T +40 21332 6404

Bucureşti Otopeni

Calea Bucureştilor nr. 87 A

parcela A 1940

Otopeni, jud. Ilfov

T +40 21350 2134

Bucureşti Pantelimon

Şos. Pantelimon nr. 285

bl. 11, sector 2, Bucureşti

T +40 21255 5435

Bucureşti Real Berceni

Str. Dealul Bisericii

nr. 67-109

Centrul Comercial Real

sector 4, Bucureşti

T +40 21460 0539

Bucureşti Real Vitan

Calea Vitan nr. 236

Centrul Comercial Real

Bucureşti

Bucureşti Regina Maria

Bd. Regina Maria nr. 29

sector 4, Bucureşti

T +40 21408 6120

Bucureşti

Şos. Alexandriei

Şos. Alexandriei nr. 102

bl. L 29, sector 5, Bucureşti

T +40 21420 2770

Bucureşti

Ştefan cel Mare

Şos. Ştefan cel Mare nr. 4

bloc 14, parter

sector 1, Bucureşti

T +40 21201 6710

Bucureşti Unirea

Bd. Unirii nr. 25-27

bloc 14-15, parter

sector 4, Bucureşti

T +40 21301 8600

Bucureşti Aviaţiei

Şos. Pipera nr. 7

bl. 2 D, sector 1, Bucureşti

T +40 21233 3449

Bucureşti Mărăşeşti

Bd. Mărăşeşti nr. 135

sector 4, Bucureşti

T +40 21330 2319

Bucureşti I. C. Brătianu

Bd. I. C. Brătianu nr. 44

sector 3, Bucureşti

T +40 21300 3403

Bucureşti Costache Negri

Str. Costache Negri nr. 2

sector 5, Bucureşti

T +40 21401 0910

Bucureşti

Premium Plaza

Str. Dr. Felix nr. 63-69

sector 1, Bucureşti

T +40 21310 8264

Bucureşti Giuleşti

Calea Giuleşti nr. 123

sector 6, Bucureşti

T +40 21221 7681

Bucureşti Dacia

Private Banking

Bd. Dacia nr. 79

sector 2, Bucureşti

T +40 21303 2392

Bucureşti Vitan

Calea Vitan nr. 117

bl. 21 A, Bucureşti

T +40 21303 2383

119


Adjud

Bd. Republicii nr. 14, bl. 65

sc. 1, Adjud, jud. Vrancea

T +40 23764 1140

Aiud

Str. Cuza Vodă nr. 26, ap. 1

Aiud, jud. Alba

T +40 25886 5031

Alba Iulia

Bd. Transilvania nr. 27

bl. 3EFG, Alba-Iulia, jud. Alba

T +40 25883 0957

Alexandria

Str. Dunării, bl. BM 1

Alexandria, jud. Teleorman

T +40 24731 1632

Arad

Bd. Revoluţiei nr. 83, ap. 3 Arad,

jud. Arad

T +40 25728 1331

Arad 2

Str. Borsec nr. 4

bloc 512, Arad

T +40 25721 1171

Bacău

Str. 9 Mai nr. 31, sc. C

Bacău jud. Bacău

T +40 23455 4274

Bacău 2

Str. Republicii nr. 76

Bacău jud. Bacău

T +40 23458 3170

120

Baia Mare

Str. Progresului nr. 62

Baia Mare, jud. Maramureş

T +40 26220 6294

Baia Mare 2

Bd. Bucureşti nr. 16, ap. 8

Baia Mare, jud. Maramureş

T +40 26225 0445

Baia Mare 3

Bd. Republicii nr. 17

Baia Mare, jud. Maramureş

T +40 26225 0188

Bârlad

Str. Moldovei nr. 1

Bârlad, jud. Vaslui

T +40 23541 0054

Beiuş

Calea Bihorului nr. 22

Bihor, jud. Bihor

T +40 25943 8075

F +40 25886 5034

Bistriţa

Bd. Republicii nr. 55

