01/03/13 16:26
(http://www.klassa.bg/)
(http://www.klassa.bg/)
V. Marinova: Companies borrow mainly for working capital
Violina Marinova, Chief Executive Officer of DSK Bank, predicted for BNR that, in 2013, business growth will be similar to last year's. According to her, the economic environment is not very stable yet. People refrain from borrowing.The quality of bank portfolios is not very good yet. Worsening is still being observed, but all this makes people very cautious. If unemployment rises, the banks' business will shrink, too. Observations now suggest that companies borrow in order to meet their working capital needs and not for investment, Marinova explained.
She said that, currently, bad loans amount to between 17% and 20%. On the other hand, provision coverage is quite good, there is also a possibility to bear even a further small increase in bad loans. "However, we take measures. Our bank refrains from acquiring real estate and we prefer our customers to be able to keep their property," said Marinova.
She stressed that the Bulgarian banking system is stable, with high capital adequacy. Banks have high liquidity and ability to lend, the point is that companies willing to borrow should be sure that they will make investments. Because, currently, more funds are being borrowed for working capital and not for investment, DSK Bank's CEO explained.
Interest on business loans will continue to fall, since companies' activity is not very intense, Marinova added. She confirmed that the banking system is ready for the implementation and reporting of the 10% tax on interest on deposits. Violina Marinova advised people to save in the currency in which they receive their income and keep their money in banks.
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Публикувана на 01/03/13 16:26 http://www.klassa.bg/News/Read/article/220543_V.+Marinova%3A+Companies+borrow+mainly+for+working+capital
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