Counting of non-bank finance

In the chaos of 1997 brought the banking lobby, with the assistance of the International Monetary Fund and with the inactivity of just government taking power, health impact of non-banking sector. Jump pochistiha market financial business without a banking license. Would to liberalize financial services zalichiha then adopted by the Banking Act licensing of financial houses. This lame lame and get right to try to finance (provided is not handled foreign exchange transactions, these limits are still maintained). Would care to ease the conditions for business law practice deprive consumers of the protection system which provides licensing and supervision of specialized non-banking finance. The procedure entails the licensing examination for professional qualification, required standards for order, accountability and control, and for the authorization, applicants must demonstrate that they have the statutory capital, offices, means of communication. Company, passed through a screen of authorization, may not be top of the financial arts, but in any case not phantom. The refusal of the state to license and supervise any financial transaction which does, let alone to judge a user who has a job. The vast majority of non-bank business is transferred to the banks. Which was the target. But nowhere in the world banks have failed to occlude the entire financial market. Cumbersome and slow universal bank is inefficient in transactions that go beyond the pattern of the clothes. There are specific products that do not cope well. At lease in the loan for the purchase of deferred payment in the agricultural credit specialist financial institutions took a share, although their interest rates are far higher than the bank. There are transactions that banks refuse because hardly assess and manage specific risks.

Therefore, in recent years, betting and financial houses to provide a real alternative to bank credit, a crisis began, interest flourished in all forms, including private became known shark who credited without even keep books. According to colleagues who know well debrite market is currently in debt izvanbankovi forms of credit at least 10 billion euro. These are assets as of 10 banks with the size of the Bulgarian Development Bank. Increases the volume of non-bank market, the number and severity of fraud, although a small proportion become known.

The reason is a popular practice, which will nazovem Balkan swap: To get a loan, I transferred the house (car field) in the name of the shark, you get more than half of its market value and pay interest mad. Lombard is as promised (and if) it can return the loan, you sell back the property transferred. In the interest of truth, the vast majority of shark are honest people and really fulfill the promise. However, there are fraudsters who just rights of creditors to buy beztsenitsa of property that does not even think of returning. There are cases where the customer is threefold sting – hem paid fools interest hem returned principal hem lost their house because the creditor has Vaporized after you received the money, then go that has long been sold or mortgaged house of its debtor.

Well, that and the EU imposed in our rules for their financial services. With the new banking law, a major

emancipation of nebankite: svi range of transactions is reserved only for banks, but even more it became apparent the need for special licensing and supervision. Replaced in April BNB Regulation 26 and a half back up licensing, although the legislation still uslushva. Nebankite would still be only to registration, but to register as a financial institution must prove capital (lifted the minimum size to 250% of current), training, reputation, to dump mountains of information. Registration may be refused and may be withdrawn if you fail to comply with the regulation. This is by definition a licensing regime. And this should be.
It is the next measure, which central bankers announced days ago: October months
credit record will be all I will include the claims of (almost all) non-bank sector. Non-bank financing and leasing companies will share information on banks with their debtors. One important step in the right direction to clear the picture of debt. Currently we only gadaem what part of the whole izvanbankov credit will be entered in the register. It is clear that outside the register remain bet houses and gray shark. We can not fall in the Balkans and swaps, which we – and they are like the majority of non-bank credit. Will not be registered financial leasing, disguised as operating lease or as a (more neuprazhnena) option to purchase. But once you create normal conditions for equitable and non-bank business, will be delayed his return to the norms and standards. And still less will we hear of fraud and Balkan financial innovation.

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Emil HARSEV Dr. IK.

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