Bistriţa, jud. Bistriţa-Năsăud

T +40 26321 6133

Blaj

Bd. Republicii nr. 27

Blaj, jud. Alba

T +40 25871 2534

Botoşani

Str. Cuza Vodă nr. 2, scara F

Botoşani, jud. Botoşani

T +40 23153 0667

Botoşani 2

Str. Primăverii nr. 24, sc. A

Botoşani, jud. Botoşani

T +40 23158 4201

F +40 23158 4202

Brad

Str. Republicii, bl. 24, parter

Brad, jud. Hunedoara

T +40 25461 2833

Brăila

Str. Şcolilor nr. 52, bl. B15 Brăila,

jud. Brăila

T +40 23962 0287

Braşov

Bd. Eroilor nr. 27

Braşov, jud. Braşov

T +40 26850 6170

Braşov 2

Bd. Muncii nr. 4, scara CT+D

Braşov, jud. Braşov

T +40 26831 8015

F +40 26831 8010

Braşov 3

Bd. Victoriei nr. 6, bl. 42

Braşov, jud. Braşov

T +40 26840 6435

F +40 26840 6437

Braşov 4

Calea Bucureşti nr. 59

Braşov, jud. Braşov

T +40 26832 3076

F +40 26832 3074

Buşteni

Bd. Libertăţii nr. 186

Buşteni, jud. Prahova

T +40 24432 0717

F +40 24432 0747

Buzău

Bd. Unirii, bl. 16G

Buzău, jud. Buzău

T +40 23871 6355

Buzău 2

Str. Unirii, bl. P13

Buzău, jud. Buzău

T +40 23871 1690

Călăraşi

Str. Ştirbei Vodă nr. 6

bl. M2 (C1), sc. A

Călăraşi, jud. Călăraşi

T +40 24233 2577

Câmpina

Str. Carol I nr. 65, bl. 17C

Câmpina, jud. Prahova

T +40 24437 6878

Câmpulung

Str. Negru Vodă nr. 122

Câmpulung, jud. Argeş

T +40 24851 0535

Caracal

Str. Antonius Caracalla nr. 29 bl.

30, Caracal, jud. Olt

T +40 24951 1218

F +40 24951 1215

Caransebeş

Str. Mihai Viteazu nr. 13

bl. 1, sc. A, Caransebeş

jud. Caransebeş

T +40 25551 3802

Carei

Str. Corneliu Coposu nr. 3 Carei,

jud. Satu Mare

T +40 26186 4454


Cernavodă

Str. Vasile Alecsandri nr. 12

Cernavodă, jud. Constanţa

T +40 24123 5434

F +40 24123 5437

Cluj

Str. Regele Ferdinand nr. 18

Cluj-Napoca, jud. Cluj

T +40 26420 6975

Cluj 2

Str. Bucureşti nr. 77

Cluj-Napoca, jud. Cluj

T +40 26448 4680

F +40 26448 4681

Cluj 3

Str. Primăverii nr. 11, bl. B

Cluj-Napoca, jud. Cluj

T +40 26442 1865

F +40 26442 1863

Cluj 4

Str. Aurel Vlaicu nr. 1

Cluj-Napoca, jud. Cluj

T +40 26440 6747

F +40 26440 6748

Cluj 5

Str. Mirăslău nr. 4

Cluj-Napoca, jud. Cluj

T +40 26458 3004

F +40 26458 3002

CLUJ 6

Bd. Eroilor nr. 19, ap. 1

Cluj-Napoca, jud. Cluj

T +40 26440 6907

F +40 26440 6905

Codlea

Str. Lungă nr. 141, corp A

Codlea, jud. Braşov

T +40 26825 0736

Constanţa

Str. Mircea cel Bătrân nr. 99

Constanţa, jud. Constanţa

T +40 24150 8361

Constanţa 2

Bd. Alexandru Lăpuşneanu

nr. 77, bl. LV6

Constanţa, jud. Constanţa

T +40 24164 0026

Constanţa 3

Bd. Aurel Vlaicu nr. 41B

(fost nr. 85)

Constanţa, jud. Constanţa

T +40 24161 9483

Craiova

Str. Alexandru Ioan Cuza

nr. 52, bloc 14A

Craiova, jud. Dolj

T +40 25131 5641

Craiova 2

Str. N. Titulescu, bl. I6

Craiova jud. Dolj

T +40 25142 2342

Craiova 3

Cartier Brazda lui Novac

bl. M7, Craiova, jud. Dolj

T +40 25143 1022

F +40 25143 1033

Curtea de Argeş

Bd. Basarabilor, bl. E3

Curtea de Argeş, jud. Argeş

T +40 24872 6254

Dej

Str. Mihai Viteazu nr. 1

Dej, jud. Cluj

T +40 26421 4747

Deva

Bd. Decebal, bloc R, ap. 3 Deva,

jud. Hunedoara

T +40 25423 4942

Deva 2

P-ţa Arras, bl. A1, sc. A-C

Deva, jud. Hunedoara

T +40 25422 3216

F +40 25422 3218

Dorohoi

Str. Dimitrie Pompeiu nr. 3

bl. B3, Dorohoi, jud. Botoşani

T +40 23161 0077

Drobeta Turnu Severin

Bd. Tudor Vladimirescu nr. 269

Drobeta Turnu Severin

jud. Mehedinţi

T +40 25232 0021

Drăgăşani

Str. Gib Mihăescu nr. 20

bl. 52, Drăgăşani, jud. Vâlcea

T +40 25081 1180

Făgăraş

Str. M. Eminescu nr. 2

Făgăraş, jud. Braşov

T +40 26821 0514

Fălticeni

Str. Republicii, bl. 31

Fălticeni, jud. Suceava

T +40 23054 0331

Feteşti

Str. Călăraşi, bl. 72

(Sp. Com. Mag. Auto-Moto)

Feteşti, jud. Ialomiţa

T +40 24336 6110

Focşani

Str. Cuza-Vodă nr. 28-30

Focşani, jud. Vrancea

T +40 23721 3105

Galaţi

Str. Domnească nr. 24

bl. Modern

Galaţi, jud. Galaţi

T +40 23641 0088

Galaţi 2

Str. Brăilei nr. 165A

Galaţi, jud. Galaţi

T +40 23630 6370

Găeşti

Str. 13 Decembrie nr. 2

Găeşti, jud. Dâmboviţa

T +40 24571 1335

Gherla

Str. Bobâlna nr. 8-10, ap. 2

Gherla, jud. Cluj

T +40 26424 7635

F +40 26424 7636

Giurgiu

Şos. Bucureşti

bl. 202/5D, sc. C

Giurgiu, jud. Giurgiu

T +40 24622 1912

Hunedoara

Bd. Dacia nr. 39, bl. 47

Hunedoara, jud. Hunedoara

T +40 25471 1222

Huşi

Str. Piaţa Victoriei

bl. B3, sc. B parter

Huşi, jud. Vaslui

T +40 23547 0751

121


Iaşi

Bd. Independenţei nr. 14

bl. 12, Iaşi, jud. Iaşi

T +40 23240 6206

Iaşi 2

Bd. Alexandru cel Bun

nr. 50-52, bl. B1-2

Iaşi, jud. Iaşi

T +40 23221 5810

Iaşi 3

Str. Elena Doamna nr. 61A

Iaşi, jud. Iaşi

T +40 23220 6704

F +40 23220 6707

Iaşi 4

Bd. Tudor Vladimirescu nr. 3

Iaşi, jud. Iaşi

T +40 23227 7971

Iaşi 5

Bd. Nicolae Iorga nr. 37

bl. N2, Iaşi, jud. Iaşi

T +40 23226 6991

Luduş

Str. Gheorghe Bariţiu nr. 6

ap. I, Luduş, jud. Mureş

T +40 26541 1798

F +40 26541 1775

Lugoj

Str. Nicolae Bălcescu nr. 14

Lugoj, jud. Timiş

T +40 25633 6540

Mangalia

Bd. 1 Decembrie 1918 nr. 4

bl. M5, Mangalia

jud. Constanţa

T +40 24174 0801

122

Medgidia

Str. Independenţei nr. 47

bl. 27, sc. B, Medgidia

jud. Constanţa

T +40 24182 0874

Mediaş

Str. G. Enescu nr. 1

Mediaş, jud. Sibiu

T +40 26984 4256

Miercurea Ciuc

Str. George Coşbuc nr. 16

Miercurea Ciuc, jud. Harghita

T +40 26631 7152

Mioveni

Bd. Dacia bl. P22, sc. D

Mioveni, jud. Argeş

T +40 24826 0783

Moineşti

Str. Schelei nr. 2 bis

Moineşti, jud. Bacău

T +40 23436 3390

F +40 23436 3391

Năvodari

Str. Midiei, bl. C1

Magazinul nr. 30

Năvodari, jud. Constanţa

T +40 24176 0451

Odorheiu Secuiesc

P-ţa Primăriei nr. 10, ap. 3

Odorheiu Secuiesc

jud. Harghita

T +40 26621 9861

Oneşti

Str. G-ral Radu R. Rosetti nr. 4

Oneşti, jud. Bacău

T +40 23431 0944

Oradea

P-ţa Independenţei nr. 33

Oradea, jud. Bihor

T +40 25940 6727

Oradea 2

Str. Morii nr. 1, bl. AN1

Oradea, jud. Bihor

T +40 25942 0100

F +40 25942 0101

Oradea 3

Str. Decebal nr. 1, bl. C16

parter, Oradea, jud. Bihor

T +40 25942 0107

Orăştie

Str. Eroilor, bl. E

Orăştie, jud. Hunedoara

T +40 25424 5006

Paşcani

Str. Gării, bl. 3-4

Paşcani, jud. Iaşi

T +40 23276 6774

Petrila

Str. Republicii nr. 26

Petrila, jud. Hunedoara

T +40 25455 0211

Petroşani

Str. 1 Decembrie 1918, bl. 67

Petroşani, jud. Hunedoara

T +40 25454 0239

Piatra-Neamţ

Str. Mihai Eminescu nr. 31

Piatra-Neamţ, jud. Neamţ

T +40 23321 1644

Piatra-Neamţ 2

Bd. Decebal, bl. I4 (tronson 1)

Piatra Neamţ, jud. Neamţ

T +40 23322 3658

Piteşti

Str. Craiovei, bloc E3B

Piteşti, jud. Argeş

T +40 24821 0004

Piteşti 2

Str. Bibescu Vodă, bl. A

Piteşti, jud. Argeş

T +40 24825 0285

F +40 24825 0287

Ploieşti

Str. Carpaţi,

Ansamblul Republicii II/5H

bl. 33 GH, Ploieşti

T +40 24452 9562

Ploieşti 2

Şos. Nordului nr. 9

Complex Mic Nord

Ploieşti, jud. Prahova

T +40 24453 5405

Rădăuţi

Str. Piaţa Unirii nr. 29, ap. I

Rădăuţi, jud. Suceava

T +40 23056 0385

F +40 23056 0386

Râmnicu Sărat

Str. Tudor Vladimirescu

nr. 12, ap. 1

Râmnicu Sărat, jud. Buzău

T +40 23856 1126

Râmnicu Vâlcea

Str. Ştirbei Vodă nr. 5, bl. P2

Râmnicu Vâlcea, jud. Vâlcea

T +40 25073 3214


Râmnicu Vâlcea 2

Str. Calea lui Traian

nr. 171 E, bl. 7

Râmnicu Vâlcea, jud. Vâlcea

T +40 25074 0056

Real Bacău

Galeriile Comerciale Real

Calea Republicii nr. 181

Bacău, jud. Bacău

T +40 23455 2289

Real Baia Mare

Galeria Comercială Real

Bd. Bucureşti nr. 144

Baia Mare, jud. Maramureş

T +40 262 22 0805

F +40 26222 0804

Real Braşov

Galeria Comercială Real

Str. Cărămidărei-Bazaltului

nr. 2, Stand nr. 9

Braşov, jud. Braşov

Real Constanţa

Galeria Comercială Real

Şos. Mangalia nr. 195A

Stand nr. 9, Constanţa

T +40 24165 1007

Real Cluj

Galeriile Comerciale Real

Bd. Muncii nr. 1-15

Cluj-Napoca, jud, Cluj

Real Craiova

Galeria Comercială Real

Calea Severinului nr. 5A

Stand nr. 5

Craiova, jud. Craiova

Real Deva

Galeriile Comerciale Real

Calea Zărandului nr. 87

Deva, jud. Hunedoara

Real Galaţi

Galeria Comercială Real

Bd. Galaţi nr. 3A, Galaţi

T +40 23644 6600

F +40 23644 6601

Real Oradea

Galeria Comercială Real

Str. Ogorului nr. 171

Stand nr. 19, Oradea, jud. Bihor

T +40 25941 0213

Real Satu mare

Galeriile Comerciale Real

Str. Drum Carei nr. 77-79

Stand nr. 16, Satu Mare

T +40 26175 8364

Real Sibiu

Galeria Comercială Real

Stand 4, Şos. Sibiului, 31

Com. Şelimbăr, jud. Sibiu

T +40 26924 4282

Real Tg. Mureş

Centrul Comercial Real

Str. 1 Decembrie 1918 nr. 291

Târgu Mureş, jud. Mureş

Real Timişoara

Galeria Comercială Real

Str. Calea Aradului nr. 56/a

Stand nr. 7, Timişoara

T +40 25622 7736

Reşiţa

Bd. Republicii, bl. 4, ap. 42/a

Reşiţa, jud. Caraş-Severin

T +40 25523 1000

Roman

Str. Nicolae Titulescu, bl. 10

Roman, jud. Neamţ

T +40 23374 0421

Satu Mare

P-ţa Libertăţii nr. 10

Satu Mare, jud. Satu Mare

T +40 26171 3092

Satu Mare 2

Drumul Careiului

Unit. 38/2/IE, bloc C 6-8

Satu Mare, jud. Satu Mare

T +40 26172 7215

Sebeş

Str. Lucian Blaga nr. 8

Sebeş, jud. Alba

T +40 25873 5714

Sf. Gheorghe

Str. Grof Mikó Imre nr. 1

Sf. Gheorghe, jud. Covasna

T +40 26731 6242

Real Timişoara 2

Sibiu

Galeria Comercială Real Bd. Vasile Milea nr. 22

Calea Şagului nr. 223, Timişoara Sibiu, jud. Sibiu

T +40 25629 4551

F +40 25629 4552

T +40 26920 610

Reghin

Str. Mihai Viteazu nr. 21

Reghin, jud. Mureş

T +40 26551 4003

Sibiu 2

Str. Nicolae Iorga nr. P 13A

parter, Sibiu, jud. Sibiu

T +40 26922 3002

F +40 26922 3003

Sibiu 3

Şos. Alba Iulia nr. 52, bl. 16

parter, Sibiu, jud. Sibiu

T +40 26924 4480

F +40 26924 4481

Sighişoara

Str. Hermann Oberth nr. 32

Sighişoara, jud. Mureş

T +40 26577 1616

Sinaia

Bd. Ferdinand nr. 2

Sinaia, jud. Prahova

T +40 24431 1514

Slatina

Str. Văilor, bl. 20, sc. C

Slatina, jud. Olt

T +40 24941 1136

Slatina 2

Bd. Al. I. Cuza nr. 46A

Slatina, jud. Olt

T +40 24941 1105

Slobozia

Bd. Matei Basarab, bl. MB9

sc. B, Slobozia, jud. Ialomiţa

T +40 24323 1429

Suceava

Str. Mărăşeşti nr. 14, bl. A1

Suceava, jud. Suceava

T +40 23055 1791

Suceava 2

Str. Universităţii nr. 42A

parter, Suceava, jud. Suceava

T +40 23020 6459

F +40 23026 4464

123


Târgovişte

Bd. Libertăţii nr. 7, bl. C1

Târgovişte, jud. Dâmboviţa

T +40 24564 0397

Târgu Mureş

Str. Tudor Vladimirescu

nr. 56/A

Târgu Mureş, jud. Mureş

T +40 26523 1133

Târgu Mureş 2

Str. Pandurilor nr. 52, parter

Târgu Mureş, jud. Mureş

T +40 26525 4451

F +40 26525 4471

Târgu Mureş 3

Str. Republicii nr. 28

Târgu Mureş, jud. Mureş

T +40 26521 0284

Târgu Mureş 4

Str. Gheorghe Doja nr. 182

Târgu Mureş, jud. Mureş

T +40 26525 2026

Târgu Neamţ

Bd. Mihai Eminescu, bl. M8

Târgu Neamţ, jud. Neamţ

T +40 23379 1744

F +40 23379 1742

124

Târgu Secuiesc

P-ţa Gábor Áron nr. 22

Târgu Secuiesc, jud. Covasna

T +40 26736 0553

Târnăveni

Str. Republicii nr. 54

Târnăveni, jud. Mureş

T +40 26544 0293

F +40 26544 0292

Tecuci

Str. 1 Decembrie 1918 nr. 41

Tecuci, jud. Galaţi

T +40 23681 0317

F +40 23681 0329

Târgu Jiu

Bd. Constantin Brâncuşi

bl. 51, Târgu Jiu, jud. Gorj

T +40 25322 4094

Târgu Jiu 2

Bd. Ecaterina Teodoroiu

bl. C3, Târgu Jiu, jud. Gorj

T +40 25321 1307

Timişoara

Str. Piatra Craiului nr. 2

Timişoara, jud. Timiş

T +40 25640 6106

Timişoara

Str. Piatra Craiului nr. 2

Timişoara, jud. Timiş

T +40 25640 6106

Timişoara 3

Piaţa Consiliul Europei nr. 1-3

Timişoara, jud. Timiş

T +40 25630 0172

Timişoara 4

Str. Iuliu Maniu nr. 3

Timişoara, jud. Timiş

T +40 25645 5070

Timişoara 5

Calea Sever Bocu nr. 39

Timişoara, jud. Timiş

T +40 25621 4122

F +40 25621 4123

Tulcea

Str. Mahmudiei nr. 48

bl. I, sc. TE

Tulcea, jud. Tulcea

T +40 24051 7002

Turda

Calea Victoriei nr. 100

bl. B120

Turda, jud. Cluj

T +40 26431 4633

Urziceni

Calea Bucureşti nr. 66

Urziceni, jud. Ialomiţa

T +40 24325 4325

Vaslui

Str. Ştefan cel Mare nr. 123

bl. 95, Vaslui, jud. Vaslui

T +40 23532 1414

Vatra Dornei

Str. Mihai Eminescu nr. 30

Vatra Dornei, jud. Suceava

T +40 23037 0103

Zalău

P-ţa Iuliu Maniu nr. 3-5, ap. 3

Zalău, jud. Sălaj

T +40 26061 2833


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